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Moraga sits in the heart of Contra Costa County, where the county's median household income of $125,727 supports homes in the $1,100,000 to $1,300,000 range.
Self-employed contractors, business owners, and gig workers often face rejection from standard lenders despite strong cash flow. Bank Statement Loans use 12-24 months of bank deposits to prove income instead of tax returns.
620
Minimum FICO
10–25%
Down Payment Range
Bank statements only
Income Documentation
35–45 days
Typical Close
0.25–0.5%
Rate Premium vs. Conventional
Bank Statement Loans in Moraga
Bank Statement Loans typically require 620+ FICO, though 640+ is more common for better rates. Down payment ranges from 10% to 25% depending on the lender and loan amount.
The county's median household income of $125,727 buys roughly $900,000 to $1,000,000 in purchasing power on a conventional 30-year fixed.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Moraga.
Moraga sits in the heart of Contra Costa County, where the county's median household income of $125,727 supports homes in the $1,100,000 to $1,300,000 range.
Self-employed contractors, business owners, and gig workers often face rejection from standard lenders despite strong cash flow. Bank Statement Loans use 12-24 months of bank deposits to prove income instead of tax returns.
Bank Statement Loans typically require 620+ FICO, though 640+ is more common for better rates. Down payment ranges from 10% to 25% depending on the lender and loan amount.
Bank Statement Loans are offered by a smaller set of lenders than conventional mortgages. Most come through mortgage brokers rather than retail banks, because portfolio lenders and credit unions specialize in non-traditional income documentation.
Closing timelines typically run 35-45 days, slightly longer than conventional because underwriters need to analyze bank statements in detail. Rates are usually 0.25% to 0.5% higher than conforming conventional at the same down payment and credit score.
Bank Statement Loans make sense in Moraga for self-employed buyers with strong deposits who've been rejected by conventional lenders.
They don't make sense if you have clean W-2 income and a 740+ FICO. Conventional loans will always be cheaper. Bank Statement Loans are a workaround for a real problem — not a better product. Use them when you need them, not because you prefer them.
Conventional loans require W-2 income or tax returns and typically demand 620+ FICO with 10% down. Bank Statement Loans skip the tax return entirely but cost 0.25–0.5% more in rate.
FHA loans run lower rates than Bank Statement Loans but require mortgage insurance for the life of the loan if down payment is under 10%. Bank Statement Loans have no mortgage insurance at any down payment level.
Contra Costa County just broke ground on a $155 million East County Service Center in Brentwood. That kind of infrastructure investment signals long-term stability in the region.
Moraga's location in the Lafayette-Moraga Regional Trail corridor and proximity to downtown Lafayette's dining and retail scene matter for quality of life. Self-employed buyers often value walkable neighborhoods and community amenities.
No. Bank Statement Loans use 12–24 months of business bank deposits instead of tax returns. Your actual cash flow, not your filed income, determines qualification. This is the core advantage for self-employed buyers.
Most lenders require 620+ FICO, but 640+ gets better rates. At 620–639, expect rates 0.5–1% higher. Above 660, you're in standard pricing territory for Bank Statement Loans.
Down payments range from 10% to 25%. A 15% down payment ($180,000 on a $1,200,000 purchase) is common. Higher down payments lower your rate and improve approval odds.
Lenders charge 0.25–0.5% higher rates because manual underwriting takes more time and carries more risk. You're paying for flexibility — the ability to qualify without tax returns. It's a real cost for a real benefit.
Yes, but rates and down payments are stricter for investment properties. Most lenders require 20–25% down and charge an additional 0.5–1% rate premium. Primary residence loans are more competitive.