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Yreka sits in Siskiyou County, where self-employed contractors, ranchers, and small business owners are common. Traditional W-2 income rarely reflects what these borrowers actually earn.
Bank statement loans fill that gap. They use 12 to 24 months of deposits — not tax returns — to verify income.
620+
Min Credit Score
Bank Statements
Income Verification
12–24 Months
Statement History
10–20%
Down Payment
3–6 Months
Reserves Required
Bank Statement Loans in Yreka
Lenders typically want a 620 or higher credit score. Some non-QM lenders go lower, but your rate improves significantly above 680.
You'll need 10 to 20 percent down depending on the lender. Reserves matter too — expect to show 3 to 6 months of payments in the bank.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Yreka.
Yreka sits in Siskiyou County, where self-employed contractors, ranchers, and small business owners are common. Traditional W-2 income rarely reflects what these borrowers actually earn.
Bank statement loans fill that gap. They use 12 to 24 months of deposits — not tax returns — to verify income.
Lenders typically want a 620 or higher credit score. Some non-QM lenders go lower, but your rate improves significantly above 680.
Big retail banks don't offer bank statement loans. These are non-QM products available only through specialty lenders and wholesale channels.
At SRK CAPITAL, we work with 200+ wholesale lenders — many of them non-QM specialists. That means more options and real rate competition for your loan.
The biggest mistake I see: borrowers submit personal statements when business statements show stronger deposits. Know which account tells your best income story.
Lenders typically apply an expense factor to business deposits — often 50%. If your margins are higher, some lenders accept a CPA letter to use a lower expense ratio.
A 1099 loan works if your income is well-documented on 1099 forms. A bank statement loan works when your write-offs make taxable income look too low to qualify.
Profit & Loss loans are another route, but underwriting is stricter. Bank statement loans are often the fastest path for self-employed borrowers with clean deposit history.
Yreka's economy leans on trades, agriculture, and small business. Many local earners write off aggressively — which kills their qualifying income on conventional loans.
Bank statement loans were designed for exactly this borrower profile. If you run a business in Siskiyou County, your deposits likely tell a better story than your Schedule C.
Either can work. Lenders apply an expense factor to business deposits. Personal statements show net income directly with no reduction.
Most lenders require 12 months minimum. Some programs use 24 months to smooth out seasonal income swings.
Yes. Property eligibility depends on the lender and appraisal, not the loan type. Rural properties are generally eligible.
Yes. Non-QM rates run higher than conventional. Rates vary by borrower profile and market conditions.
Lenders average deposits over 12 or 24 months. Seasonal income is fine as long as the overall average supports your payment.
Bank statement loans work for primary residences, second homes, and investment properties. Each has slightly different requirements.