Escondido, one of San Diego County’s oldest cities, blends historic charm with suburban convenience. With diverse neighborhoods like South Escondido, Felicita, North Broadway, and East Valley, the city is home to a wide variety of small business owners, contractors, and freelancers. But for many of these self-employed individuals, qualifying for a conventional mortgage can be difficult due to high tax deductions or variable income. Escondido Bank Statement Loans offer a flexible path to financing—allowing borrowers to qualify using bank deposits instead of W-2s or tax returns.
At Independent Home Finance Inc., we work with Escondido’s entrepreneurs and self-employed professionals to offer lending solutions that reflect their true financial picture.
What Are Escondido Bank Statement Loans?
Bank Statement Loans allow you to qualify based on 12 months of consistent personal or business bank deposits. These loans are ideal for people with strong income that isn’t accurately represented on tax returns due to write-offs or irregular earnings.
Key Benefits of a Bank Statement Loan
No Tax Returns Required
You don’t need W-2s or tax returns to qualify.
Higher
Loan Limits
Borrow more than with traditional mortgage options.
Flexible Income Verification
Approval is based on bank statements, not reported income.
Multiple Property Types Allowed
Finance primary homes, second homes, or investments.
With a Bank Statement Loan, self-employed borrowers can qualify using their actual cash flow, making homeownership more accessible.
Who Qualifies for Escondido Bank Statement Loans?
Borrowers should be self-employed for at least two years, or 20–24 months in business with industry experience. A consistent 12-month deposit history is essential.
Common borrower profiles in Escondido include:
- Contractors, tradespeople, and service professionals
- Real estate agents and gig economy workers
- Small business owners and sole proprietors
- Creative freelancers and wellness practitioners
- Retirees with non-traditional income streams
A credit score of 620 or higher is recommended. Applicants should also be two years past any major credit issues such as bankruptcy or foreclosure.
How the Escondido Bank Statement Loans Process Works
- Submit Bank Statements: Provide 12 months of personal or business statements.
- Personal: 100% of deposits may be counted.
- Business: 50–65% of deposits are counted based on expenses.
- Underwriting: A CPA letter may be requested, though many applicants qualify without one.
- Loan Use: Proceeds can be used for purchase, refinance, or cash-out.
Common Bank Statement Loan Questions:
Why Choose Independent Home Finance Inc. for Escondido Bank Statement Loans?
Whether you're buying in North Escondido, upgrading in Felicita, or investing near Grand Avenue, we’re here to guide you through the process with fast approvals and personalized support. Independent Home Finance Inc. is your trusted partner for self-employed mortgage solutions in Escondido.
Call (888) 315-7784 or Apply Online Now to begin your journey with an Escondido Bank Statement Loan.
How much do you qualify for?
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