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Bank Statement Loans in Marina
Marina attracts entrepreneurs and contractors who can't produce W-2s. Many work in hospitality around Monterey Bay or run remote consulting businesses.
Traditional lenders reject self-employed borrowers who write off expenses. Bank statement loans let you qualify on actual deposits, not taxable income.
You need 12 to 24 months of business or personal bank statements showing consistent deposits. Lenders calculate income using average monthly deposits.
Expect 10-20% down minimum and credit scores above 620. Some lenders go lower with larger down payments and higher rates.
SRK CAPITAL shops 200+ wholesale lenders to find bank statement programs with the best income calculation methods. Some lenders average 12 months, others require 24.
Rate spreads vary widely between lenders. A broker comparison can save you 0.5-1% on rate for the exact same documentation.
Most self-employed borrowers underestimate how much they can qualify for. We've closed loans for contractors showing $8K monthly deposits who thought they'd only qualify at $4K.
The key is choosing the right lender upfront. Some exclude transfers and reimbursements from income calculations. Others include them. Picking wrong costs you buying power.
1099 loans work if you have actual 1099 forms from clients. Bank statement loans don't require any tax documents, just deposits.
Profit and loss loans need a CPA-prepared P&L. Bank statement loans skip that step entirely. You're trading documentation for slightly higher rates.
Marina's proximity to Fort Ord creates opportunities for defense contractors and consultants. Many run single-member LLCs that complicate traditional financing.
Seasonal income from Monterey tourism affects deposit patterns. Lenders who understand seasonal businesses handle Marina borrowers better than those expecting steady monthly deposits.
Either works. Most lenders prefer business accounts but will accept personal statements if they show clear business deposits. Mixing both can maximize your qualifying income.
Lenders average your deposits across 12 or 24 months. Seasonal patterns are common in Marina and don't disqualify you if the average supports your loan amount.
No. Transfers between your own accounts, loan proceeds, and one-time windfalls get excluded. Only recurring business income counts toward qualification.
Expect 0.5-1.5% higher rates. The spread depends on your credit score, down payment, and which lender we match you with from our network.
Yes. Cash-out and rate-term refinances both work. Same documentation applies — 12 to 24 months of statements showing sufficient 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.