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Bank Statement Loans in Corcoran
Corcoran's economy runs on agriculture and small business ownership. Traditional W-2 documentation doesn't work for most borrowers here.
Bank statement loans solve the problem for farmers, contractors, and business owners who write off their income. You qualify using deposits, not tax returns.
Most Corcoran buyers using this program are self-employed for at least two years. Lenders want to see consistent monthly deposits that cover your proposed payment.
You need 12 or 24 months of personal or business bank statements. Lenders calculate your income by averaging monthly deposits.
Credit scores start at 600, but you'll get better rates at 660 or higher. Most lenders want 10-20% down depending on your credit profile.
Expect rates 1-2% above conventional loans. That's the cost of avoiding tax return verification in the non-QM space.
Not every lender offers bank statement programs. We work with 15-20 non-QM lenders who price these loans differently based on your profile.
Some lenders average 100% of deposits. Others use 50-75% to account for business expenses. That calculation changes your qualifying income by thousands.
Rate differences between lenders can hit 0.5-0.75% on the same borrower. Shopping matters more on non-QM loans than conventional programs.
I see Corcoran borrowers get denied because they mixed personal and business deposits in one account. Clean statements with clear income patterns close faster.
Run your numbers with both 12 and 24-month averages. Some borrowers qualify better with 12 months if recent income increased. Others need 24 months to smooth out seasonal dips.
Agricultural borrowers should use accounts that show consistent deposits during harvest season. Lenders understand seasonality but want to see the pattern repeat across multiple years.
1099 loans work if you have strong tax returns. Bank statement loans work when you don't want to use tax returns at all.
DSCR loans make sense for rental properties using rental income to qualify. Bank statement loans cover primary residences where you need your business income.
Profit and loss statements require a CPA signature and cost more to prepare. Bank statements are free and you already have them.
Kings County properties appraise slower than metro markets. Build extra time into your contract for appraisal delays on non-QM loans.
Most Corcoran homes fall well below jumbo limits. Your loan amount won't trigger additional non-QM restrictions that hit high-balance buyers.
Agricultural properties with income-producing land may need DSCR loans instead. Bank statement loans work for standard residential properties only.
Personal or business checking accounts from any US bank. Statements must show two months of reserve funds after closing to qualify.
Yes, business accounts often work better. Lenders want to see clear income patterns without mixing rent payments and grocery runs.
Yes, but you need 24 months to show the seasonal pattern repeats. Lenders average your income across the full two years.
Plan for 3-4 weeks from application to clear-to-close. Non-QM underwriting takes longer than conventional loans.
Underwriters exclude non-recurring deposits like tax refunds or equipment sales. They calculate income using regular business deposits only.
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.