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Self-employed borrowers in Covina turn to bank statement loans after traditional lenders reject them. These non-QM products let you qualify using 12–24 months of bank statements instead of tax returns.
Covina sits in Los Angeles County, where median household income is $87,760. Bank statement loans open doors for business owners and contractors who don't fit conventional underwriting.
620+
Minimum FICO
20–30%
Down Payment Range
30–45 days
Closing Timeline
43–50%
DTI Ratio Allowed
0.5–1.5% higher
Rate Premium vs. Conventional
Bank Statement Loans in Covina
Bank statement loans typically require 620+ FICO and 20–30% down. Lenders review 12–24 months of bank deposits to verify income, so consistent deposits matter most.
Los Angeles County's median household income of $87,760 reflects what typical earners make here. Self-employed borrowers with strong deposits can qualify for much higher amounts.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Covina.
Self-employed borrowers in Covina turn to bank statement loans after traditional lenders reject them. These non-QM products let you qualify using 12–24 months of bank statements instead of tax returns.
Covina sits in Los Angeles County, where median household income is $87,760. Bank statement loans open doors for business owners and contractors who don't fit conventional underwriting.
Bank statement loans typically require 620+ FICO and 20–30% down. Lenders review 12–24 months of bank deposits to verify income, so consistent deposits matter most.
Non-QM lenders specializing in bank statement loans operate outside traditional agency rules. This means faster underwriting and more flexible income documentation for business owners.
Closing timelines typically run 30–45 days for bank statement loans. Rates run higher than conforming loans because risk profiles differ, but self-employed borrowers gain access conventional lenders deny.
Bank statement loans make sense in Covina for self-employed borrowers with strong deposit history. If your business shows real cash flow through deposits, this path beats waiting for conventional approval.
The trade-off is rate: bank statement loans cost 0.5–1.5% more than conforming. For business owners rejected elsewhere, that premium buys closing certainty.
Versus FHA loans, bank statement loans require higher down (20–30% vs. 3.5%) but skip mortgage insurance. For self-employed borrowers with cash reserves, that trade-off often works better.
Versus conventional loans, bank statement loans accept business owners conventional lenders turn away. The rate premium reflects that flexibility—you pay for approval certainty.
Covina sits in Los Angeles County, where median household income is $87,760. Self-employed contractors and small-business owners make up a meaningful share of the local workforce.
The county's active construction and service sectors mean many residents are self-employed. Bank statement loans fit this market—they're built for the people who live here.
No. Bank statement loans use 12–24 months of bank deposits to verify income instead. Your business deposits prove cash flow better than tax returns.
Most lenders require 620+ FICO. Some non-QM lenders go lower with compensating factors like higher down payment or reserves. Call to discuss your specific score.
Typically 20–30% down. Some lenders accept 15% with strong bank deposits and reserves. The exact amount depends on your deposit history.
Bank statement loans typically close in 30–45 days. Non-QM underwriting moves faster than conventional because there's no agency review. Your lender can confirm the exact timeline.
Yes—expect 0.5–1.5% higher rates. You're paying for approval certainty and flexible income documentation. For self-employed borrowers conventional lenders reject, that premium is worth it.