Question 1

How many months of bank statements do I need?

Accepted Answer

Most lenders want 12 or 24 months. Longer history strengthens your file if income fluctuates.

Question 2

Can I use business bank statements?

Accepted Answer

Yes, but lenders apply an expense factor — often 50% or more. That reduces your qualifying income significantly.

Question 3

What credit score do I need for this loan?

Accepted Answer

Most programs start at 680. Lower scores are possible but come with higher rates and tighter terms.

Question 4

Do these loans work for Coronado jumbo purchases?

Accepted Answer

Yes. Non-QM jumbo programs exist, but reserve requirements are stricter and fewer lenders participate.

Question 5

How does this compare to a conventional loan?

Accepted Answer

Conventional loans require tax returns and follow Fannie Mae guidelines. Bank statement loans bypass that for self-employed borrowers.

Question 6

Are bank statement loan rates higher than conventional?

Accepted Answer

Typically yes. Non-QM programs carry more lender risk, which is reflected in the rate. Rates vary by borrower profile and market conditions.

Bank Statement Loans in Coronado, CA