Bank Statement Loans CA Rates

Hi, I am Isabella with RateZen Mortgage. Every week we talk to successful business owners, 1099 contractors, medical and legal professionals, and agency owners across California who have healthy bank accounts and strong monthly revenue, yet get turned down by big retail banks. Why? Because traditional agency underwriting looks at the bottom line of your tax returns after every legal deduction your CPA took. Today I will show you how a Non-QM Bank Statement Loan at RateZen Mortgage qualifies you based on real cash flow. A Bank Statement Loan is built for anyone who has been self-employed or an independent 1099 earner for at least two years, and in select cases one year with prior industry experience. Whether you own an LLC, an S-Corp, a sole proprietorship, or multiple entities, we look at the actual deposits hitting your accounts over the last 12 or 24 months. Here is the exact math we run behind the scenes. Number one: Personal versus Business Bank Statements. If you pay yourself by transferring money from your business account into your personal account, we can often use 100 percent of your eligible personal bank statement deposits, backed by 2 months of business statements showing the business is operating. If you run everything through your business account, we average 12 or 24 months of eligible business deposits. Number two: The Expense Factor. Instead of using your tax return write-offs, we apply either a standard fixed expense factor, commonly 50 percent or lower for low-overhead service businesses, or a third-party expense ratio letter signed by your CPA, Enrolled Agent, or CTEC tax preparer. For example, in an illustrative scenario, if your business averages 40,000 dollars a month in eligible deposits and your CPA verifies a 30 percent operating expense ratio, your qualifying income is 28,000 dollars a month, with zero tax returns submitted to underwriting. The biggest mistake self-employed buyers make is waiting until they are in escrow to have a lender review their statements. Transfers between accounts, non-recurring deposits, or NSF items need to be scrubbed up front. We run a full 12- or 24-month bank statement income audit before you ever write an offer so your realtor knows your pre-approval is solid. Want us to run a complimentary bank statement income calculation so you know your exact buying power? Click the button below to schedule a 15-minute call with Isaac Grajeda at RateZen Mortgage. RateZen Mortgage, a division of RateZen Mortgage, California DRE number 01948605, NMLS number 2089797. Call 424-RATE-ZEN, (424) 728-3936. Equal Housing Opportunity.

Quick reel transcript

Hi, I am Isabella with RateZen Mortgage. Self-employed in California with strong cash flow on your bank statements, but heavy write-offs on your tax returns? If you are self-employed in California, your tax return is designed to minimize your tax bill, not maximize your mortgage approval. When a traditional lender looks at your net income after deductions, depreciation, and business write-offs, they only see a fraction of what you actually earn. That is why at RateZen Mortgage we use a 12-month or 24-month Bank Statement Loan. Here is how it works. First: You do not submit personal or business tax returns. Instead, we review 12 or 24 consecutive months of your personal or business bank statements. Second: We calculate your qualifying income from your actual average monthly business deposits, applying a straightforward expense ratio based on your industry or a letter from your CPA or tax preparer. Third: You can use a Bank Statement loan for a primary residence, a second home, or an investment property, including high-balance and jumbo loan amounts across California. Want a 48-hour bank statement income audit before you shop for a home? Click the link below to book a quick call with Isaac Grajeda at RateZen Mortgage. RateZen Mortgage, a division of RateZen Mortgage, California DRE number 01948605, NMLS number 2089797. Call 424-RATE-ZEN, (424) 728-3936. Equal Housing Opportunity.