Question 1

Do I need 12 or 24 months of bank statements?

Accepted Answer

Most lenders accept either, but 24 months produces a more stable income average. We run both calculations to see which works better for your deposit history.

Question 2

Can I use personal and business accounts together?

Accepted Answer

Some lenders allow both, but you must avoid transfers between accounts during the statement period. Mixed accounts create underwriting problems.

Question 3

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

Accepted Answer

Most lenders require 620 minimum. Scores above 680 get meaningfully better rates. Rates vary by borrower profile and market conditions.

Question 4

How is my income calculated from bank statements?

Accepted Answer

Lenders typically use 50% of personal deposits or up to 100% of business deposits. Your monthly average over 12 or 24 months becomes your qualifying income.

Question 5

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes. Non-QM loans carry more lender risk, so rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 6

Can I buy a primary home or investment property with this loan?

Accepted Answer

Both are eligible. Bank statement loans work for primary residences, second homes, and investment properties depending on the lender program.

Bank Statement Loans for Chino's Self-Employed Borrowers