Question 1

Can I use personal bank statements instead of business?

Accepted Answer

Yes. Personal statements skip the expense factor calculation. All deposits count toward your income average.

Question 2

Do bank statement loans cost more than conventional loans?

Accepted Answer

Yes, rates run higher than conventional. Non-QM lenders price for added risk. Rates vary by borrower profile and market conditions.

Question 3

How many months of statements do I need?

Accepted Answer

Most programs require 12 months minimum. Some lenders offer 24-month options, which can smooth out irregular deposit months.

Question 4

Can I buy a short-term rental in Twentynine Palms with this loan?

Accepted Answer

Yes. Bank statement loans allow investment property purchases. A DSCR loan may also be worth comparing for that use case.

Question 5

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

Accepted Answer

Most programs start at 660. Going below that is possible but expect a higher rate and stricter reserve requirements.

Bank Statement Loans in Twentynine Palms, CA