Question 1

Can I use business bank statements to qualify?

Accepted Answer

Yes, but lenders apply an expense factor — usually 50%. That reduces your qualifying income significantly compared to personal statements.

Question 2

Do bank statement loans cost more than conventional loans?

Accepted Answer

Yes. Rates run higher than conventional. Rates vary by borrower profile and market conditions.

Question 3

How many months of statements do I need?

Accepted Answer

Most lenders require 12 months. Some require 24. Longer history generally strengthens your file.

Question 4

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

Accepted Answer

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

Question 5

What credit score do I need?

Accepted Answer

Most lenders start at 620 to 640. Higher scores improve your rate and down payment options.

Question 6

Do I need to be self-employed to qualify?

Accepted Answer

Yes. These loans are designed for self-employed borrowers. W-2 employees should look at conventional or FHA options.

Bank Statement Loans in Highland, CA