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Milpitas sits at the heart of Silicon Valley's job market. OpenAI just signed a 450,000-square-foot lease in nearby Mountain View, signaling continued tech expansion across the region.
Bank Statement Loans let you qualify using 12–24 months of bank statements instead of tax returns. This matters in Milpitas, where contractors, consultants, and startup founders often show income that doesn't fit a traditional 1040.
620 FICO
Minimum Credit Score
10–20%
Down Payment Range
30–45 days
Closing Timeline
12–24 months bank statements
Documentation
0.25–0.5% higher
Rate Premium vs. Conventional
Bank Statement Loans in Milpitas
Bank Statement Loans typically require 620+ FICO and 10–20% down. Lenders average your deposits over 12–24 months to calculate qualifying income.
You'll need 2 years of business history and consistent monthly deposits. Lenders look at your average monthly deposits, not gross revenue. Reserves (liquid savings after closing) are usually 2–6 months of the new payment.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Milpitas.
Milpitas sits at the heart of Silicon Valley's job market. OpenAI just signed a 450,000-square-foot lease in nearby Mountain View, signaling continued tech expansion across the region.
Bank Statement Loans let you qualify using 12–24 months of bank statements instead of tax returns. This matters in Milpitas, where contractors, consultants, and startup founders often show income that doesn't fit a traditional 1040.
Bank Statement Loans typically require 620+ FICO and 10–20% down. Lenders average your deposits over 12–24 months to calculate qualifying income.
Bank Statement Loans are offered by portfolio lenders and some credit unions, not the big retail banks. These lenders hold loans on their books rather than selling them, so they can afford to be flexible on documentation.
Closing timelines run 30–45 days for Bank Statement Loans. Underwriting is more thorough because the lender is taking on the credit risk directly.
Bank Statement Loans make sense for Milpitas self-employed buyers with strong deposits but messy tax returns. If you're a contractor or consultant with $150,000+ annual deposits and 2+ years of history, this program often beats stated-income or no-doc...
They don't work if your deposits are thin or erratic. A startup founder with $30,000 monthly deposits one quarter and $5,000 the next will struggle. The lender needs to see consistent, predictable cash flow.
Bank Statement Loans vs. conventional loans: conventional requires full tax returns and W-2s, while Bank Statements use deposits instead. If your tax returns show losses or heavy deductions, Bank Statements often qualify you for a larger loan amount.
Vs. stated-income loans: stated-income has no documentation requirement at all, but rates run 0.75–1.5% higher and down payments are typically 20%+.
Milpitas is home to major tech employers and a growing startup ecosystem. The Silicon Valley Lunar New Year celebration in January drew over 200 vendors and a parade, reflecting the area's cultural and economic diversity.
Asia Live Food Emporium just opened at Westfield Valley Fair — a 13,000-square-foot food hall with sushi and tandoori stations. These kinds of amenities matter when you're financing a home in a place where you'll spend your income.
No. Bank Statement Loans use 12–24 months of bank deposits to prove income instead of tax returns. You still need to show 2+ years of self-employment history and consistent monthly deposits.
Most lenders require 620+ FICO. Some portfolio lenders will go as low as 600 with strong compensating factors like large down payment or substantial reserves. The higher your score, the better your rate and terms.
10–20% down is standard. With strong deposits and good credit, some lenders go as low as 10%. Weaker credit or thinner deposits usually means 15–20%. Reserves (savings after closing) matter more on Bank Statement Loans than on conventional loans.
Expect 30–45 days. Underwriting takes longer because the lender is verifying deposits and business history instead of just reviewing tax returns. Having organized financial records and responsive communication speeds the process.
Yes, typically 0.25–0.5% higher in rate. You're paying for the lender's extra work and portfolio risk. For self-employed borrowers who can't qualify on tax returns, that rate premium is usually worth the approval.