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Seaside sits in a county where ag-tech innovation is reshaping the regional economy. Reservoir Farms just opened a 24-acre ag-tech hub in nearby Salinas with 12 specialty crop robotics startups.
The Monterey County median household income of $94,486 supports homes across a wide price range here. Self-employed borrowers often have strong income but irregular tax documentation.
620
Minimum FICO
10% to 25%
Down Payment Range
45–60 days
Closing Timeline
+0.375% to +0.75%
Rate Premium
24-month bank statements
Income Documentation
Bank Statement Loans in Seaside
Bank Statement Loans typically require 620+ FICO, though 640+ opens better rates. Down payment ranges from 10% to 25% depending on your profile and the property.
At Monterey County's median household income of $94,486, a self-employed buyer can support a purchase in the mid-$400,000 range with standard debt levels. Your actual deposits matter more than your tax return.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Seaside.
Seaside sits in a county where ag-tech innovation is reshaping the regional economy. Reservoir Farms just opened a 24-acre ag-tech hub in nearby Salinas with 12 specialty crop robotics startups.
The Monterey County median household income of $94,486 supports homes across a wide price range here. Self-employed borrowers often have strong income but irregular tax documentation.
Bank Statement Loans typically require 620+ FICO, though 640+ opens better rates. Down payment ranges from 10% to 25% depending on your profile and the property.
Bank Statement Loans are offered by a smaller set of lenders than conventional programs. Most are portfolio lenders or private mortgage banks that hold loans in-house or sell to specialized investors. Retail banks rarely offer them.
Underwriting takes 45 to 60 days because the lender manually reviews 24 months of statements. Appraisals, title, and inspections follow the same timeline as conventional loans.
Bank Statement Loans make sense in Seaside when you're self-employed with strong deposits but weak tax returns. A contractor, consultant, or small-business owner with $8,000 to $12,000 monthly deposits qualifies easily.
They don't make sense if you have W-2 income or if your deposits are erratic and low. A salaried employee should use conventional financing — it's faster and cheaper. Bank Statement Loans carry a rate premium of 0.375% to 0.75% over conventional.
Conventional loans require two years of tax returns and typically demand that your stated income match your tax return line-by-line. Bank Statement Loans ignore the tax return entirely and use your deposits instead.
The trade-off is rate and speed. Conventional loans close in 30 days and carry lower rates. Bank Statement Loans take 45 to 60 days and cost 0.375% to 0.75% more.
Navigator Charter Schools is launching three TK-12 campuses across Monterey County in 2026-27, including one in the Marina/Seaside area. New school options matter to families buying here.
Monterey County's Measure AA just funded $9.5 million in road, park, and public-safety projects. Infrastructure investment supports property values.
No. Bank Statement Loans use 24 months of bank deposits instead. The lender averages your deposits to calculate qualifying income. Tax returns are optional — your bank account does the work.
Typically 10% to 25% depending on your credit score and property type. A 620 FICO with 20% down is a common approval scenario. Ask your lender about your specific profile.
45 to 60 days. The lender reviews 24 months of statements manually, which takes longer than conventional underwriting. Appraisal and title follow the same timeline as any mortgage.
Yes — typically 0.375% to 0.75% higher in rate. The premium covers the manual underwriting and specialized investor. For self-employed borrowers who can't qualify conventional, that cost is worth it.
Technically yes, but it's not smart. You'd pay a higher rate and wait longer for no benefit. Conventional loans are faster and cheaper for salaried employees. Use Bank Statement Loans only if conventional rejects you.