Torrance, located in the South Bay region of Los Angeles County, offers a unique mix of suburban comfort, coastal access, and business opportunity. From the beach-close community of Hollywood Riviera to Walteria, Southwood, and Old Torrance, the city is filled with desirable neighborhoods. Many of Torrance’s residents are entrepreneurs, gig workers, or self-employed professionals—groups that often struggle to qualify for traditional loans due to non-standard income documentation. Torrance Bank Statement Loans provide an alternative, letting you qualify using personal or business bank deposits instead of tax returns.
At Independent Home Finance Inc., we understand the income realities of self-employed borrowers and structure mortgage solutions accordingly.
What Are Torrance Bank Statement Loans?
Bank Statement Loans are designed for borrowers with strong income shown through deposits rather than tax returns, which may understate their true earnings due to deductions or irregular income streams. Lenders review 12 months of bank statements to calculate qualifying income.
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 Torrance Bank Statement Loans?
Borrowers must be self-employed for at least 2 years, or 20–24 months with applicable industry experience. A 12-month history of deposits is required.
Ideal borrower profiles in Torrance include:
- Contractors and skilled tradespeople
- Health and wellness professionals
- Small business and franchise owners
- Digital consultants, creatives, and marketers
- Gig workers and real estate investors
A credit score of 620 or higher is preferred. Borrowers should also be at least two years removed from bankruptcy or foreclosure.
How the Torrance Bank Statement Loans Process Works
- Submit Bank Statements: Provide 12 months of personal or business statements.
- Personal: 100% of deposits counted.
- Business: 50–65% of deposits counted based on typical expenses.
- Underwriting: CPA letters may be requested but are often waived.
- Loan Use: Funds may be used for a purchase, refinance, or cash-out scenario.
Common Bank Statement Loan Questions:
Why Choose Independent Home Finance Inc. for Torrance Bank Statement Loans?
Whether you're buying a coastal home in Hollywood Riviera, upgrading in Southwood, or investing in rental property in Old Torrance, we’re here to help. At Independent Home Finance Inc., we offer flexible mortgage options, quick approvals, and expert guidance tailored for the self-employed.
Call (888) 315-7784 or Apply Online Now to get started on a Torrance Bank Statement Loan today.
How much do you qualify for?
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