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Bank Statement Loans in Loomis
Loomis has a strong entrepreneurial base—contractors, tech consultants, vineyard owners who write off most of their income. Traditional underwriting kills these deals before they start.
Bank statement loans let you qualify on deposits, not tax returns. That gap between what you earn and what you report suddenly becomes irrelevant for mortgage approval.
You need 12 to 24 months of business or personal bank statements. Lenders calculate income by averaging monthly deposits, then applying an expense ratio between 25% and 50%.
Credit scores start at 620, but expect better rates above 680. Down payment requirements run 10% to 20% depending on loan amount and property type.
Most programs cap at $3 million in Placer County. You'll need reserves—typically six months of mortgage payments sitting in accounts after closing.
Not every lender offers bank statement programs, and the ones who do vary wildly on expense ratios. Some use 50% expenses across the board. Others go as low as 25% for certain industries.
That difference changes your qualifying income by thousands per month. A contractor showing $20,000 monthly deposits qualifies for $10,000 income at 50% expenses, but $15,000 at 25%.
We shop 200+ wholesale lenders to find who treats your specific business model best. The spread between highest and lowest qualifying amounts often hits 30%.
Lenders scrutinize large one-time deposits. If you sold equipment or took a loan, those don't count as income. Clean statements with consistent deposits underwrite fastest.
Personal statements work if business income flows through them. Business statements work for LLC or S-corp structures. Mixing both creates underwriting delays—pick one approach and stick with it.
Rates run 1% to 2% above conventional programs. That's the cost of flexibility. On a $600,000 loan, expect payments $400 to $800 higher monthly compared to full-doc financing.
1099 loans work if you have clean 1099 forms and want simpler documentation. Bank statement programs handle messier income situations—multiple revenue streams, cash businesses, international clients.
Profit and loss loans require a CPA letter, which some borrowers can't get. Bank statements don't need third-party verification, just your actual account history.
DSCR loans make sense if you're buying investment property and don't want personal income verified at all. Bank statement programs work for primary residences and second homes where DSCR doesn't apply.
Loomis sits in the $600,000 to $900,000 price range for single-family homes. Bank statement loans handle that territory easily, but jumbo overlays kick in above $750,000—higher scores and reserves.
Placer County has strict septic and well requirements in unincorporated areas. Properties on wells need water tests. Septic systems need inspections. These don't kill deals, but add two weeks to closing timelines.
Many Loomis properties sit on larger parcels with outbuildings or commercial components. Lenders treat anything zoned mixed-use differently. Make sure your underwriter sees this upfront, not at final approval.
Most lenders require 12 months minimum. Some programs accept 24 months to show stronger income trends and improve qualifying amounts.
Yes, but income must be consistent across accounts. Lenders combine all statements to calculate your total qualifying income.
A few overdrafts won't kill the deal. Multiple NSFs in recent months signal cash flow problems and may require explanation letters.
No. Lenders track transfers and exclude them from income calculations to prevent double-counting the same money.
Plan on 30 to 45 days. Non-QM underwriting takes longer than conventional loans due to manual income calculations and additional review layers.
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.