Get Approved at The Lowest Rate
Traditional mortgage requirements in El Segundo, CA can often be challenging, especially for self-employed individuals or those with non-traditional income sources. A Bank Statement Home Loan offers a flexible and convenient alternative, making homeownership more accessible for those who might not fit the standard loan criteria.
A Bank Statement Home Loan is designed for individuals who can demonstrate their ability to repay the loan through their bank statements rather than traditional income documentation such as W-2s or tax returns. This loan program in El Segundo, CA is ideal for self-employed borrowers, freelancers, contractors, and small business owners who have a steady income but may not have the conventional paperwork to prove it.
Use your bank statements (usually 12 to 24 months) to verify income in El Segundo, CA instead of traditional documents like tax returns. This flexibility accommodates various income types, including irregular or seasonal earnings.
Secure financing for a wide range of loan amounts in El Segundo, CA, making it easier to purchase your dream home or refinance your existing mortgage.
Enjoy the benefits of competitive down payment options, ensuring you can invest in your home in El Segundo, CA without excessive upfront costs.
Unlike some conventional loans, our Bank Statement Home Loan in El Segundo, CA may not require PMI, potentially reducing your monthly payments.
Benefit from customized loan terms that suit your financial situation and long-term homeownership goals.
To qualify for a Bank Statement Home Loan, you need to meet the following criteria:
Ideal for individuals with self-employment income or other non-traditional income sources.
Provide 12 to 24 months of personal or business bank statements in El Segundo, CA to verify income.
A good credit score is typically required, with specific minimums varying based on the loan amount and other factors.
Ability to make a competitive down payment in El Segundo, CA, typically ranging from 10% to 20% of the purchase price.
Horizon Lending Services is dedicated to providing tailored mortgage solutions that meet your unique needs. Our experienced team understands the challenges of securing a loan with non-traditional income and is committed to helping you navigate the process with ease. We offer personalized service, competitive rates, and a seamless application process in El Segundo, CA to ensure you achieve your homeownership dreams.
Ready to explore the benefits of a Bank Statement Home Loan in El Segundo, CA? Contact Horizon Lending Services today to learn more about how this flexible loan option can help you purchase or refinance your home. Our knowledgeable professionals are here to guide you through every step of the process, ensuring a smooth and successful experience.
Discover how Horizon Lending Services can make homeownership a reality with our Bank Statement Home Loan program.
1. Flexible Approval Process: A 12-month bank statement loan in El Segundo offers a flexible approval process, making it easier for self-employed individuals or those with non-traditional income sources to qualify for a mortgage. 2. Lower Documentation Requirements: With this type of loan, borrowers don't need to provide extensive documentation of their income history. Instead, the bank statements over the past year serve as proof of income. 3. Faster Processing Times: Since these loans have simplified documentation requirements, the approval and processing times are often quicker compared to traditional mortgages, allowing borrowers to secure financing faster. Demographics El Segundo, located in Los Angeles County, California, has a population of approximately 16,654 residents. The city boasts a diverse community, with a median age of 39 years and a median household income of $99,787. Housing Market The housing market in El Segundo is highly competitive, with a median home value of $1,170,000. However, the market offers a variety of housing options, from modern condos to spacious single-family homes, catering to different preferences and budgets. Main Attractions El Segundo is home to several attractions, including the Automobile Driving Museum, Dockweiler State Beach, and the El Segundo Museum of Art. The city also boasts a vibrant culinary scene, with diverse dining options to suit every palate.
Benefits of 12-Month Bank Statement Loan in El Segundo, California
