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Salinas runs on agriculture, trucking, and small business. A lot of that income doesn't show up clean on a tax return.
Bank statement loans fix that. Lenders use 12 to 24 months of deposits — not your Schedule C — to prove what you actually earn.
660 (most lenders)
Min Credit Score
12 or 24 months
Statements Required
10%
Min Down Payment
2 years
Self-Employed History
Bank Statement Loans in Salinas
Most lenders want a 660+ credit score for bank statement loans. Some go lower, but rate pricing gets worse fast below that.
Down payment requirements start around 10%. Expect 20% or more if your credit is thin or your income is harder to document.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Salinas.
Salinas runs on agriculture, trucking, and small business. A lot of that income doesn't show up clean on a tax return.
Bank statement loans fix that. Lenders use 12 to 24 months of deposits — not your Schedule C — to prove what you actually earn.
Most lenders want a 660+ credit score for bank statement loans. Some go lower, but rate pricing gets worse fast below that.
Bank statement loans are non-QM products. Most retail banks don't offer them. You need a broker with wholesale non-QM lender access.
We work with 200+ wholesale lenders. Several specialize in non-QM. That matters — pricing and guidelines vary a lot across them.
The biggest mistake I see: borrowers submit personal statements when business statements would show higher qualifying deposits.
Lenders apply an expense ratio to business statements — often 50%. Run both scenarios before committing to one approach.
A 1099 loan works if most of your income is contract-based. A P&L loan uses a CPA-prepared statement instead of bank deposits.
Bank statement loans are the most flexible for mixed-income borrowers. They capture cash flow that other doc types miss.
Many Salinas borrowers own farms, labor contracting businesses, or food distribution operations. Income swings seasonally.
Lenders that understand ag-related cash flow cycles are easier to work with. Not all non-QM lenders think that way.
Most lenders offer both options. 24 months usually gets you better pricing. 12 months works but expect a slightly higher rate.
Some lenders allow it. Most prefer you pick one. Mixing accounts complicates the income calculation and can hurt your qualifying number.
Not if you pick the right lender. Some non-QM lenders understand ag income cycles. Others average deposits in ways that penalize seasonal earners.
Bank statement loans carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
Most lenders require 2 years of self-employment. A CPA letter confirming your business is active for that period is typically required.
Yes. Rate-and-term and cash-out refinances are both available. Cash-out can be useful for business owners tapping home equity.