Question 1

How do bank statement loans work for self-employed borrowers in Palm Springs?

Accepted Answer

Lenders review 12-24 months of your bank statements and average your deposits to calculate income. This replaces traditional tax return verification used for W-2 employees.

Question 2

What credit score do I need for a bank statement loan in Riverside County?

Accepted Answer

Most bank statement loan programs require a minimum credit score of 600. Higher scores typically qualify for better rates and terms.

Question 3

Can I use bank statement loans for investment properties in Palm Springs?

Accepted Answer

Yes, bank statement loans work for investment properties, second homes, and primary residences. Down payment requirements are typically higher for non-owner occupied properties.

Question 4

How much do I need for a down payment on a Palm Springs bank statement loan?

Accepted Answer

Down payments typically start at 10% for primary homes and 15-20% for investment properties. Larger down payments may qualify you for better rates.

Question 5

Do bank statement loans have higher interest rates than conventional loans?

Accepted Answer

Bank statement loans typically have slightly higher rates than conventional financing. Rates vary by borrower profile and market conditions, including your credit and down payment.

Bank Statement Loans in Palm Springs: Flexible Financing for Self-Employed Borrowers