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Bank Statement Loans in Tiburon
Tiburon's median home prices run north of $2.5M. Traditional W-2 documentation won't work for entrepreneurs, consultants, and business owners who write off most of their taxable income.
Bank statement loans let lenders see your actual cash flow. You send 12 to 24 months of personal or business bank statements. The lender calculates deposits minus obvious transfers.
Minimum credit score is 640 for most lenders. Some go as low as 600 if you put 30% down and show strong reserves.
Down payment starts at 10% for primary residences. Investment properties need 20%. Loan amounts in Tiburon typically exceed $1.5M, which means you need substantial liquidity.
Lenders want to see consistent deposits. If your income swings wildly month to month, expect tighter scrutiny on your debt ratios.
Not all lenders calculate deposits the same way. Some average gross deposits and apply a standard expense factor (usually 50%). Others subtract documented business expenses.
Rate pricing varies by 1-2% between aggressive and conservative lenders. The cheapest lender isn't always best if their underwriting guidelines will kill your deal.
We work with 15+ non-QM lenders who handle bank statement programs. Most close in 30 days once underwriting starts. Faster than conventional in many cases.
Tiburon borrowers often blend multiple income sources: K-1 distributions, 1099 income, rental properties, and investment returns. Bank statement loans capture all of it.
Clean up your statements before applying. Large one-time deposits need explanation letters. Transfers between your own accounts get backed out, but sloppy records slow everything down.
I've seen borrowers add $200K+ to their qualifying income versus what tax returns show. The difference matters when you're financing $2M+ properties.
1099 loans work if you're pure contractor. Profit & Loss loans suit borrowers with solid bookkeeping. Bank statement loans win when your income is complex or your CPA is aggressive.
Asset depletion makes sense if you're cash-rich but show minimal income. DSCR loans work for pure investment properties where personal income doesn't matter.
Bank statement programs give you the widest approval odds. You're not stuck explaining every line item on a P&L or justifying why your tax returns look thin.
Tiburon properties often come with HOA fees exceeding $500/month. Lenders count those in your debt ratio. Your bank statements need to support both the mortgage and the association dues.
Marin County tax rates run 1.1-1.2% of assessed value. On a $3M home, that's $33K annually in property taxes. Make sure your monthly deposits cover that recurring hit.
Many Tiburon homes are second residences or vacation properties. Second home rates match primary residence pricing if you qualify. Investment property rates run 0.5-1% higher.
Most lenders use 12 months. Some require 24 months if your income is inconsistent or you're pushing maximum loan amounts.
Yes, if you own 25% or more of the business. Personal statements often yield higher qualifying income since they capture all sources.
Underwriters back those out with explanation letters. Selling a car or moving money between accounts won't inflate your income.
Most carry 2-3 year prepayment penalties. You can buy out the penalty at closing or accept a slightly higher rate.
Expect 1.5-3% above conventional rates. Your credit score, down payment, and reserves determine where you land in that range.
Absolutely. Many borrowers use bank statement loans to purchase, then refinance once they have two years of tax returns showing strong income.
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.