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Bank Statement Loans in Inglewood
Inglewood's self-employed population needs mortgages that match how they actually get paid. Traditional W-2 verification doesn't work for gig workers, contractors, and business owners.
Bank statement loans use 12-24 months of deposits to prove income. No tax returns required. This matters in a city where entrepreneurship and independent work are growing fast.
You need 12-24 months of business or personal bank statements showing consistent deposits. Lenders average your monthly deposits and use 50-75% as qualifying income.
Most programs require 10-20% down and credit scores above 620. Debt-to-income ratios run higher than conventional loans, often up to 50%. Cash reserves matter more than tax write-offs.
Not every lender offers bank statement programs. We access 200+ wholesale sources, but only about 30 actively compete in this space with good pricing.
Rate spreads vary widely. Some lenders penalize this program heavily. Others price it close to conventional. Shopping across lenders can save you 0.5-1.0% on rate.
Most self-employed borrowers write off too much on taxes to qualify conventionally. Bank statement loans solve that by looking at gross deposits before business expenses.
The catch: rates run 0.5-2.0% higher than conventional. Still, this is often the only path to approval if your tax returns show minimal income. We see Inglewood entrepreneurs use this for everything from duplexes to SFRs.
1099 loans also serve self-employed buyers but use 1099 forms instead of bank statements. That works if you have clean 1099 income. Bank statements work better for mixed income sources.
Profit & Loss loans require a CPA-prepared P&L statement. Asset depletion loans use your liquid assets to qualify. DSCR loans focus on rental income, not personal income. Each has a place depending on your situation.
Inglewood property values range widely from under $500K to over $1M near SoFi Stadium and the future Intuit Dome. Bank statement loans work across this spectrum with no upper limit.
The city's proximity to LAX and entertainment developments attracts self-employed buyers in creative fields, logistics, and hospitality. These borrowers often have strong income but messy tax returns. Bank statement loans give them a path.
They average 12-24 months of deposits and use 50-75% of that average. Business expenses aren't deducted like on tax returns.
Most lenders accept either. Business accounts often show clearer income streams and may qualify you for better terms.
Lenders can work with mixed accounts. They'll separate qualifying deposits from transfers and non-income items during underwriting.
Some lenders require them for identity verification only. They won't use the income shown on returns to qualify you.
Expect 0.5-2.0% higher depending on credit, down payment, and lender. Strong profiles get closer to conventional pricing.
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.