Bank Statement Loan Lender In Ventura, CA

Frequently Asked Questions About Statement Loans

How do Bank Statement Loans work?

Unlike traditional mortgages that require buyers to meet certain thresholds on a significant amount of financial documentation, Bank Statement loans don’t necessarily demand tax returns, W-2s, pay stubs, or employer verification forms in the same way. Lenders like us that offer bank statement loans are different from conventional loans because we won’t ask for those classic proofs of income. Instead, we’ll take a look at your personal bank accounts, or personal and bank accounts together, to determine whether you have the income, cash flow, and other criteria to qualify.

Of course, you’ll still need to provide lenders with a handful of critical pieces of information. These items may include:

• Proof of a consistent income stream in the form of paychecks, royalties, court-ordered payments such as child support/alimony, and more.
• If you made any large purchases recently (in the last 60-90 days). Our team will review any significant changes to your income or spending. 
• You should have a stable savings account balance with as few sudden influxes of cash or overdrafts as possible. You should have enough in your savings account to cover several months' worth of mortgage payments.
• One to two years' worth of personal or business bank statements so we can verify stability and consistency
• A solid credit score (speak with your lender to verify which credit score they’re looking for)
• Two years’ or more self-employment history if you own your own business
• Proof of any liquid assets, such as a 401(k) or investments

How to Get a Bank Statement Loan in Ventura, CA?

First, you want to reach out to a qualified lender like us at That Mortgage Mama. Navigating your bank statement loan application can be difficult without the correct information, support, and guidance, so we’re here to help answer any questions you have along the way. If you’re a resident of Ventura County or you live in California looking for a bank statement loan or general mortgage lending advice, you’ve come to the right place.

Find Mortgage Lenders for Bank Statement Loans In California

Look no further than our team here at That Mortgage Mama for your bank statement loan needs. While there are plenty of national lenders out there to help you with your bank statement loan process, our team of experts is here to help our California customers navigate the challenges of securing a mortgage for your next home with a custom-tailored and customer-first approach. 

Get in touch with us if you’re curious about our bank statement loan requirements. 

Bank Statement loans for Independent Contractors

Since bank statement loans are built for individuals who don’t have traditional W2 jobs, these types of mortgages are perfect for independent contractors and small business owners. Bank statement loans allow independent contractor homebuyers to use their own personal or business bank statements as their proof of income rather than traditional documentation.

Are interest rates higher for Bank Statement loans?

Every applicant is different, but typically speaking, bank statement loans have higher interest rates and down payment requirements than alternatives such as FHA or VA loans. There is additional risk in offering bank statement loans without thorough documentation, so extra costs may be associated with this type of mortgage. The exact interest rate and necessary down payment for your bank statement loan will be based on your personal situation and, in particular, your credit scores.

Bank Statement loans requirements

To secure a bank statement loan, we require:



• At least two years of self-employment verified through CPA or business license
• Low number of non-sufficient fund notices (NSF) or overdrafts (O/Ds)
• At least twelve months of mortgage or rental history
• At least three months worth of cash reserves to make mortgage payments