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Bank Statement Loans in Hanford
Most self-employed borrowers in Hanford don't qualify through W-2 programs. Tax returns show write-offs. Bank statements show what you actually deposit.
This matters in Kings County ag communities where income fluctuates seasonally. A dairy operator's spring deposits look different than fall receipts. Bank statement loans average those patterns over 12 or 24 months.
Lenders want 12 or 24 months of consecutive business or personal bank statements. They calculate deposits minus transfers and business expenses. Then multiply that monthly average by 1.0x to 1.5x depending on the program.
Credit minimums run 640 to 680. Down payment starts at 10% but most deals close at 15-20% down. No tax returns. No P&Ls. Just statements from your actual operating account.
Not every lender funds these in Hanford. Community banks rarely touch them. Credit unions won't look at them. You need specialized non-QM lenders who understand deposit analysis.
We work with 15+ bank statement lenders. Some use 1.0x multipliers and require 24 months. Others use 1.5x but want larger down payments. That spread creates rate and qualification differences worth shopping.
Your biggest mistake: mixing personal and business deposits in one account. Lenders subtract business expenses. Clean separation between accounts increases your usable income calculation.
Second mistake: not understanding expense deductions. Lenders pull out transfers between your own accounts and non-income deposits. But they also subtract recurring business costs. A $15k monthly deposit might qualify as $9k income after expense analysis.
If you filed a tax return showing strong income, Profit & Loss loans cost less. If you have 1099s documenting most revenue, 1099 programs beat bank statement rates. Bank statement loans work when your tax picture doesn't match your cash flow.
DSCR loans make sense for investment properties in Hanford. They ignore personal income entirely and qualify on rent. Asset depletion works if you have liquid accounts but irregular deposits.
Hanford's ag economy creates perfect bank statement scenarios. Almond growers get annual settlement checks. Dairy operators see seasonal milk price swings. Contractors working Central Valley projects have uneven payment schedules.
Property values in Kings County run lower than coastal markets. That helps down payment requirements. A 15% down payment on a $400k Hanford home beats 20% down on a $700k Fresno property for the same loan type.
Yes if you deposit business revenue into personal accounts. Lenders subtract transfers and business expenses from total deposits to calculate qualifying income.
No. Lenders remove transfers between your accounts, loan proceeds, refunds, and non-income deposits. Expect 30-40% reduction from gross to net qualifying income.
Non-QM lenders charge more for flexible underwriting and portfolio risk. Rate difference typically runs 1.5-2.5% above agency programs.
Expect 3-4 weeks. Lenders manually analyze every deposit and expense line. More complex statements take longer than clean accounts.
Yes. Same qualification rules apply for purchases and refinances. Rate-and-term and cash-out both work with sufficient equity.
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.