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Shasta Lake has a strong base of self-employed residents — contractors, small business owners, and tradespeople. Tax returns rarely show what these borrowers actually earn.
Bank statement loans fill that gap. They use 12 to 24 months of deposits to document income instead of W-2s or tax filings.
620–680
Min Credit Score
12–24 Months
Statements Required
10–20%
Min Down Payment
2 Years Typical
Self-Employed History
~50% on Business
Expense Ratio Applied
Bank Statement Loans in Shasta Lake
Most lenders want a 680 credit score minimum. Some go down to 620, but expect a higher rate and stricter terms at that level.
You'll need 10 to 20 percent down. Reserves of 3 to 6 months are common. The stronger your deposit history, the better your options.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Shasta Lake.
Shasta Lake has a strong base of self-employed residents — contractors, small business owners, and tradespeople. Tax returns rarely show what these borrowers actually earn.
Bank statement loans fill that gap. They use 12 to 24 months of deposits to document income instead of W-2s or tax filings.
Most lenders want a 680 credit score minimum. Some go down to 620, but expect a higher rate and stricter terms at that level.
Bank statement loans are non-QM products. Most retail banks don't offer them. You need a broker with access to wholesale non-QM lenders.
We work with 200+ wholesale lenders, including several that specialize in non-QM. Shasta County deals are well within their coverage area.
The biggest mistake I see: borrowers submit personal statements when business statements would show higher deposits. Know which account tells your best story.
Lenders apply an expense ratio to business statements — typically 50 percent. That cuts your qualifying income in half. Personal statements don't carry that haircut.
A 1099 loan works better if most of your income comes from 1099 contracts. A P&L loan works if your accountant can certify a clean profit and loss statement.
Bank statement loans sit in the middle. They work across income types and don't require a CPA letter. They're the most flexible starting point for most self-employed borrowers.
Shasta Lake sits near the Shasta Dam corridor — a region with a lot of independent contractors and seasonal workers. Bank statement loans are a natural fit here.
Property values in Shasta County are lower than coastal California. That means loan amounts stay manageable, and non-QM lenders have no issue with coverage in this area.
Some lenders allow it, but most want one or the other. Mixing accounts complicates the income calculation and can slow approval.
Most lenders require at least 2 years of self-employment. Some allow 1 year with strong compensating factors like a high credit score or large down payment.
Regular business income deposits count. Large one-time transfers, loans, or family gifts usually don't. Lenders look for consistent, recurring deposits.
Business statements typically get a 50% expense ratio applied. If your monthly deposits average $10,000, lenders count $5,000 as income.
Yes. Bank statement loans are non-QM and carry more risk for lenders. Expect rates above conventional pricing. Rates vary by borrower profile and market conditions.
Yes, but a DSCR loan may price better for investment deals. Bank statement loans work best for primary residences and second homes.