Question 1

Can I use a business bank account for this loan?

Accepted Answer

Yes. Lenders typically count 50% of business deposits as qualifying income. Keep the account clean and separate from personal funds.

Question 2

Do bank statement loans require tax returns?

Accepted Answer

No tax returns are required. That's the core reason self-employed borrowers in Los Altos use this program.

Question 3

What credit score do I need?

Accepted Answer

Most non-QM lenders want at least a 660, but requirements vary. Higher scores get better rates. Rates vary by borrower profile and market conditions.

Question 4

How much can I borrow in Los Altos?

Accepted Answer

Bank statement loans can go into jumbo territory. Loan limits depend on the lender, your deposits, and your reserves.

Question 5

Is the interest rate higher than a conventional loan?

Accepted Answer

Yes, typically. Non-QM loans carry a rate premium. The trade-off is qualifying without W-2s or tax returns. Rates vary by borrower profile and market conditions.

Question 6

How far back do my bank statements need to go?

Accepted Answer

Lenders require 12 or 24 consecutive months. More history generally means a stronger file and better pricing.

Bank Statement Loans in Los Altos, CA