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Bank Statement Loans in Lemoore
Lemoore's economy runs on small business owners, ag contractors, and independent operators who don't fit traditional W-2 income models. Bank statement loans let you use 12-24 months of deposits to prove income instead of tax returns.
These loans work well for borrowers who write off significant business expenses and show lower taxable income than actual cash flow. You're qualifying on what your business actually earns, not what you report to the IRS.
You need 12 or 24 months of consecutive business or personal bank statements showing regular deposits. Lenders calculate income by averaging total deposits, then applying an expense factor of 25-50% depending on your business type.
Minimum credit score is typically 620, though 680+ gets better rates. You'll need at least 10% down for primary residences, 15-20% for investment properties. Debt-to-income ratios max out around 50%.
Self-employment must be documented for at least two years through business licenses, CPA letters, or other proof. Lenders verify you've operated consistently in the same field.
Bank statement loans come from non-QM lenders, not conventional banks. Pricing runs 1-2% above conforming rates because these are portfolio loans with more underwriting risk.
Each lender calculates income differently. Some use gross deposits, others net out transfers and non-income items. The expense factor varies by industry—a contractor might get 50% expenses while a consultant gets 25%.
We compare pricing across 15+ non-QM lenders who handle bank statement programs. Rate differences of 0.5-0.75% between lenders are common on identical borrower profiles.
Most self-employed borrowers in Lemoore assume they can't qualify because their tax returns show minimal income. That's exactly who these loans serve—business owners with healthy cash flow but aggressive tax strategies.
The biggest mistake is mixing business and personal deposits in one account. Clean separation makes underwriting faster. If deposits are messy, expect more documentation requests and slower approvals.
We see ag contractors and farm service providers use these loans frequently. Seasonal income patterns don't disqualify you as long as the 12-24 month average works. One strong harvest season can offset slower periods.
If you have clean profit and loss statements prepared by a CPA, P&L loans might offer better rates. If rental income covers the new property, DSCR loans skip personal income verification entirely.
1099 loans work for independent contractors with consistent client payments but don't help business owners with multiple revenue streams. Asset depletion loans make sense if you have significant savings but irregular income.
Lemoore's proximity to NAS Lemoore creates strong rental demand, making bank statement loans useful for investors buying multi-family properties near base housing. The 15-20% down requirement is manageable on duplexes and fourplexes.
Agricultural service businesses dominate Kings County. Lenders familiar with ag income patterns underwrite these deals better than generic non-QM shops. Income volatility from harvest cycles is expected and managed through longer averaging periods.
Property values in Lemoore stay below jumbo limits, so loan amounts fit most non-QM lender maximums. You won't hit program caps like you might in coastal California markets.
They average 12 or 24 months of deposits, then subtract a business expense factor of 25-50%. A contractor depositing $15,000 monthly with 50% expenses qualifies on $7,500/month income.
Yes, but lenders will scrutinize transfers and non-income deposits more carefully. Business-only accounts make underwriting cleaner and faster.
Lenders average deposits over 12-24 months, smoothing out seasonal swings. Harvest spikes and slow winters balance out in the calculation.
Yes. Expect 10% minimum for primary homes, 15-20% for investment properties. Higher down payments improve pricing and approval odds.
Bank statement loan rates typically run 1-2% above conforming rates. The premium reflects portfolio lending risk and flexible underwriting.
Absolutely. Rate-term and cash-out refinances both work. Same income documentation applies—12-24 months of statements showing sufficient deposits.
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.