Question 1

How far back do my bank statements need to go?

Accepted Answer

Most lenders require 12 or 24 consecutive months. Gaps in statements can disqualify the file. Some programs accept 12 months at higher rates.

Question 2

Can I use personal bank statements if I'm self-employed?

Accepted Answer

Yes, many lenders accept personal statements if your business income deposits there. Business accounts often work better for income calculation though.

Question 3

What if my deposits vary month to month?

Accepted Answer

Lenders average the deposits over 12 or 24 months. Seasonal businesses work fine as long as the average supports your loan amount.

Question 4

Do bank statement loans have higher rates than conventional?

Accepted Answer

Yes, expect rates 1-3% higher than conventional programs. You pay a premium for income flexibility and easier qualification.

Question 5

Can I refinance my current mortgage with bank statements?

Accepted Answer

Absolutely. Rate-and-term and cash-out refinances both work. Cash-out limits may apply depending on property type and loan-to-value.

Bank Statement Loans in Millbrae: Income Verification for the Self-Employed