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Bank Statement Loans in Susanville
Susanville's small business community—from contractors to ranchers to hospitality owners—often struggles with traditional mortgage qualifying. Bank statement loans solve the W-2 problem.
These non-QM loans use 12 to 24 months of business account deposits to calculate income. No tax returns. No profit-loss statements that understate what you actually make.
You need 12 months of consecutive bank statements showing consistent deposits. Lenders typically use 50-75% of average monthly deposits as qualifying income.
Most programs require 620+ credit and 10-20% down. Business owners who write off significant expenses find this approach reveals true earning power.
Bank statement loans sit in the non-QM category. Not every lender offers them, and the ones who do vary wildly on rate, down payment requirements, and deposit calculation methods.
Some lenders average 12 months. Others require 24 and take the lower average. A few accept personal statements if business and personal accounts mix. We shop across 200+ wholesale lenders to find the best fit.
Self-employed borrowers in Susanville often qualify for more house with bank statements than with tax returns. The difference can be $100K+ in buying power.
Red flags that kill deals: large one-time deposits without explanation, inconsistent monthly revenue, or negative balance periods. Clean up your accounts 90 days before applying if deposits look erratic.
1099 loans work if you have consistent contractor income from a few clients. Bank statement loans work when revenue comes from many sources or varies seasonally.
Profit-loss statement loans require a CPA to prepare financials. Bank statements skip that step entirely. For ranchers or seasonal tourism businesses, bank statements typically win.
Susanville's economy runs on small businesses, corrections sector contractors, and rural service providers. Many earn solid income but show minimal profit on taxes.
Property values in Lassen County stay affordable, which means bank statement loans often cover purchases without jumbo-level complexity. Appraisals take longer in rural areas—factor 2-3 weeks for valuation.
Most lenders accept either. Business accounts work best, but personal statements qualify if they show clear business deposits. Some borrowers use both.
Lenders average 12-24 months, which smooths seasonal swings. Ranching, tourism, and construction income all qualify despite seasonal patterns.
Expect 1-2% higher rates than conventional loans. Lower down payments increase the rate further. Rates vary by borrower profile and market conditions.
Not if you can document them. Explain transfers, equipment sales, or gifts with a letter. Unexplained deposits get removed from income calculation.
Yes. Rate-term and cash-out refinances both work. Same qualification rules apply—12 months of statements and consistent 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.