Bank Statement Loans in Riverside County
Bank statement loans allow self-employed Riverside County borrowers to qualify using 12 or 24 months of bank deposits rather than tax returns. If your tax returns show lower income due to legitimate business deductions but your bank deposits reflect strong cash flow, a bank statement loan may be the right path. Kiyoshi reviews the specific situation before making any recommendation.
How Bank Statement Loans Work in Riverside County
Instead of using tax returns to calculate income, bank statement loans use average monthly deposits from business or personal bank accounts. Understanding the mechanics is important before deciding whether this is the right path for the specific Riverside County situation.
12 or 24 months of bank statements are reviewed
The lender reviews 12 or 24 months of business or personal bank statements to calculate average monthly deposits. The number of months required varies by program. Kiyoshi reviews the specific bank statement requirements for the specific Riverside County situation.
An expense factor is applied to calculate qualifying income
Lenders apply an expense factor to the average monthly deposits to account for business expenses. The expense factor varies by program and by whether the borrower uses business or personal bank statements. Kiyoshi reviews the specific expense factor for the specific Riverside County bank statement situation.
The qualifying income is used to calculate the debt-to-income ratio
The calculated qualifying income is used to determine the debt-to-income ratio for the Riverside County bank statement loan. The specific DTI requirements vary by program. Kiyoshi reviews the specific DTI situation for the specific Riverside County bank statement borrower.
Bank Statement Loan Qualification in Riverside County
Self-employed for at least two years
Bank statement loans are designed for Riverside County borrowers who have been self-employed for at least two years. The lender will verify self-employment through business licenses, CPA letters, or other documentation. Kiyoshi reviews the specific self-employment verification requirements for the specific Riverside County situation.
Consistent bank deposits over 12 or 24 months
The bank statements must show consistent deposits over the review period. Large irregular deposits may be excluded from the income calculation. Kiyoshi reviews the specific deposit pattern for the specific Riverside County bank statement situation before making any recommendation.
Credit score and LTV requirements
Bank statement loans have credit score and LTV requirements that vary by program. Generally, stronger credit and lower LTV result in better terms. Kiyoshi reviews the specific credit and LTV situation for the specific Riverside County bank statement borrower.
Available for purchase, refinance, and cash-out
Bank statement loans are available for purchase, rate-and-term refinance, and cash-out refinance on primary residences, second homes, and investment properties in Riverside County. Kiyoshi reviews the specific property and transaction type for the specific Riverside County bank statement situation.
Your Riverside County Bank Statement Loan Specialist
Kiyoshi Inui
Kiyoshi reviews the specific bank statement situation for Riverside County self-employed borrowers — the deposit pattern, the expense factor, the qualifying income, and the available programs. He reviews the specific situation before making any recommendation.
Frequently Asked Questions
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What is a bank statement loan and how does it work in Riverside County?
Bank Statement Loans in Riverside County — a bank statement loan allows self-employed Riverside County borrowers to qualify using 12 or 24 months of bank deposits rather than tax returns. Lenders use the average monthly deposits (with an expense factor applied) to calculate qualifying income. Kiyoshi reviews the specific bank statement situation for Riverside County borrowers.
Who qualifies for a bank statement loan in Riverside County?
Bank Statement Loan Qualification in Riverside County — bank statement loans are designed for self-employed Riverside County borrowers who have been self-employed for at least two years and can document income through 12 or 24 months of bank statements. The specific qualification requirements vary by program. Kiyoshi reviews the specific bank statement qualification situation for Riverside County borrowers.
What are the typical terms for a bank statement loan in Riverside County?
Bank Statement Loan Terms in Riverside County — bank statement loans are typically available for purchase, rate-and-term refinance, and cash-out refinance on primary residences, second homes, and investment properties. The specific terms vary by program and situation. Kiyoshi reviews the specific bank statement loan terms for the specific Riverside County situation.