Question 1

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. Business accounts typically need 24 months with an expense factor applied to calculate net income.

Question 2

Can I use personal and business accounts?

Accepted Answer

Yes, but business accounts get an expense factor deducted from deposits. Personal accounts usually count at full deposit value.

Question 3

Do bank statement loans have higher rates than conventional?

Accepted Answer

Yes. Non-QM pricing runs higher than conventional. Rates vary by borrower profile and market conditions, so shopping lenders matters.

Question 4

How long do I need to be self-employed to qualify?

Accepted Answer

Most lenders require at least two years of self-employment. A CPA letter confirming your business is active helps support your file.

Question 5

Can I buy a jumbo home in Cupertino with a bank statement loan?

Accepted Answer

Yes. Many non-QM lenders go well above conforming limits. You'll typically need stronger reserves and a larger down payment.

Question 6

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

Accepted Answer

Most lenders start at 620. Scores above 680 access better rates and lower down payment requirements on this product.

Bank Statement Loans in Cupertino, CA