Question 1

How many months of bank statements do I need?

Accepted Answer

Most lenders require 12 months minimum. 24 months strengthens your file and may improve your qualifying income.

Question 2

Can I use both personal and business accounts?

Accepted Answer

Yes, but lenders treat them differently. Business deposits are reduced by an expense ratio, typically around 50%.

Question 3

Do bank statement loans require PMI?

Accepted Answer

No. These are non-QM loans — standard PMI rules don't apply. Your rate reflects the added risk instead.

Question 4

Is a bank statement loan harder to get in Solano County?

Accepted Answer

Location doesn't drive approval. Your credit, deposit history, and down payment are what lenders focus on.

Question 5

Can I buy a primary home in Benicia with this loan?

Accepted Answer

Yes. Bank statement loans work for primary residences, second homes, and investment properties.

Question 6

What credit score do I need to qualify?

Accepted Answer

Most non-QM lenders require 620 or higher. Stronger scores get better rates — scores below 680 will cost you.

Bank Statement Loans in Benicia, CA