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Reedley's economy runs on agriculture and small business. Fruit packers, farming operations, equipment rental companies — few owners can show W-2s.
Bank statement loans skip tax returns. Lenders analyze deposits to calculate qualifying income. This works for borrowers who write off most of their profit.
Bank Statement Loans in Reedley
Most lenders need 620+ credit and 10-20% down. They pull 12 or 24 months of bank statements from your business or personal accounts.
Underwriters calculate income by averaging deposits. They exclude one-time transfers and add back business expenses. Final income figure determines your 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 Reedley.
Reedley's economy runs on agriculture and small business. Fruit packers, farming operations, equipment rental companies — few owners can show W-2s.
Bank statement loans skip tax returns. Lenders analyze deposits to calculate qualifying income. This works for borrowers who write off most of their profit.
Most lenders need 620+ credit and 10-20% down. They pull 12 or 24 months of bank statements from your business or personal accounts.
Non-QM lenders each handle bank statements differently. Some average deposits before deducting expenses. Others use 50% of gross deposits as income.
A few lenders offer single-account programs for simpler cases. Most prefer to see both business and personal statements to verify cash flow patterns.
Reedley borrowers often mix personal and business funds in one account. That works if deposits are consistent. Irregular income — like seasonal fruit harvest payments — requires 24-month statements.
Clean up your accounts before applying. Large unexplained deposits trigger documentation requests. Keep business expenses separate or be ready to explain every transfer over $1,000.
1099 loans work if you receive contractor payments. Profit & loss loans need a CPA to prepare financials. Bank statement programs are faster and simpler.
DSCR loans fit landlords buying rentals. For owner-occupied homes in Reedley, bank statement loans beat every alternative for self-employed borrowers with decent deposits.
Fresno County appraisals sometimes take longer in rural areas. Build extra time into your closing schedule. Properties under $500k move faster through underwriting.
Agricultural income counts if it flows through bank accounts regularly. Lenders want to see 12+ months of consistent deposits, not one annual harvest payment. Structure your business deposits accordingly.
Yes, if business income deposits into personal accounts. Lenders need to identify which deposits are income versus transfers or gifts.
Lenders average 24 months of deposits to smooth out seasonal fluctuations. Consistent annual patterns work better than erratic income.
Rates typically run 1-2% higher than conventional loans. The trade-off is approval without tax returns showing full income.
Expect 3-4 weeks from application to clear-to-close. Clean bank statements and responsive documentation speed up the process.
Yes, cash-out and rate-term refinances both work. Same income documentation rules apply as purchase loans.