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Desert Hot Springs attracts self-employed buyers — contractors, business owners, and seasonal workers all active in the Coachella Valley economy.
Bank statement loans exist for one reason: tax returns don't tell the whole story for self-employed borrowers. This program fixes that.
12–24 Months
Bank Statements Needed
640+
Min Credit Score
10–20%
Down Payment
2 Years
Self-Employment Min
Bank Statement Loans in Desert Hot Springs
Lenders want 12 to 24 months of personal or business bank statements. They calculate income from your average monthly deposits — not what you wrote off.
Most lenders require a 640+ credit score and 10-20% down. Stronger credit gets you better pricing. Rates vary by borrower profile and market conditions.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in Desert Hot Springs.
Desert Hot Springs attracts self-employed buyers — contractors, business owners, and seasonal workers all active in the Coachella Valley economy.
Bank statement loans exist for one reason: tax returns don't tell the whole story for self-employed borrowers. This program fixes that.
Lenders want 12 to 24 months of personal or business bank statements. They calculate income from your average monthly deposits — not what you wrote off.
Retail banks rarely offer bank statement loans. This product lives in the wholesale and non-QM lender space — which is exactly where we work.
We shop across 200+ wholesale lenders to find the right program. Guidelines vary significantly between lenders on deposit averaging and expense ratios.
The most common mistake: using a business account with heavy expenses. Lenders apply an expense factor — sometimes 50% — to business deposits. Personal accounts often produce higher qualifying income.
If you've been self-employed less than two years, most lenders won't touch this program. Two years of self-employment is the floor, not a suggestion.
A 1099 loan works well if most of your income is contract-based and documented on 1099s. Bank statement loans are better when your income is deposited but not cleanly reportable.
DSCR loans skip income verification entirely — but only work for investment properties. If you're buying a primary home in Desert Hot Springs, bank statement is the right call.
Desert Hot Springs sits just north of Palm Springs. Many buyers here are small business owners serving the broader Coachella Valley — a self-employed-heavy demographic.
Riverside County has no shortage of non-QM activity. We place bank statement loans here regularly, and pricing is competitive relative to other California markets.
Usually one or the other. Your broker will determine which account produces the stronger income calculation.
Yes. Bank statement loans work for primary residences, second homes, and investment properties in Desert Hot Springs.
Lenders average your deposits over 12 or 24 months. Inconsistency hurts your average — more months of history helps.
Lenders add up qualifying deposits and divide by the number of months. Business accounts get an expense factor applied first.
Yes, typically. Non-QM products carry higher rates than conventional loans. Rates vary by borrower profile and market conditions.
Expect 20-30 days. Non-QM underwriting takes longer than conventional — gather your statements early.