Question 1

What's the minimum credit score for bank statement loans in Vacaville?

Accepted Answer

Most lenders require 600-640 minimum credit score. Higher scores unlock better rates and lower down payment requirements.

Question 2

Can I use business bank statements instead of personal statements?

Accepted Answer

Yes, business or personal statements both work. Lenders use whichever shows higher average monthly deposits for your income calculation.

Question 3

How much of my bank deposits count as income?

Accepted Answer

Lenders typically use 50-75% of average monthly deposits depending on expense ratios. A $10,000 monthly average qualifies you on $5,000 to $7,500.

Question 4

Do bank statement loans work for investment properties in Vacaville?

Accepted Answer

Yes, though DSCR loans often work better for rentals since they qualify you on property cashflow instead of personal income. Compare both options.

Question 5

What down payment do I need for a bank statement loan?

Accepted Answer

Expect 10-20% down depending on credit score and property type. Condos and lower credit scores push toward the higher end.

Bank Statement Loans in Vacaville: Income Verification for Self-Employed Borrowers