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Berkeley runs on self-employed income. Consultants, tech contractors, therapists, and business owners are everywhere here.
Traditional lenders look at tax returns. That kills deals for borrowers who write off aggressively. Bank statement loans fix that.
620+
Min Credit Score
12–24 Months
Statements Required
10–20%
Down Payment
Bank Statements Only
Income Doc Type
Bank Statement Loans in Berkeley
You need 12 to 24 months of personal or business bank statements. Lenders average your monthly deposits to calculate income.
Most lenders want a 620+ credit score. Expect a 10-20% down payment depending on your credit and the loan amount.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Berkeley.
Berkeley runs on self-employed income. Consultants, tech contractors, therapists, and business owners are everywhere here.
Traditional lenders look at tax returns. That kills deals for borrowers who write off aggressively. Bank statement loans fix that.
You need 12 to 24 months of personal or business bank statements. Lenders average your monthly deposits to calculate income.
Banks almost never offer bank statement loans. These are non-QM products held by specialty lenders and private investors.
We work with 200+ wholesale lenders. A handful actually specialize in non-QM. That's where we shop for Berkeley borrowers.
The biggest mistake self-employed borrowers make: waiting until their taxes look clean. Your statements tell a better story now.
Business accounts need a CPA letter confirming your ownership percentage. Get that ready early. It slows down more deals than anything else.
A 1099 loan works if your gross income on 1099s is strong. A bank statement loan works when your deposits outpace what you report.
Asset depletion loans are another path if you have significant savings but low deposit activity. We look at all three options.
Berkeley home prices are high. That means you may need a jumbo bank statement loan, which adds another layer of lender scrutiny.
Many Berkeley buyers are sole proprietors or have LLCs. Business bank statements are allowed — but lenders apply an expense factor to deposits.
Yes. Most lenders allow business statements but apply an expense factor, typically 50%. That reduces your qualifying income.
Yes. Rates are higher than conventional financing. Rates vary by borrower profile and market conditions.
Most programs require 12 months minimum. Twenty-four months gives lenders more confidence and can improve your terms.
Lenders average all 12 or 24 months. Inconsistent deposits lower your average and may reduce what you qualify for.
It depends on your deposit history and the purchase price. We review your statements before recommending any program.
Yes. Rate-and-term and cash-out refinances are both available under bank statement programs. Same documentation applies.