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Bank Statement Loans in Fairfax
Fairfax attracts entrepreneurs, creatives, and small business owners who value the town's independent spirit. Traditional mortgage underwriting doesn't work when your income looks irregular on tax returns.
Bank statement loans let you prove income through deposits, not W-2s. Most Marin County buyers using these programs run businesses that generate solid cash flow but heavy write-offs.
You need 12 or 24 months of personal or business bank statements showing consistent deposits. Lenders calculate your monthly income by averaging those deposits, then multiply by a percentage between 50% and 100%.
Credit scores start at 600 for most programs. Expect 10-20% down for owner-occupied properties, 20-25% for investment properties. Your debt-to-income ratio can run higher than conventional loans.
Most retail banks won't touch bank statement loans. You need a wholesale lender that specializes in non-QM products, which means working with a broker who has those relationships.
Rate pricing varies wildly between lenders on these programs. I've seen spreads of 1.5% on the same borrower profile. Shopping across multiple wholesale sources matters more here than on conventional loans.
Lenders calculate income differently. Some use gross deposits, others net out transfers and non-income items. Know which method your lender uses before you apply.
Clean statements get better pricing. Frequent overdrafts, NSF fees, or irregular deposits make underwriters nervous. If your statements are messy, wait three months and clean them up first.
If you file 1099s and show decent income on tax returns, a 1099 loan costs less. Bank statement loans work when your tax returns show heavy deductions that lower reportable income.
Profit and loss statement loans require a CPA letter and two years of returns. Bank statement programs skip that. Asset depletion loans work if you have liquid assets but inconsistent deposits.
Fairfax property values benefit from Marin County demand but stay below Ross or Mill Valley pricing. That puts more homes within conforming loan limits, but self-employed borrowers still need alternative documentation.
The town's small business culture means many buyers here run consulting practices, creative agencies, or independent contracting operations. Those income patterns match exactly what bank statement loans solve for.
Yes, business statements often work better because they show higher gross deposits. Lenders apply a percentage to those deposits to calculate qualifying income.
You can combine statements from multiple accounts to show total deposits. Most lenders require statements from all accounts to verify full cash flow picture.
Expect 1-2% higher than conventional rates. Non-QM pricing reflects the extra risk lenders take without tax return verification.
Most lenders want 12-24 months of consistent self-employment. Some programs accept shorter history if deposits show strong, stable income patterns.
Yes, these programs work for both purchase and refinance. Cash-out refinancing is available with slightly higher down payment requirements.
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.