Question 1

Do I need both personal and business bank statements?

Accepted Answer

Usually one or the other, but lenders may request both. Personal statements get 100% of deposits counted. Business statements typically count 50%.

Question 2

Can I use this loan to buy in San Francisco?

Accepted Answer

Yes. Bank statement loans work for purchases and refinances in SF. Loan amounts can go well into jumbo territory.

Question 3

Are bank statement loan rates higher than conventional rates?

Accepted Answer

Yes, typically. Non-QM loans carry a rate premium for flexible underwriting. Rates vary by borrower profile and market conditions.

Question 4

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average your deposits over 12 or 24 months. Some volatility is fine, but extreme swings raise questions.

Question 5

How long does this loan take to close?

Accepted Answer

Most bank statement loans close in 21 to 30 days. Having 24 months of clean, organized statements speeds things up considerably.

Question 6

Can I use a bank statement loan to refinance in SF?

Accepted Answer

Yes. Cash-out refinances are common with this product. Many SF borrowers tap equity without triggering a tax return review.

Bank Statement Loans for San Francisco's Self-Employed