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Goleta sits at the edge of Santa Barbara County — coastal, expensive, and full of self-employed buyers who can't qualify the traditional way.
Bank statement loans exist for exactly this situation. Your tax returns show low income. Your bank account tells a different story.
680+
Min Credit Score
Bank Statements Only
Income Verification
12–24 Months
Statement History
10–20%
Down Payment
Typically Higher
Rate vs. Conventional
Bank Statement Loans in Goleta
Lenders look at 12 to 24 months of personal or business bank statements. They calculate your average monthly deposits — that becomes your qualifying income.
Most lenders want a 680+ credit score and 10–20% down. Rates run higher than conventional. 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 Goleta.
Goleta sits at the edge of Santa Barbara County — coastal, expensive, and full of self-employed buyers who can't qualify the traditional way.
Bank statement loans exist for exactly this situation. Your tax returns show low income. Your bank account tells a different story.
Lenders look at 12 to 24 months of personal or business bank statements. They calculate your average monthly deposits — that becomes your qualifying income.
Big banks don't offer bank statement loans. You need a non-QM lender — and most borrowers don't know where to find one.
We work with 200+ wholesale lenders, including a deep bench of non-QM shops. That matters when you're comparing expense ratios and deposit calculations.
The biggest issue I see: borrowers assume all lenders calculate deposits the same way. They don't. Expense ratios vary from 10% to 50% depending on the lender.
A restaurant owner and a consultant may both have $20K/month in deposits. The lender's expense ratio determines what income they actually credit you. Pick the wrong lender and you lose $3K–$4K in qualifying income.
1099 loans work if most of your income is contractor-based. P&L loans use an accountant-prepared statement instead of statements. Asset depletion loans skip income entirely.
Bank statement loans hit the sweet spot for business owners with consistent cash flow. If your deposits are steady, this usually outperforms the alternatives.
Goleta has a strong base of tech, biotech, and UCSB-adjacent professionals. Many are business owners or consultants with strong cash flow but minimal taxable income.
Santa Barbara County property values run high. A bank statement loan that maxes your qualifying income isn't a nice-to-have here — it's often the only path to a purchase that works.
Yes. Personal statements typically get a better expense ratio. That means more income credited to you for qualifying.
Most lenders want 2 years of self-employment. Some allow 1 year with strong deposits and a solid credit profile.
Yes, typically 1–2% higher. Rates vary by borrower profile and market conditions. The tradeoff is qualifying at all.
Lenders average 12 or 24 months. A few slow months won't kill it. Severe gaps raise questions — be ready to explain them.
Yes. Many borrowers use bank statement loans to purchase, then refinance into conventional once income is easier to document.
Yes. We work with multiple non-QM lenders who serve Goleta and the broader Santa Barbara market.