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Mount Shasta's real estate market serves self-employed buyers and business owners who don't fit traditional W-2 income boxes. Bank Statement Loans let you qualify using actual deposits rather than tax returns, opening doors when conventional lenders say no.
Siskiyou County's median household income of $55,499 means most purchases land well below the conforming limit of $832,750. Self-employed income documentation is the real hurdle here—not price.
620
Minimum FICO
10–20%
Typical down payment
45–60 days
Underwriting timeline
0.5–1.0%
Rate premium vs. conventional
Bank Statement Loans in Mount Shasta
Bank Statement Loans typically require 620+ FICO and 20% down, though some lenders accept 10% with compensating factors. The underwriter averages your deposits over 24 months to establish income—not your tax return bottom line.
A buyer with $55,000 annual deposits and 20% down can qualify for roughly $275,000. The math is straightforward: lenders use 75% of average monthly deposits as your qualifying income.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Mount Shasta.
Mount Shasta's real estate market serves self-employed buyers and business owners who don't fit traditional W-2 income boxes. Bank Statement Loans let you qualify using actual deposits rather than tax returns, opening doors when conventional lenders say no.
Siskiyou County's median household income of $55,499 means most purchases land well below the conforming limit of $832,750. Self-employed income documentation is the real hurdle here—not price.
Bank Statement Loans typically require 620+ FICO and 20% down, though some lenders accept 10% with compensating factors. The underwriter averages your deposits over 24 months to establish income—not your tax return bottom line.
Bank Statement Loans are a niche product. Most retail banks won't touch them; portfolio lenders and mortgage brokers dominate this space. Underwriting takes 45–60 days because the lender manually reviews deposits instead of pulling tax transcripts.
California brokers have access to 8–12 portfolio lenders who specialize in Bank Statement programs. Rates run 0.5–1% higher than conventional because the risk profile is steeper and the loan stays on the lender's books.
Bank Statement Loans make sense in Mount Shasta for contractors, consultants, and small-business owners whose tax returns don't reflect actual cash flow. If your deposits are solid and your FICO is 640+, this is faster than fighting with a conventional lender.
They don't make sense if you have clean W-2 income or can document business profit on a tax return. Conventional rates will beat Bank Statement by a full point—use the simpler path if you can.
Bank Statement Loans versus Conventional: Conventional requires tax returns and typically 2 years of business history. Bank Statement uses deposits instead, so you qualify faster if your tax return doesn't tell the real story.
The tradeoff is rate. Conventional runs 0.5–1% lower and closes in 30 days. Bank Statement costs more but doesn't demand perfect tax documentation. Pick based on what you have: clean returns or clean deposits.
Mount Shasta's economy leans on tourism, outdoor recreation, and small business. Many local buyers are seasonal workers or self-employed guides—exactly the profile Bank Statement Loans were built for.
The ski resort and outdoor recreation industry means income spikes in winter and summer. Bank Statement averaging smooths those seasonal swings, letting you qualify on actual annual deposits instead of peak-month paychecks.
No. Bank Statement Loans use 24 months of bank deposits instead. Your tax return is optional. The lender averages your deposits to calculate qualifying income.
Most lenders require 620 minimum, though 640+ gets better rates and terms. A few portfolio lenders go lower with compensating factors like large down payment or reserves.
Typically 10–20%. Some lenders accept 10% with strong deposits and reserves. 20% down removes overlays and gets you the best rate available for Bank Statement programs.
45–60 days. The lender manually reviews 24 months of deposits instead of pulling tax transcripts. This is slower than conventional but faster than stated-income programs.
Yes. The 24-month average smooths inconsistency. As long as your deposits trend stable or upward, seasonal swings don't disqualify you. Declining deposits are a red flag.