Question 1

Can I use business bank statements to qualify in Hemet?

Accepted Answer

Yes, but lenders apply an expense factor — usually 30–50% off deposits. Personal statements often produce higher qualifying income.

Question 2

Do bank statement loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM loans carry a rate premium over conventional. Rates vary by borrower profile and market conditions.

Question 3

What credit score do I need for a bank statement loan?

Accepted Answer

Most lenders require a 660 minimum. Higher scores get better rates and lower down payment requirements.

Question 4

Can I buy a primary home in Hemet with a bank statement loan?

Accepted Answer

Yes. Bank statement loans cover primary residences, second homes, and investment properties.

Question 5

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months. Some non-QM programs require 24. We'll match you to programs that fit your documentation.

Question 6

Is a bank statement loan the same as a no-doc loan?

Accepted Answer

No. You still prove income — just through deposits, not tax returns. Full no-doc loans largely no longer exist.

Bank Statement Loans in Hemet, CA for Self-Employed Borrowers