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Bank Statement Loans in Willows
Willows runs on small business. Farmers, ag contractors, shop owners — they all show income differently than W-2 earners.
Bank statement loans exist for exactly this. Instead of tax returns, lenders use 12 or 24 months of deposits to calculate qualifying income.
Most self-employed borrowers in Glenn County write off enough that their tax returns don't reflect true cash flow. These loans fix that gap.
If you gross $15k monthly but show $4k after deductions, traditional loans won't work. Bank statement loans will.
You need 12 or 24 months of business or personal bank statements showing consistent deposits. Lenders average your monthly income from those statements.
Credit minimums start at 620, but 680+ gets better rates. Most lenders want 10-20% down depending on loan amount and credit profile.
You'll need to be self-employed for at least two years. Lenders verify this through a CPA letter or business license documentation.
Personal and business accounts both work. Lenders typically use a percentage of deposits — usually 50-75% — to calculate qualifying income after expenses.
Bank statement loans are non-QM products. Your local bank won't offer them. You need a broker with access to specialized non-QM lenders.
About 30 lenders in our network write these loans. Each uses different underwriting formulas — some count 100% of deposits, others use 50%.
Rates run 1-2% higher than conventional loans. That spread pays for the flexible underwriting and manual income calculation.
Lock times are longer than conventional deals. Underwriters review every statement page and calculate income manually. Expect 30-45 days to close.
The biggest mistake is mixing personal and business expenses in one account. Clean statements get better loan terms than messy ones.
Timing matters. If you're planning this loan, stop making large non-income deposits six months before applying. A $20k equipment sale looks like income to underwriters.
Most self-employed borrowers in Willows have seasonal income swings. Lenders average the full 12 or 24 months, so winter slowdowns get smoothed out by harvest months.
We typically run scenarios with both 12 and 24 month options. Sometimes the longer period qualifies you for more, sometimes less — depends on your income trend.
If you have clean profit and loss statements, a P&L loan might price better. Those use CPA-prepared financials instead of bank statements.
1099 loans work if you get most income through 1099 forms. But they won't help if you're a sole proprietor paid by check or transfer.
DSCR loans make sense for investment properties in Willows. They qualify based on rental income, not your personal income at all.
Asset depletion loans work when you have significant savings but irregular income. They calculate qualifying income from your total liquid assets.
Glenn County property values create an advantage here. Most homes fall well below jumbo limits, so you're working with smaller loan amounts and easier approvals.
Ag-related businesses dominate Willows. Underwriters familiar with California agriculture understand seasonal cash flow better than generic non-QM lenders.
Appraisals in Willows take longer than metro areas. Factor an extra week into your timeline — there aren't many local appraisers covering Glenn County.
Rates vary by borrower profile and market conditions. Rural location doesn't hurt pricing on these loans like it does with some conventional products.
Yes. Business statements usually work better because they show cleaner income without personal transactions mixed in. Lenders prefer them.
Banks can usually provide up to 24 months of statement history digitally. Request them directly from your bank before starting the application.
No. Lenders exclude transfers between your own accounts, loan proceeds, and one-time events like equipment sales. Only recurring business income counts.
Most use 50-75% of average monthly deposits to account for business expenses. The exact percentage depends on your business type and lender formula.
Yes. These work for purchases and refinances. Cash-out refinances are available but typically limited to 70-75% loan-to-value in most cases.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.