Loading
Bank Statement Loans in Madera
Madera's ag economy runs on self-employment. Farmers, contractors, and small business owners drive this market.
Traditional underwriting doesn't work here. Tax write-offs reduce reported income, killing conventional loan applications.
Bank statement loans solve this. Lenders calculate income from deposits, not tax returns.
You need 12 to 24 months of business or personal bank statements. Most lenders accept either one.
Credit minimums start at 600, though 660+ gets better pricing. Expect 10-20% down depending on credit profile.
Income gets calculated using average monthly deposits. Lenders typically apply a 50% expense factor to gross deposits.
We work with 30+ non-QM lenders who price bank statement programs differently. Rate spreads vary by 0.5-1.5% between lenders.
Some lenders allow 12-month statements with higher rates. Others require 24 months but offer lower pricing.
Underwriting timelines run 3-4 weeks. These aren't conventional loans—expect more documentation and longer processing.
Clean bank statements matter more than anything. Overdrafts, NSF fees, and irregular deposits raise red flags.
Business accounts work better than personal for most borrowers. They show clear income patterns without personal expense noise.
We shop your file across multiple lenders before submission. The first lender you apply with rarely offers the best terms.
1099 loans require year-end tax forms that many self-employed borrowers don't have organized. Bank statements are faster.
DSCR loans work for investment properties only. If you're buying a primary residence in Madera, bank statement is your best option.
Profit and loss statements need CPA preparation, adding cost and time. Bank statements come straight from your institution.
Madera properties appraise inconsistently. Rural parcels with ag components need specialized appraisers who understand farm value.
Well and septic properties require additional inspections. Budget extra time for rural property due diligence.
City limits versus county makes a difference in appraisal timelines. County properties add 1-2 weeks to the approval process.
Yes, most lenders accept personal statements for self-employed borrowers. Business accounts typically show clearer income patterns and get better pricing.
Provide statements from all accounts that show business income. Lenders will combine deposits to calculate your qualifying income.
Irregular deposits get excluded from income calculation. Consistent monthly patterns matter more than occasional large transfers.
Most lenders apply a 50% expense factor to gross deposits. Some use 25% for service businesses with lower overhead.
No. Twelve months is the industry minimum for bank statement loans across all lenders we work with.
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.