Bank Statement Loans in California
Qualify for a home loan in California using bank statements instead of traditional income documentation. Bank statement loans in California are designed for self-employed borrowers, business owners, and freelancers whose full income isn’t represented on their tax returns. Access a flexible path to home financing as a self-employed borrower without needing to submit tax returns, pay stubs, or W-2s.
- Access home financing using bank statements
- No tax returns or pay stubs required
- Purchase, refinance, or cash-out options available
- Enjoy high loan amounts and flexible terms
- Competitive bank statement loan rates in California
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Areas We Serve
Griffin Funding provides bank statement loans in California, including the following areas:
- Los Angeles
- San Diego
- San Francisco
- San Jose
- Palo Alto
- Newport Beach
- Santa Barbara
- Santa Monica
- Beverly Hills
- Santa Rosa
- Anaheim
- San Luis Obispo
Self-Employed Mortgages in California
Bank statement loans allow self-employed borrowers to qualify for home financing using 12-24 months of bank statements rather than undergoing traditional income verification methods. This is ideal for business owners, freelancers, investors, and anyone else who may have fluctuating income or claim significant tax deductions.
As a non-qualified mortgage (non-QM) product, bank statement loans offer a greater degree of flexibility compared to conventional mortgages. Borrowers can capitalize on more lenient qualification requirements, flexible terms, and higher loan amounts.
Bank statement loans can be used to buy or refinance a primary residence, vacation home, or investment property. Griffin Funding also offers bank statement home equity loans and home equity lines of credit.
Visit our bank statement loan page to learn more about this type of financing and see today’s self-employed mortgage rates in California. Contact Griffin Funding or get started online to secure a bank statement loan in California and embark on your homeownership journey.
Frequently Asked Questions
Bank statement mortgage loans in California are not universally available because not every lender offers them. The availability of these loans depends on the policies and offerings of individual lenders. Griffin Funding is an experienced bank statement loan lender in California that can help you navigate the application process.
The ease of getting a loan depends on your unique financial situation. Lenders typically assess factors such as credit history, income, and debt-to-income ratio. If you have a strong financial profile and can provide sufficient documentation, the process should be relatively straightforward.
Ultimately, getting a bank statement loan in California is no more difficult than getting any other type of loan. However, whether you qualify and if this type of loan is right for you will depend on your unique situation and overall goals.
If you’re considering bank statement loans as your path to homeownership, contact Griffin Funding today. We’ll learn more about you and your goals to help you determine whether bank statement loans are the right option for you.
Griffin Funding aims to complete the bank statement loan process within 30 days. However, the actual timeline may vary based on certain factors, such as the loan amount, the complexity of the loan, and the responsiveness of the borrower in providing the required documentation.
To secure the best rate on a bank statement loan in California, try to:
- Improve your credit score
- Lower your DTI ratio
- Save for a larger down payment
- Compare lenders and loan programs
Shop around to compare lenders, or work with a lender like Griffin Funding that can help match you with competitive rates based on your financial profile. Take a look at our current mortgage rates to see today’s interest rates.
The key documents needed for a bank statement loan in California include:
- Bank Statements: Typically, 12-24 months of personal or business bank statements to verify your income.
- Proof of Identification: A valid government-issued ID like a driver’s license or passport.
- Proof of Residency: Utility bills or a lease agreement to confirm your address.
- Business Documentation: This may include a business license or proof of business ownership.
- Credit Report: A copy of your credit history to assess your financial reliability.
Additional documentation may vary depending on the lender’s requirements and your unique financial situation.
With Griffin Funding, you can get a bank statement loan with a credit score as low as 620. However, keep in mind that with a lower credit score you’ll be subject to a higher down payment requirement and may not be able to secure the lowest rate.
If you don’t have the best credit at the moment but are interested in buying, don’t hesitate to reach out. Remember that you can always refinance your mortgage later on and potentially get a better rate or different loan terms if your credit improves in the meantime.