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Bank Statement Loans in Claremont
Claremont has strong self-employment activity — consultants, contractors, small business owners who can't document income traditionally.
Bank statement loans let you qualify using deposits instead of tax returns. Most self-employed borrowers write off enough income that W-2 qualification methods don't work.
You need 12 or 24 months of personal or business bank statements. Lenders calculate income by averaging monthly deposits, then applying expense ratios.
Minimum 620 credit in most cases. Down payments start at 10%, but 15-20% gets better rates. Expect rates 1-2% above conventional.
Not every lender offers bank statement programs. The ones that do vary widely on expense ratios — some apply 50% reduction to deposits, others only 25%.
This spread changes your qualifying income dramatically. A broker shops these ratios across lenders to maximize your buying power.
I see borrowers lose 30-40% buying power by choosing the wrong lender. One applies a 50% expense ratio, another 30% — same deposits, vastly different approved amounts.
Personal statements usually work better than business statements for sole proprietors. Fewer non-income deposits to explain. Clean up accounts 60 days before applying.
If you have consistent 1099 income, a 1099 loan might offer better rates. If you're buying investment property, DSCR loans ignore personal income entirely.
Bank statement loans work best when deposits are steady but tax returns show minimal income. They're flexible but cost more than QM products.
Claremont sits in a college town economy with lots of independent professionals. Appraisals here run smooth — stable market, good comps.
If you're self-employed and looking in Claremont's higher-end neighborhoods, expect loan amounts that may trigger jumbo overlays even on non-QM programs.
They average total deposits over 12-24 months, then subtract an expense ratio (typically 25-50%). Remaining amount becomes your qualifying income.
Yes, but personal statements usually work better for sole proprietors. Business accounts often have non-income deposits that complicate underwriting.
Most lenders require 620 minimum. Some go to 600 with larger down payments, but rates increase significantly below 640.
Expect rates 1-2% above conventional. Exact spread depends on credit score, down payment, and which lender you use.
Some lenders require returns for verification but don't use them for income calculation. Others skip returns entirely if statements are strong.
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.