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Bank Statement Loans in Paramount
Paramount's small business community drives demand for non-QM financing. Traditional underwriting rejects self-employed borrowers who show minimal taxable income.
Bank statement loans solve the income verification problem that blocks restaurant owners, contractors, and gig workers. You qualify using deposits, not tax returns.
You need 12 to 24 months of business or personal bank statements. Lenders calculate income by averaging deposits and applying a percentage based on business type.
Most programs require 620 minimum credit and 10-20% down payment. Expect rates 1-2% higher than conventional loans due to risk-based pricing.
Only non-QM lenders offer bank statement programs. Your neighborhood bank won't touch these loans because they don't meet government-sponsored enterprise guidelines.
Each lender applies different income calculations. Some use 100% of deposits, others discount to 50% based on business expenses. Rate shopping matters more here than conventional loans.
I see Paramount borrowers get tripped up by mixing business and personal accounts. Cleanly separated banking makes underwriting faster and income calculations clearer.
Cash-heavy businesses like landscapers and food vendors struggle most. If deposits don't match revenue, you'll need a 1099 loan or profit and loss program instead.
1099 loans work better if you have contractor income and want simpler documentation. Profit and loss loans fit borrowers with clean financials who prefer CPA-verified income.
DSCR loans eliminate personal income verification entirely for investment properties. If you're buying a rental in Paramount, rental income alone can qualify you.
Paramount's housing stock skews toward single-family homes under $700K. Bank statement loans handle these amounts easily without jumbo pricing concerns.
Proximity to Downey and Long Beach means appraisals pull comps from stronger markets. That helps borrowers with borderline loan-to-value ratios clear underwriting.
Most lenders require 12 months. Some accept 24 months if recent deposits look weak or you want to average higher historical income.
Yes, if business revenue deposits into personal accounts. Lenders apply a percentage to total deposits based on your business type and expense assumptions.
That's exactly why bank statement loans exist. Your tax returns show low income but deposits prove cash flow to support mortgage payments.
Yes. Lenders accept business statements regardless of entity type as long as deposits document consistent income for 12+ months.
Expect 1-2% higher interest rates. Upfront costs run similar but some lenders charge origination points for non-QM risk.
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.