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Bank Statement Loans in Mammoth Lakes
Mammoth Lakes runs on seasonal income streams that don't fit traditional mortgage boxes. Vacation rental operators, ski instructors, and resort business owners need financing that reads bank deposits, not W-2s.
Most conventional lenders reject self-employed borrowers who write off heavy expenses against resort properties. Bank statement loans flip that script—your deposits prove income capacity, not your tax returns.
You need 12 to 24 months of business or personal bank statements showing consistent deposits. Lenders calculate income as 50-100% of average monthly deposits, depending on business structure and deposit patterns.
Minimum credit scores start at 640, though 680+ gets better pricing. Expect 10-20% down for primary homes, 15-25% for vacation properties and investment units in Mammoth's rental market.
Regional banks in Mono County won't touch non-QM loans. You need specialty wholesale lenders who underwrite bank statement programs—access a broker has, not a local branch.
Rate spreads between lenders run 0.75-1.5% on identical profiles. Some cap loan amounts at $2M, others go to $3M+. A few allow 12-month statements, most require 24 months for stronger files.
Mammoth borrowers trip on commingled accounts. Keep vacation rental income separate from personal spending—mixed deposits kill your qualifying income calculation and tank debt ratios.
Lenders red-flag large one-time deposits during the statement period. That $80K property sale or insurance payout gets backed out of income calculations. Consistent monthly patterns win approvals.
DSCR loans work better for pure investment properties where rental income covers the mortgage. Bank statement loans win when you mix owner occupancy with short-term rental income.
1099 loans require contractor income documentation most seasonal Mammoth workers can't provide. Profit & Loss loans demand CPA-prepared financials. Bank statements skip both hurdles—just show deposits.
Mammoth's vacation rental market creates feast-or-famine deposit patterns. Winter shows fat months, summer varies, shoulder seasons go thin. Lenders average all 24 months, so two strong ski seasons offset slow periods.
Short-term rental restrictions keep changing in Mono County. Some lenders won't finance properties without established rental permits. Get your TOT permit locked before loan applications start.
Yes, but keep those deposits in a separate business account. Lenders calculate income from clear rental patterns, not mixed personal transactions.
Lenders average deposits across 12-24 months, which smooths seasonal swings. Two strong ski seasons typically offset slower shoulder periods in Mammoth.
No. You provide raw statements directly from your bank. The lender calculates qualifying income—no CPA prep work required.
Typically 50% of average deposits for personal accounts, up to 100% for business accounts. Percentage depends on business type and expense patterns.
Some lenders allow 12 months with strong credit and larger down payments. Most require 24 months for self-employed borrowers without tax return verification.
No—that's the advantage. Lenders ignore tax returns entirely and underwrite to gross deposits, not net taxable income after deductions.
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.