Question 1

Can I use business bank statements?

Accepted Answer

Yes. Most lenders apply a 50% expense factor to business deposits. Personal statements use a higher percentage of deposits toward qualifying income.

Question 2

Do I need perfect credit for this loan?

Accepted Answer

No. Most bank statement programs start at 620. A 680 or higher gets you better rates. Rates vary by borrower profile and market conditions.

Question 3

How much can I borrow in Los Altos Hills?

Accepted Answer

Loan limits vary by lender. Some non-QM lenders go to $3M or higher. Your qualifying income from statements determines the ceiling.

Question 4

Is the rate higher than a conventional loan?

Accepted Answer

Yes, typically. Non-QM carries more lender risk, so pricing reflects that. Rates vary by borrower profile and market conditions.

Question 5

How many months of statements do lenders want?

Accepted Answer

Most programs require 12 or 24 months. The 24-month option can smooth out low-deposit periods and strengthen your qualifying income.

Question 6

Can I use this loan for a primary residence?

Accepted Answer

Yes. Bank statement loans work for primary homes, second homes, and investment properties. Program terms differ by property type.

Bank Statement Loans in Los Altos Hills, CA