Question 1

Can I use business bank statements in Los Gatos?

Accepted Answer

Yes. Lenders will apply an expense ratio to business deposits. Personal statements typically qualify 100% of deposits.

Question 2

How much can I borrow with a bank statement loan?

Accepted Answer

Loan amounts vary by lender and your qualifying income. Jumbo amounts are available for high-cost Los Gatos properties.

Question 3

Do I need two years of self-employment history?

Accepted Answer

Most lenders require 24 months of self-employment. Some will consider 12 months with strong compensating factors.

Question 4

Are bank statement loan rates higher than conventional?

Accepted Answer

Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.

Question 5

What if my deposits are inconsistent month to month?

Accepted Answer

Lenders average the deposits over 12 or 24 months. Inconsistency affects the average but doesn't automatically disqualify you.

Question 6

Can I use a bank statement loan for a purchase and a refinance?

Accepted Answer

Yes. Bank statement loans work for both purchases and cash-out refinances in Los Gatos.

Bank Statement Loans in Los Gatos, CA