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Bank Statement Loans in Pomona
Pomona has a strong self-employed population — contractors, small business owners, gig workers. Traditional lenders reject these borrowers because tax returns don't reflect actual cash flow.
Bank statement loans bypass W-2 requirements. Lenders analyze 12 to 24 months of deposits to verify income. This works for anyone who writes off business expenses.
Most lenders require 620 minimum credit. Down payment starts at 10%, though 20% gets better rates. Loan amounts go up to $3 million in Pomona.
You need consistent deposits showing business income. Personal and business accounts both work. Lenders calculate income by averaging monthly deposits, then apply a 50% expense ratio unless your CPA provides a lower figure.
SRK CAPITAL works with 200+ wholesale lenders who fund bank statement loans. Rates and terms vary significantly — some lenders allow 10% down, others require 15% or 20% depending on credit profile.
Not all lenders handle the same borrower types. Some specialize in 1099 contractors, others prefer business owners with established LLCs. We match your situation to the lender most likely to approve your file.
Clean bank statements matter more than you think. Large irregular deposits trigger questions. Lenders want to see business revenue, not one-time transfers or loan proceeds.
Expect rates 1-2% above conventional loans. That's the cost of flexible underwriting. Borrowers often refinance to conventional programs once they can show two years of tax returns that reflect higher income.
1099 loans work if you have consistent 1099 income and minimal business deductions. Profit & loss statement loans require a CPA letter and two years of P&Ls. Bank statement loans are simpler — just upload statements.
DSCR loans skip personal income entirely. They qualify based on rental property cash flow. If you're buying a Pomona investment property, DSCR may beat bank statement loans on rate and approval odds.
Pomona's housing stock includes older homes needing rehab. Some bank statement lenders restrict properties built before 1950 or requiring foundation work. Confirm property eligibility before going under contract.
Los Angeles County transfer taxes and fees add closing costs. Budget an extra 1-1.5% for county-specific charges. Self-employed borrowers often miss this when calculating cash to close.
They average monthly deposits over 12 or 24 months, then apply a 50% expense ratio. Your CPA can certify a lower expense percentage if your actual costs are less.
Yes. Most lenders accept either or both. Business accounts work best if all revenue flows through them, but personal accounts work if you operate as a sole proprietor.
Lenders can use blended income from multiple sources. Gig economy workers with Uber, DoorDash, and freelance income all qualify as long as deposits are consistent.
Yes, but DSCR loans often make more sense for rentals. They skip personal income and qualify based on property cash flow, usually with better rates.
Expect 21-30 days to close. Some lenders move faster if your statements are clean and you have strong reserves.
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.