Bank Statement Loan Lender In Silicon Valley

Frequently Asked Questions About Statement Loans

Bank Statement Home Loans VS. FHA

Bank Statement Loans are different from FHA loans in various ways. FHA mortgages are insured by the Government, specifically the Federal Housing Administration (FHA), which bank statement loans are not. FHA loans are available to buyers who may possess lower credit scores or be interested in low down payment options. In contrast, a bank statement loan is typically for someone (often self-employed) who wants to secure a mortgage without traditional financing paperwork. 

Not sure which option makes the most sense for your unique financial situation? That’s what we’re here to help you with. Contact our team at Bachman Mortgage today to learn more about Bank Statement Loans and if they’re the right fit for you.

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 Silicon Valley?

First, you want to reach out to a qualified lender like us at The Bachman Mortgage Team. 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 Santa Clara or just a Californian 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 The Bachman Mortgage Team 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.