Question 1

Can I use personal and business bank statements?

Accepted Answer

Yes. Most lenders accept either or both. Business statements require an expense ratio adjustment to calculate net qualifying income.

Question 2

Do I need to show tax returns?

Accepted Answer

No. That's the point of this loan. Some lenders may ask for a CPA letter confirming self-employment, but tax returns aren't used for income.

Question 3

How is my income calculated from bank statements?

Accepted Answer

Lenders average your monthly deposits, then apply an expense factor. The result is your qualifying monthly income.

Question 4

What credit score do I need in Westminster?

Accepted Answer

Most non-QM lenders want 640 or higher. Some go lower, but expect higher rates and stricter reserve requirements below 660.

Question 5

Can I buy a primary home in Westminster with this loan?

Accepted Answer

Yes. Bank statement loans work for primary residences, second homes, and investment properties. Primary purchases are the most common use.

Question 6

Are bank statement loan rates much higher than conventional?

Accepted Answer

They run meaningfully higher. The spread depends on your credit, down payment, and which lender we place you with. Rates vary by borrower profile and market conditions.

Bank Statement Loans in Westminster, CA