Question 1

Do I need both personal and business bank statements?

Accepted Answer

It depends on which you use to qualify. Most lenders want one or the other — not both mixed together.

Question 2

Can I use a bank statement loan for a second home in La Quinta?

Accepted Answer

Yes. Many non-QM lenders allow bank statement loans on second homes. Expect a slightly higher rate than on a primary residence.

Question 3

How long does underwriting take on a bank statement loan?

Accepted Answer

Non-QM lenders typically take 20-30 days to close. Some go faster. Plan for a longer timeline than a conventional loan.

Question 4

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average your deposits across 12 or 24 months. Inconsistency lowers your average — and your qualifying income.

Question 5

Is the rate much higher than a conventional loan?

Accepted Answer

Bank statement loan rates run higher than conventional. Rates vary by borrower profile and market conditions, but the tradeoff is qualifying without tax returns.

Question 6

Can I refinance later into a conventional loan?

Accepted Answer

Yes. Many borrowers use a bank statement loan to buy, then refinance into a conventional once they can show stronger tax return income.

Bank Statement Loans in La Quinta, CA