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Colfax attracts a lot of self-employed buyers. Contractors, consultants, and small business owners are drawn to its foothill lifestyle and lower price point versus the Sacramento valley.
Standard loans use tax returns to verify income. That kills deals for borrowers who write off aggressively. Bank statement loans fix that problem directly.
640 (typical)
Min Credit Score
12–24 months
Statement History
10% (typical)
Min Down Payment
Deposits, not taxes
Income Verification
Bank Statement Loans in Colfax
You'll need 12 to 24 months of personal or business bank statements. Lenders calculate your income from deposits, not what your tax return shows.
Most lenders want a 640 credit score minimum. Down payments typically start at 10%, though better pricing kicks in at 20% down. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Colfax.
Colfax attracts a lot of self-employed buyers. Contractors, consultants, and small business owners are drawn to its foothill lifestyle and lower price point versus the Sacramento valley.
Standard loans use tax returns to verify income. That kills deals for borrowers who write off aggressively. Bank statement loans fix that problem directly.
You'll need 12 to 24 months of personal or business bank statements. Lenders calculate your income from deposits, not what your tax return shows.
Most retail banks don't offer bank statement loans. You won't find this at a branch. Wholesale lenders and non-QM specialists hold most of this market.
SRK CAPITAL works with 200+ wholesale lenders. That reach matters here — guidelines differ significantly from one non-QM lender to the next.
The biggest mistake self-employed borrowers make: assuming their deposit average is their qualifying income. Business account expenses get factored out. Know your expense ratio before you apply.
Personal bank statements usually yield higher qualifying income than business statements. If you co-mingle funds, that's a problem. Clean accounts close faster.
A 1099 loan uses your contractor income forms instead of statements. If you have consistent 1099s and low write-offs, that route may price better.
Profit & Loss statement loans are another option. They're faster to document but require a CPA sign-off. Bank statement loans take more paper but give lenders a cleaner picture of cash flow.
Colfax sits along I-80 in Placer County. Many buyers here run trades businesses or remote consulting operations — exactly the borrower profile bank statement loans are built for.
Placer County properties can include acreage and rural characteristics. Some lenders add overlays for non-QM loans on rural properties. We check that before we submit.
Yes. Lenders apply an expense ratio to business statements to estimate net income. Personal statements avoid that step and often qualify you for more.
Rates are higher than conventional loans. The tradeoff is qualifying on actual cash flow instead of taxable income. Rates vary by borrower profile and market conditions.
Most lenders require 12 months minimum. Some want 24. Longer history gives lenders more confidence and can improve your rate.
It depends on the lender. Some non-QM lenders add restrictions for rural or acreage properties. We screen for that before choosing a lender.
Lenders average your deposits over the full 12 or 24 months. Seasonal income patterns are common and most non-QM lenders account for them.
Yes. Rate-and-term and cash-out refinances are available. The same income documentation applies as a purchase.