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La Cañada Flintridge attracts entrepreneurs, consultants, and business owners who write off aggressively. Traditional lenders reject borrowers whose tax returns show $80k but who actually earn $250k.
Bank statement loans let you prove income through deposits, not deductions. For this area's self-employed professionals, that's often the difference between qualifying for a $900k home or settling for a condo.
Most lenders want 12-24 months of business or personal bank statements showing consistent deposits. Credit scores start at 620, but 680+ gets you better rates and more lender options.
You'll need 10-20% down depending on loan amount and credit profile. DTI calculations use either 100% of deposits or 50% depending on whether you use business or personal accounts.
Lenders underwrite the deposit pattern, not the stated income on a 1040. A contractor showing $18k monthly deposits qualifies on roughly $216k annual income even if their tax return shows half that.
About 30 of our 200+ wholesale lenders offer bank statement programs. Each one calculates income differently — some average 12 months, others use 24 months, and a few cherry-pick your strongest consecutive months.
Rate premiums run 0.5-1.5% above conventional loans. A borrower paying 7% on a conventional loan might pay 7.75% on a bank statement loan with the same credit and down payment.
Not every lender funds in La Cañada Flintridge or handles loans above $1M. We filter by your loan amount, property type, and credit profile to find the 5-8 lenders likely to approve your specific deal.
Business account statements beat personal accounts for income calculation. Most lenders apply a 50% expense factor to personal deposits but use 100% of business deposits after removing transfers and non-income items.
Three mistakes tank bank statement deals: mixing business and personal funds in one account, large unexplained deposits that look like loans, and NSF fees suggesting cash flow problems. Clean up accounts 60 days before applying.
If your statements show inconsistent income, a 24-month average smooths out the peaks and valleys. Seasonal businesses and commission-based earners usually qualify better on longer lookback periods.
1099 loans work if you get regular payments from the same clients. Bank statement loans handle irregular income from multiple sources — better for contractors, consultants, and Airbnb operators.
Profit and loss statement loans require a CPA to prepare financials. Bank statements skip that step and cost, but you pay a slightly higher rate. Asset depletion loans make sense if your income is low but you have $1M+ in accounts.
La Cañada Flintridge sits in a high-value pocket where most properties push into jumbo territory. Bank statement lenders comfortable with $1M+ loans become critical since many non-QM shops cap at conventional limits.
This area draws business owners from Glendale, Pasadena, and Burbank who need jumbo non-QM options. Properties here often appraise cleanly, which helps offset the higher risk lenders see in stated income documentation.
Yes, most lenders combine deposits from up to three accounts. We'll pick the combination that shows your strongest income pattern and cleanest deposit history.
Lenders average all months, so one weak month gets diluted. Using 24 months instead of 12 often smooths out seasonal dips and produces a higher qualifying income.
Deposits over $500-$1000 usually need sourcing. Transfers between your own accounts don't count as income, so we'll document those separately to avoid double-counting.
Most close in 21-30 days. The timeline depends on how quickly you provide statements and how clean your deposit patterns look to underwriters.
Yes, rate-and-term and cash-out refinances both work. Cash-out loans typically require 20-25% equity and have slightly tighter credit requirements than purchase loans.
Bank Statement Loans in La Canada Flintridge