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Bank Statement Loans in Glendale
Glendale's business owners can't prove income the traditional way. If you run a sole proprietorship, LLC, or 1099 contracting business, your tax returns look nothing like your actual cash flow.
Bank statement loans ignore W-2s and tax returns completely. Instead, lenders analyze 12 or 24 months of business or personal bank deposits to calculate qualifying income.
Most self-employed borrowers in Los Angeles County write off 30-50% of their gross revenue. That kills conventional loan approval even when you clear $20k monthly in deposits.
You need 620+ credit, though 660+ gets better pricing. Most lenders want 10-20% down depending on loan amount and property type.
Lenders calculate income by averaging monthly deposits over 12 or 24 months. They typically use 50-75% of those deposits as qualifying income, depending on your business structure and expense patterns.
You must prove 2+ years self-employment in the same field. Switching from W-2 to self-employed six months ago won't work for bank statement programs.
Bank statement loans are non-QM products. Your local credit union and most retail banks don't offer them.
Wholesale lenders price these deals based on risk layering. Lower credit, higher LTV, and investment properties all push rates up 0.5-1.5% from conventional benchmarks.
Each lender calculates income differently. Some average deposits and multiply by 100%, others use 50% to account for expenses. One underwriter might approve what another declines based purely on calculation methodology.
We run bank statements through 3-4 lenders before submitting. The lender using the most favorable income calculation wins the deal.
Business bank statements usually work better than personal. Less noise from non-income deposits means cleaner underwriting and higher qualifying income.
If you have inconsistent monthly deposits, 24-month statements smooth volatility. That February with one big client payment doesn't kill your average when spread across two years.
1099 loans work if you have documented contractor income and lower write-offs. They typically price better than bank statement programs.
Profit & loss statement loans require CPA preparation and business tax returns. If your financials are clean, P&L loans beat bank statement rates by 0.25-0.75%.
DSCR loans work for investment properties when rental income covers the mortgage. You avoid personal income verification entirely, but rates run higher than bank statement programs.
Glendale's entertainment industry contractors, consultants, and small business owners make up 40%+ of bank statement loan applications we see in Los Angeles County.
Property values in Glendale push many buyers into loan amounts where 15% down triggers better pricing tiers. That $900k purchase needs $135k down instead of $90k, but saves 0.5% on rate.
Condos in Glendale's urban core sometimes hit lender restrictions. Bank statement programs often cap condo financing at 75% LTV versus 80-85% for single-family homes.
Most lenders allow one or the other, not both. Business statements typically produce higher qualifying income since personal deposits include non-income transfers that underwriters must exclude.
You won't qualify for bank statement loans. All programs require 24 months minimum self-employment in your current field, verified through business licenses or tax filings.
No, but 24-month statements work better than 12-month for seasonal businesses. Averaging over two years smooths the volatility that monthly income creates.
Rates vary by borrower profile and market conditions. Expect 1-2% above conventional rates, with exact pricing depending on credit, down payment, and property type.
Yes, both rate-term and cash-out refinances work. Cash-out is typically capped at 75-80% LTV, while rate-term refinances can go to 85% depending on the lender.
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.