A bank statement loan lets self-employed Redondo Beach buyers qualify using 12–24 months of deposits instead of tax returns. Typical: 620–640+ credit, 10–20% down, income = averaged deposits × an expense factor (~50%). Works for townhomes/condos too — subject to project warrantability. Full program details.
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How a bank statement loan works
Instead of tax returns, the lender reviews 12 to 24 months of your personal or business bank statements, averages the deposits, and applies an expense factor (often ~50%) to estimate qualifying income. No W-2s, no pay stubs, no tax returns — built for independent earners whose write-offs shrink their taxable income below what they actually make.
Who it fits in Redondo Beach
The beach cities are full of the buyers this loan serves: consultants and agency owners, medical and wellness professionals, real estate and design pros, tradespeople, and remote-working entrepreneurs drawn to the coast. If your income is strong but your tax returns don't show it cleanly, a bank statement loan is the fix.
Typical terms (2026)
| Feature | Typical |
|---|---|
| Docs | 12–24 months bank statements — no tax returns |
| Credit score | ~620–640+ |
| Down payment | ~10–20% |
| Income calc | Avg deposits × expense factor (~50%) |
| Property | SFR, townhome, or condo (warrantable) |
| Rate | ~0.75–2% over conventional |
Terms vary by lender, business type & profile; illustrative for 2026, not an offer.
Bank statement loan FAQs
What is it?
A non-QM loan qualifying on 12–24 months of deposits, not tax returns.
Works for a townhome?
Yes — if the project is warrantable; we match both.
Who qualifies?
Self-employed ~2 yrs, 620–640+ credit, 10–20% down.
How's income figured?
Averaged deposits × ~50% expense factor (varies by business).
Higher rates?
Usually ~0.75–2% over conventional; many refinance later. Illustrative.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766), serving Redondo Beach from its Marina del Rey office. Nothing here is tax advice.