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Corona sits in Riverside County, where self-employed borrowers are a big share of the buyer pool. Contractors, business owners, and freelancers need a loan that works with how they actually earn.
Bank statement loans skip tax returns entirely. Lenders use 12 to 24 months of deposits to calculate your qualifying income instead.
12 to 24 Months
Bank Statement Period
620 Typical
Min Credit Score
From 10%
Down Payment
None
Tax Returns Required
Non-QM
Loan Type
Bank Statement Loans in Corona
Most lenders want 12 months of bank statements minimum. Some require 24 months for business accounts, especially if deposits vary widely month to month.
Credit requirements are stricter than FHA. Expect a 620 minimum, though better pricing kicks in at 680 and above. Down payment typically starts at 10%.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Corona.
Corona sits in Riverside County, where self-employed borrowers are a big share of the buyer pool. Contractors, business owners, and freelancers need a loan that works with how they actually earn.
Bank statement loans skip tax returns entirely. Lenders use 12 to 24 months of deposits to calculate your qualifying income instead.
Most lenders want 12 months of bank statements minimum. Some require 24 months for business accounts, especially if deposits vary widely month to month.
Bank statement loans are non-QM products. That means most big retail banks don't offer them. You need a broker with access to wholesale non-QM lenders.
At SRK CAPITAL, we work with 200+ wholesale lenders. Several specialize in non-QM products for self-employed borrowers in Southern California markets like Corona.
The biggest mistake self-employed borrowers make is assuming their tax return income is the only number that matters. Bank statements tell a completely different story.
Expense ratio matters on business accounts. Lenders typically count 50% of business deposits as income. Personal accounts usually get 100% credit. Know which account to use.
A 1099 loan is a close alternative if most of your income comes from contract work. P&L statement loans work when your accountant can document income cleanly.
DSCR loans are another option if you're buying investment property. Those qualify based on rental income, not personal income at all. Rates vary by borrower profile and market conditions.
Corona attracts a lot of small business owners who commute to Orange County or LA. Many write off significant business expenses, which tanks their taxable income on paper.
That gap between real earnings and reported income is exactly what bank statement loans solve. Your deposits show what you actually made, not what your CPA minimized.
Yes, but lenders calculate income differently for each. Business accounts typically get a 50% expense factor applied before counting deposits.
Yes. Non-QM loans carry higher rates than conventional. Rates vary by borrower profile and market conditions.
Most non-QM lenders require 12 months minimum. Some programs require 24 months for stronger qualification.
Yes. Bank statement loans work for primary homes, second homes, and investment properties in Corona.
Most lenders start at 620. You'll get better rates and terms with a 680 or higher score.
They can be. Underwriters look for consistent income patterns. Large irregular deposits often require a written explanation.