Question 1

How do bank statement loans work for self-employed borrowers in Wildomar?

Accepted Answer

Lenders review 12-24 months of bank statements to calculate average monthly income. This replaces traditional W-2 and tax return verification for self-employed individuals.

Question 2

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

Accepted Answer

Most lenders require a minimum 620-640 credit score. Better scores typically qualify for lower rates. Rates vary by borrower profile and market conditions.

Question 3

Can I use business bank statements instead of personal statements?

Accepted Answer

Yes, many lenders accept business bank statements for qualification. Some programs allow a mix of personal and business statements depending on your situation.

Question 4

How much down payment is required for Wildomar properties?

Accepted Answer

Typical down payments range from 10-20% for primary residences. Investment properties may require 20-25% down depending on the lender and property type.

Question 5

Are bank statement loan rates higher than conventional loans?

Accepted Answer

Bank statement loans typically have slightly higher rates than conventional financing. The trade-off is flexible income documentation for self-employed borrowers.

Bank Statement Loans in Wildomar, CA - Financing for Self-Employed Borrowers