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Bank Statement Loans in Truckee
Truckee's economy runs on seasonal businesses, vacation rentals, and independent contractors who serve the resort corridor. Traditional W-2 income verification doesn't work for most of them.
Bank statement loans let ski instructors, property managers, contractors, and hospitality workers qualify using their actual cash flow. Most Truckee self-employed borrowers write off half their income for tax purposes, which kills conventional loan approvals.
You need 12 to 24 months of consecutive bank statements showing regular deposits. Lenders calculate your average monthly income, then apply a percentage (usually 50-75%) to account for business expenses.
Credit minimums run 620 to 680 depending on the lender. Down payments start at 10% but most Truckee deals require 15-20% because of higher property values and mountain location risk factors.
Most retail banks in Truckee don't offer bank statement loans. Their underwriting systems can't process non-QM products, which means you're stuck with portfolio lenders and specialty non-QM shops.
Rates run 1.5 to 3 points above conventional loans. We see 7.5-9% on bank statement loans when conventional sits around 6.5%. That gap narrows if you put 25% down and have 720+ credit.
Half our Truckee clients are self-employed and most don't realize they qualify. They assume the tax write-offs that save them $15,000 annually mean they can't buy property.
The move is simple: show consistent deposits that cover your proposed payment by 2.5x after lender applies their expense ratio. A contractor depositing $20,000 monthly qualifies for about $300,000 in loan with typical ratios, even if tax returns show $60,000 AGI.
If you have 1099s from multiple clients, a 1099 loan might price better. If you own rental properties, DSCR loans avoid personal income review entirely.
Bank statement loans work best when your business operates through one checking account with clean, regular deposits. Mixing personal and business funds gets messy fast in underwriting.
Truckee's seasonal economy creates lumpy income patterns that conventional underwriting flags as unstable. Bank statement loans smooth those peaks by averaging 12-24 months of deposits.
Properties above $1 million need larger down payments, usually 25-30%. The mountain location adds appraisal complexity since comparable sales swing wildly between ski season and summer.
Yes, but lenders prefer dedicated business accounts. Mixed accounts require detailed explanations of which deposits represent business income versus transfers or reimbursements.
Absolutely. Regular rental deposits through your bank account qualify even without a 2-year tax return history showing that income stream.
Lenders average your deposits over 12-24 months. Seasonal patterns are fine as long as the average supports your payment with adequate cushion.
Most lenders use 50-75% of average monthly deposits. A $15,000 monthly average might qualify you at $7,500-11,250 depending on the lender's expense ratio.
Yes. Second homes require the same documentation as primary residences, though some lenders want 20-25% down for non-owner occupied mountain properties.
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.