Where Can I Find A Bank Statement Loan in Tehachapi, CA?
If you are self-employed or a gig worker in Tehachapi, you may have experienced difficulty when applying for a home loan since you are often asked to provide W2s and tax returns.
The home loan process goes a different route if you can’t provide the usual documents employed workers have. A good option is to apply for a bank statement loan in Tehachapi.
Let’s dive deeper into how bank statement loans work and where you can find one.
How do bank statement loans work?
Bank statement loans allow you to qualify for a loan based on bank statements versus tax returns. This is a great alternative if you don’t have traditional documents that prove income.
The application process for bank statement loans is different from that of a traditional loan. You need to provide bank statements for the past year or up to two years compared to three months worth with traditional mortgages.
You may also need to submit profit and loss statements, personal and business accounts, proof of liquid assets, and enough cash saved to cover a few months of monthly mortgage payments.
If you want to know more about bank statement mortgage loans, reach out by calling or sending a message today.
Who are the best candidates for a bank statement loan?
Homeownership can be achieved even if you don’t have a fixed income or it can’t be documented the traditional way. Here’s a list of good candidates for bank statement loans:
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Freelancers
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Gig workers
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Small business owners
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Real estate investors
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Consultants
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Lawyers
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Doctors
A bank statement loan is also good for those who can’t get proof of income from their employers. Some employers pay workers using prepaid cards instead of direct deposits.
What are the advantages of getting a bank statement loan?
Bank statements can be used as proof of income which can help you get a loan without the usual documents required. Here’s why bank statement loans are a good alternative to traditional loans:
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You don’t need to submit W2s, tax returns, or pay slips
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You can qualify even if you have a higher DTI or debt-to-income ratio
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Bank statement loans usually have higher loan limits
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Bank statement loans can often be used for primary, secondary, and investment properties.
How to find a bank statement loan in Tehachapi, CA?
Not all lenders offer bank statement loans, but it doesn’t mean you can’t find one in Tehachapi. To make things easier for you, Accelerated Lending Group of Tehachapi, CA, is a trusted and experienced lender that offers the best rates and terms for bank statement loans.
Do you need help in getting a bank statement loan?
If you are self-employed and have difficulty getting loan approval for your Tehachapi home, a bank statement loan is a good alternative to consider.
At Accelerated Lending Group, we work with self-employed and gig workers and help them become Tehachapi homeowners.
Give us a call or send us a message today to get started on your journey to homeownership!
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.