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Bank Statement Loans in Exeter
Exeter's economy runs on agriculture, small business ownership, and independent contractors. Traditional W-2 income verification doesn't match how most people here earn their living.
Bank statement loans use 12-24 months of deposits to calculate income. For orchard owners, equipment operators, and trade contractors who write off significant expenses, these loans capture actual cash flow instead of tax return income.
Most lenders require 620+ credit and 10-20% down depending on property type. Business owners need consistent deposits for at least 12 months—seasonal variation is fine if it's documented year over year.
Lenders calculate qualifying income by averaging monthly deposits and applying an expense factor (usually 25-50%). A contractor depositing $15,000 monthly might qualify on $7,500-$11,250 per month after expenses.
Bank statement programs vary wildly between lenders. Some accept personal accounts only, others allow business accounts or a blend. Interest rates typically run 1-2% higher than conventional loans.
The lenders who approve ag-related borrowers in Tulare County aren't the same ones financing tech freelancers in San Francisco. Finding the right match matters more than shopping 50 lenders who all say no.
The biggest mistake Exeter borrowers make: assuming their CPA-optimized tax returns will work for mortgage qualifying. If you show $40K taxable income but deposited $180K, bank statement loans exist for exactly this scenario.
Prepare statements before you shop. Most lenders want complete 12-24 month histories with no gaps. Missing statements from a closed account killed more deals last year than credit scores.
1099 loans verify income through contractor statements rather than bank deposits. They work when you have clean 1099 documentation but irregular banking patterns. Profit & Loss loans rely on P&L statements plus CPA letters instead of bank records.
DSCR loans ignore personal income entirely and qualify based on rental property cash flow. For Exeter investors buying income properties, DSCR often beats bank statement programs on rate and simplicity.
Agricultural income in Tulare County carries unique underwriting scrutiny. Lenders want to see crop cycles, harvest timing, and equipment expenses documented. Your February bank statements look different than September—underwriters need context.
Properties with ag components (small acreage, outbuildings, irrigation) require lenders familiar with rural appraisals. The bank statement lender who approves your income might still decline the property if they don't handle Exeter-area comps.
Depends on the lender. Some accept business-only, others require personal, many allow a combination. Business accounts often get higher expense ratios applied during income calculation.
24-month statements smooth out seasonal variation better than 12-month. Lenders average deposits across the full period, so timing your application after strong months helps.
Not necessarily, but you'll need to document them. Lenders exclude non-recurring deposits like equipment sales or insurance payouts from income calculations.
Standard residential properties qualify easily. Mixed-use, acreage over 5 acres, or properties with commercial components require lenders experienced with Tulare County rural appraisals.
Yes. Rate-term refinances work the same as purchases. Cash-out refinances require slightly more equity but follow identical income documentation.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.