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Lemon Grove sits in San Diego County where the median household income of $102,285 supports homes in the $800,000 to $1,100,000 range. Bank Statement Loans open doors for self-employed buyers whose tax returns don't reflect actual income.
Self-employed borrowers in Lemon Grove often carry multiple income streams—contracting, consulting, rental properties. Traditional lenders demand Schedule C consistency. Bank Statement Loans accept the real cash flow you deposit.
600 (640+ preferred)
Minimum FICO
20% minimum
Down Payment
12–24 months bank statements
Income Documentation
45–60 days
Typical Close
$102,285 (San Diego)
County Median Income
Bank Statement Loans in Lemon Grove
Bank Statement Loans require 600+ FICO, though 640+ is more typical for approval. Down payments start at 20% for owner-occupied homes. The lender reviews 12–24 months of personal and business bank statements to calculate qualifying income.
San Diego County's median household income of $102,285 translates to roughly $8,500 monthly. A $900,000 purchase at 80% LTV ($720,000 loan) needs monthly housing costs under $2,700–$3,000 depending on reserves.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Lemon Grove.
Lemon Grove sits in San Diego County where the median household income of $102,285 supports homes in the $800,000 to $1,100,000 range. Bank Statement Loans open doors for self-employed buyers whose tax returns don't reflect actual income.
Self-employed borrowers in Lemon Grove often carry multiple income streams—contracting, consulting, rental properties. Traditional lenders demand Schedule C consistency. Bank Statement Loans accept the real cash flow you deposit.
Bank Statement Loans require 600+ FICO, though 640+ is more typical for approval. Down payments start at 20% for owner-occupied homes. The lender reviews 12–24 months of personal and business bank statements to calculate 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 them.
Closing timelines run 45–60 days because the underwriting is manual. The lender's team reviews each deposit, categorizes income, and calculates debt-to-income by hand. Appraisals and title work move at standard pace, but the income analysis takes longer.
Bank Statement Loans make sense for Lemon Grove self-employed buyers who've been in business 2+ years and deposit income consistently.
They don't work if your deposits are sporadic or if you're brand-new to self-employment. Lenders want to see a pattern. If you've been self-employed less than two years or your income is highly seasonal, conventional with tax returns might actually be faster.
Versus a conventional loan with tax returns, Bank Statement Loans trade speed for flexibility. Conventional underwriting is faster if your tax returns match your actual income.
FHA loans require tax returns too and carry lifetime mortgage insurance if down payment is under 10%. Bank Statement Loans at 20% down skip mortgage insurance entirely.
Lemon Grove's location in South San Diego County puts you 20 minutes from downtown and close to the Mexican border. Many self-employed buyers here run cross-border businesses or serve both markets.
The city itself is affordable relative to central San Diego. Median home prices sit lower than Coronado or La Jolla, which means your self-employed income stretches further.
No. Bank Statement Loans use 12–24 months of personal and business bank deposits instead of tax returns. The lender reviews actual cash flow you've deposited, not what you reported to the IRS.
Minimum is 600, but 640+ significantly improves approval odds and rate. Most lenders want to see 2+ years of self-employment history alongside the credit score.
20% minimum for owner-occupied homes. That's the standard to avoid mortgage insurance. Some lenders accept 15% with compensating factors like higher FICO or larger reserves.
Typically 45–60 days. Manual underwriting of your deposits takes longer than automated conventional processing. Appraisal and title move at normal pace, but income analysis is the bottleneck.
No. Lenders require 2+ years of self-employment history with consistent deposits. If you're newer, conventional with tax returns or FHA might be faster options.