Question 1

Do I need to show tax returns for a bank statement loan?

Accepted Answer

No. That's the point. Lenders use your deposits to calculate income instead of your tax returns.

Question 2

Can I use business bank statements?

Accepted Answer

Yes, but lenders apply an expense factor — usually 50%. Personal accounts may show higher qualifying income.

Question 3

How much do bank statement loans cost compared to conventional?

Accepted Answer

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

Question 4

What if my deposits vary month to month?

Accepted Answer

Lenders average your deposits over 12 or 24 months. Seasonal variation common in Guadalupe isn't disqualifying.

Question 5

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

Accepted Answer

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

Question 6

How long does it take to close a bank statement loan?

Accepted Answer

Typically 21 to 30 days with a prepared borrower. Having 24 months of statements ready speeds things up.

Bank Statement Loans in Guadalupe, CA