Loading
Loading
La Quinta attracts a lot of self-employed buyers. Business owners, consultants, and investors are common here — and their tax returns rarely tell the full income story.
Bank statement loans fix that. Instead of tax returns, lenders use 12 to 24 months of deposits to calculate your qualifying income.
620–660+
Min Credit Score
12–24 mo. statements
Income Verification
10–20%
Down Payment
2 years required
Self-Employed History
3–6 months
Reserves Required
Bank Statement Loans in La Quinta
Most lenders want a 660+ credit score for bank statement loans. Some go down to 620, but your rate will reflect it.
You'll need 10-20% down depending on the lender. Reserves of 3-6 months are standard. Business bank statements require an expense factor — typically 50% for sole proprietors.
Local decision guide
Use this guide to connect bank statement loans eligibility, lender expectations, and local market factors before comparing payment options in La Quinta.
La Quinta attracts a lot of self-employed buyers. Business owners, consultants, and investors are common here — and their tax returns rarely tell the full income story.
Bank statement loans fix that. Instead of tax returns, lenders use 12 to 24 months of deposits to calculate your qualifying income.
Most lenders want a 660+ credit score for bank statement loans. Some go down to 620, but your rate will reflect it.
Bank statement loans are non-QM products. That means banks rarely offer them. You need a broker with access to non-QM wholesale lenders.
Rates vary by lender, deposit consistency, and loan size. Rates vary by borrower profile and market conditions. Shopping across multiple lenders matters here more than on any conventional deal.
The biggest mistake I see: borrowers mix personal and business deposits in one account. Lenders need clean, consistent statements. Commingled accounts kill deals.
Use personal bank statements if your business expenses are already deducted. Use business statements if deposits are high and you want a larger income number — just expect the expense factor to reduce it.
If you have clean 1099s, a 1099 loan may qualify you at a better rate. If your business is profitable but your deposits are lumpy, a P&L loan might work better.
Investors buying rentals in La Quinta should look at DSCR loans instead. Those qualify on rent income — no personal income docs at all.
La Quinta has a strong short-term rental market. Many buyers here are entrepreneurs or business owners who want primary and investment properties both.
As of April 2026, non-QM demand in Riverside County's resort corridor remains active. Self-employed buyers competing on higher-priced listings need reliable pre-approvals — bank statement loans deliver that.
It depends on which you use to qualify. Most lenders want one or the other — not both mixed together.
Yes. Many non-QM lenders allow bank statement loans on second homes. Expect a slightly higher rate than on a primary residence.
Non-QM lenders typically take 20-30 days to close. Some go faster. Plan for a longer timeline than a conventional loan.
Lenders average your deposits across 12 or 24 months. Inconsistency lowers your average — and your qualifying income.
Bank statement loan rates run higher than conventional. Rates vary by borrower profile and market conditions, but the tradeoff is qualifying without tax returns.
Yes. Many borrowers use a bank statement loan to buy, then refinance into a conventional once they can show stronger tax return income.