Unlocking Homeownership and Refinancing for the Self-Employed: A Guide to Bank Statement Loans in California

California's dynamic real estate market offers incredible opportunities, but for the self-employed, navigating the mortgage landscape can be challenging. Traditional mortgage requirements often don't align with the financial realities of freelancers, entrepreneurs, and gig workers. Enter the bank statement loan—a solution designed to meet the unique needs of self-employed individuals looking to buy or refinance a home.

What is a Bank Statement Loan?

A bank statement loan allows borrowers to qualify for a mortgage based on their bank statements rather than traditional income verification methods like W-2 forms or tax returns. Lenders review 12 to 24 months of personal or business bank statements to assess income and financial stability.