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Bank Statement Loans in Lancaster
Lancaster's self-employed population includes contractors, real estate agents, and small business owners who can't show traditional income docs. Bank statement loans let you qualify using 12 to 24 months of deposits instead of W-2s or tax returns.
These loans work well in Antelope Valley's diverse economy where many borrowers write off business expenses that lower taxable income. You qualify on what you actually earn, not what you report to the IRS.
You'll need 620+ credit and 10-20% down depending on loan amount. Lenders calculate income by averaging your deposits over 12 or 24 months, then applying a business expense factor.
Self-employed for at least two years in the same industry. Most lenders want personal or business bank statements, not both. DTI limits typically run 43-50%, higher than conventional.
SRK CAPITAL accesses 200+ wholesale lenders with different bank statement programs. Some lenders average deposits over 12 months, others require 24. The deposit calculation method varies widely.
Rates run 1-2% higher than conventional loans due to non-QM status. Expect origination fees around 1-2 points. Not every lender will finance in Lancaster, so broker access matters for this product.
Most self-employed borrowers in Lancaster choose 12-month statements to maximize income calculation. Recent strong months can offset slower periods. We see best results when deposits are consistent month to month.
Clean up your bank statements before applying. Large one-time transfers, loan proceeds, or business reimbursements get deducted from income calculations. Move non-income deposits to a separate account 60 days before applying.
1099 loans work if you have recent tax returns but want easier documentation. Profit & loss loans require a CPA letter, which adds cost but sometimes yields better rates than bank statements.
DSCR loans don't require any income documentation if you're buying investment property. Asset depletion loans work when you have significant savings but inconsistent deposits. Each non-QM option fits different borrower situations.
Lancaster's median home prices make bank statement loans accessible for self-employed borrowers without hitting jumbo territory. Construction and service contractors dominate the self-employed market here.
Seasonal businesses face tougher underwriting. Lenders prefer steady monthly deposits over concentrated seasonal income. Solar installers, landscapers, and HVAC contractors need 24-month statements to smooth out seasonal dips.
Yes, but most lenders prefer personal statements for sole proprietors. Business statements work better for incorporated entities with clear separation of finances.
You'll need statements from all accounts showing deposits. Lenders combine them to calculate total income and look for transfers between accounts.
They average total deposits over 12 or 24 months, then subtract an expense factor of 25-50%. Higher expense factors mean lower qualifying income.
Large undocumented cash deposits create problems. Lenders need to verify deposits are business income, not loans or transfers from other accounts.
Yes, bank statement loans work for both purchases and refinances. Rate-and-term refis typically require less documentation than cash-out refinances.
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.