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Monte Sereno sits in the heart of Santa Clara County, where OpenAI's new Mountain View office expansion signals sustained tech-sector growth. The county's median household income of $159,674 supports homes well into the $1 million range.
Self-employed professionals in Monte Sereno—contractors, consultants, real estate investors—often carry strong bank balances but irregular income on tax returns. Bank Statement Loans use 24 months of bank statements to establish qualifying income instead.
620 FICO
Minimum Credit Score
10-25%
Down Payment Range
24-month bank statements
Income Documentation
45-60 days
Underwriting Timeline
Bank Statement Loans in Monte Sereno
Bank Statement Loans typically require 620+ FICO, though stronger credit (680+) improves rates and terms. Down payment ranges from 10% to 25% depending on the lender and loan amount.
What separates Bank Statement Loans is the income documentation. Instead of two years of tax returns, the lender reviews 24 months of personal and business bank statements.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Monte Sereno.
Monte Sereno sits in the heart of Santa Clara County, where OpenAI's new Mountain View office expansion signals sustained tech-sector growth. The county's median household income of $159,674 supports homes well into the $1 million range.
Self-employed professionals in Monte Sereno—contractors, consultants, real estate investors—often carry strong bank balances but irregular income on tax returns. Bank Statement Loans use 24 months of bank statements to establish qualifying income instead.
Bank Statement Loans typically require 620+ FICO, though stronger credit (680+) improves rates and terms. Down payment ranges from 10% to 25% depending on the lender and loan amount.
Bank Statement Loans sit at the intersection of portfolio lending and investor programs. Most California lenders offering them are portfolio shops or private mortgage banks that hold loans in-house rather than selling to Fannie Mae or Freddie Mac.
Underwriting timelines run 45-60 days because the lender must manually review statements and verify deposits. Closing costs are typically 2-3% of the loan amount.
Bank Statement Loans make sense for Monte Sereno buyers with strong cash flow but messy tax returns—real estate investors, S-corp owners, consultants.
They don't make sense if you have clean W-2 income or can document business income through tax returns. Conventional loans will always be cheaper. Bank Statement Loans exist to solve a specific problem: cash-flowing businesses that don't show it on paper.
Conventional loans beat Bank Statement Loans on rate every time—if you can document income on a tax return. Conventional requires two years of tax returns and W-2s or business tax returns showing consistent income.
Bank Statement Loans win when your tax returns don't reflect your actual cash flow. A real estate investor with $15,000 monthly deposits but a $50,000 net business loss on Schedule C can qualify here. Conventional would reject that file outright.
OpenAI's 450,000-square-foot Mountain View lease signals sustained demand for executive and engineering talent in the region. Monte Sereno attracts high-income professionals who often structure income through S-corps or consulting entities.
The Silicon Valley Lunar New Year celebration and Asia Live Food Emporium opening at Westfield Valley Fair reflect the region's cultural and economic diversity. Buyers in Monte Sereno span multiple industries and income structures.
No. Bank Statement Loans replace tax returns with 24 months of personal and business bank statements. The lender reviews deposits to calculate qualifying income instead.
Minimum 620 FICO, though 680+ opens better rates and terms. Most lenders prefer 700+ for the best pricing. Your down payment and bank statement history matter as much as credit score.
Typically 10-25% depending on the lender and loan amount. Stronger down payments (20%+) improve approval odds and rates. Some lenders require 15% minimum for Bank Statement Loans.
Plan for 45-60 days. Manual review of 24 months of statements takes time. Conventional loans close in 30 days; Bank Statement Loans are slower because the lender must verify deposits manually.
Yes—rates run 0.5-1.0% higher than conventional. You pay for the flexibility of using bank statements instead of tax returns. If you can document income on a tax return, conventional is always cheaper.