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Graeagle sits in Plumas County, where the median household income of $64,946 reflects a tight-knit mountain community. Self-employed buyers and small business owners here often face traditional underwriting walls.
The county's population of 19,607 means local lenders know the market intimately. Seasonal income swings are normal in mountain towns. Bank Statement Loans use 24 months of bank deposits to prove cash flow instead of tax returns alone.
600+
Minimum FICO
20%
Minimum Down Payment
45–60 days
Typical Close Timeline
No
Tax Returns Required
+0.5–1.5%
Rate vs. Conventional
Bank Statement Loans in Graeagle
Bank Statement Loans typically require 600+ FICO and 20% down minimum. The underwriting focuses on 24 months of bank deposits showing consistent deposits and low withdrawals. Lenders average deposits across two years to establish qualifying income.
At Plumas County's median household income of $64,946, a typical buyer can support a loan around $300,000 to $350,000 depending on other debts.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Graeagle.
Graeagle sits in Plumas County, where the median household income of $64,946 reflects a tight-knit mountain community. Self-employed buyers and small business owners here often face traditional underwriting walls.
The county's population of 19,607 means local lenders know the market intimately. Seasonal income swings are normal in mountain towns. Bank Statement Loans use 24 months of bank deposits to prove cash flow instead of tax returns alone.
Bank Statement Loans typically require 600+ FICO and 20% down minimum. The underwriting focuses on 24 months of bank deposits showing consistent deposits and low withdrawals. Lenders average deposits across two years to establish qualifying income.
Bank Statement Loans are offered by a smaller set of lenders than conventional or FHA programs. Most are portfolio lenders or private mortgage banks that hold loans in-house rather than selling to Fannie Mae.
California brokers access these programs through direct relationships with portfolio lenders. Rates run higher than conventional — typically 0.5% to 1.5% above par — because the lender carries the credit risk longer.
Bank Statement Loans make sense in Graeagle for self-employed buyers with strong deposits but messy tax returns. A contractor with $8,000 monthly deposits over 24 months qualifies even if Schedule C shows losses from depreciation.
They don't make sense if you have W-2 income and clean tax returns. Conventional loans run 0.75% cheaper and close faster. Bank Statement Loans are the tool when traditional underwriting locks you out despite real income.
Versus conventional loans, Bank Statement Loans cost more in rate and take longer to close. Conventional requires two years of tax returns and W-2s.
Versus FHA, Bank Statement Loans demand a higher down payment (20% vs. 3.5%) but avoid mortgage insurance entirely. FHA also requires tax returns. For self-employed buyers with deposits but no clean tax docs, Bank Statement Loans are the only path forward.
Graeagle's mountain economy runs on seasonal work and small business. Ski resort employment, construction, and tourism create income patterns that W-2s don't capture.
The county's tight community means local lenders understand seasonal swings. A summer contractor's income spike shows in June and July deposits. Traditional underwriting misses that pattern; Bank Statement Loans see it clearly.
No. Bank Statement Loans use 24 months of bank deposits to prove income instead. Lenders average your deposits across two years.
Most lenders require 600+ FICO. Some will go lower with compensating factors like a larger down payment or lower debt-to-income ratio. Call for a pre-qualification review of your specific credit profile.
Bank Statement Loans typically require 20% down minimum. Some lenders will consider 15% down with strong deposits and low debt. The down payment protects the lender because underwriting is based on deposits, not traditional employment docs.
Expect 45 to 60 days. Manual underwriting takes longer than automated conventional processing. Each file is reviewed by hand because there's no standard employment verification. Appraisal and title work follow the same timeline as any purchase.
Bank Statement Loans ignore tax-return losses. If your bank deposits show consistent cash flow, you qualify. Depreciation, write-offs, and other non-cash deductions don't reduce your qualifying income — only your actual deposits matter.