BANK STATEMENT ONLY MORTGAGE LENDERS- NO TAX RETURNS NEEDED!
CHECK CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERS
we serve all California self-employed!
NO TAX RETURNS NEEDED!
QUALIFY USING BANK STATEMENT ONLY
Self-Employed Mortgage Lenders Program Highlights Summary
10% Down with a 660 Credit Score
15% Down with a 600 Credit Score!
-
- No tax returns Needed! Proof of 2 years self-employed!
- Owner-occupied, 2nd homes and investment properties.
- Loan Amounts From $150,000 to $3,000,000.
- 12 months personal or 24 months business bank statements
- Debt to income up to 50% considered.
- Choose either a 5/1 and 7/1 ARM’S and/or 30-year fixed.
- No prepayment penalty for owner-occ and 2nd homes
- Seller paid closing cost allowed up to 6%.
- Business Bank Statment Expense Ratio Options Include:
4 Different Options For using Business Bank Statement Only!
Non-warrantable condos considered bank Statement Only borrowers that can document their income by providing the following:
KEY POINTS TO THE BANK STATEMENT ONLY MORTGAGE PROGRAM
• 100% of Deposits for Personal Statements! or
• 100% of Deposits for Business Statements!
• Don’t look at Withdrawals!
• Don’t look at Overdrafts!
• No P&L!
• No Reserves!
1.Min 500 FICO!
3. Owner Occ. w/ 600 Fico, Non Owner & 2nd Homes w/500 Fico
4. Self Employed and 1099 borrowers only
5. Only 6 NSF’s in most recent 12 months
FOR SAME DAY PRE APPROVAL!
FOR YOUR FREE NO OBLIGATION CONSOLATION
24 Months Bank Statement Only California Employment Types:
- Self Employed
- 1099
o Must provide business license, Tax Preparer’s NOT Audited letter or corporate paperwork.
US Mortgage Lenders will accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
California Personal Bank Statements: 100% of Deposits- Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
California Business Bank Statements: 50% of Deposits- Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.
Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.
Details of California Bank Statement Only Lenders Program:
Personal & Business Guidelines
- Only deposits can be used Transfers are NOT counted on personal and case-by-case for business*
- Must have 24 consecutive months of statements (no gaps)
- Must provide All pages (even the last pages with advertising)
- Can not commingle (use two different accounts) statements**
- If the account was used and closed and new account for the remainder of statements must show the closing of old account and an opening of a new account
California bank Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Case-by-Case and must be considered normal for the California company.
California Multiple bank accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous California businesses.
Self Employed Mortgage Lenders Serving Every City in California
Self Employed Mortgage Lenders Los Angeles
Located in Southern California, the most populated city in California contains ocean frontage and mountains. It is the only city in the United States with a mountain range that separates portions of the city. Los Angeles has one of the largest ports in the United States for iSelf Employed Mortgage Lenders mport / export trade, has a major airport and is considered the birthplace of the entertainment industry.
Self Employed Mortgage Lenders San Diego
San Diego is located near the Mexico border and is known for having some of the finest weather in the world. San Diego beaches Self Employed Mortgage Lenders are one of the top tourist attractions but there are also several theme parks – Sea World, San Diego Zoo, San Diego Zoo Safari Park and an amazing Balboa Park filled with 13 museums.
Self Employed Mortgage Lenders San Jose
Located south of San Francisco in Northern California, San Jose is an inland city that grew and expanded, attracting high tech Self Employed Mortgage Lender’s business when there was ample land and a pro-business policy. San Jose Self Employed Mortgage Lenders continues to lead the way with high-tech industries finding the weather and business climate favorable.
Self Employed Mortgage Lenders San Francisco California
San Francisco is one of the most popular tourist attractions with the best natural branding around the globe. Golden Gate Park, Golden Gate Bridge, Alcatraz tours, cable car rides, and Pier 39 are a few of the icons that attract Self Employed Mortgage Lenders newcomers to one of the densest cities, population-wise, in California.
Self Employed Mortgage Lenders Fresno California
Fresno Self Employed Mortgage Lenders has grown because of the affordability factor. While many other cities have seen Self Employed Mortgage Lenders job loss, Fresno has attracted high-tech and professional companies and jobs, making it a desirable place to relocate.
Self Employed Mortgage Lenders Long Beach California
Long Beach Self Employed Mortgage Lenders has a thriving port next to Port of Los Angeles. The port brings many jobs and revenue to the city. It is located in Los Angeles County and has also had many jobs tied to the aeronautical industry.
Self Employed Mortgage Lenders Sacramento California
Sacramento is the state’s capitol and has expanded, along with the government and industries surrounding it–nonprofit organizations, lobbyists, marketing companies, etc. Sacramento Self Employed Mortgage Lenders also has strong tourist appeal as one of the state’s most historic cities and the best place for students to take trips tied to Self Employed Mortgage Lenders lessons about California history and politics.
Self Employed Mortgage Lenders Oakland California
Oakland’s great bay location across the bay and overlooking San Francisco makes it a popular attraction. Oakland Airport is considered a better option for many travelers because it has less fog than San Francisco Airport, and Oakland provides a gateway with its airport and roads that connect to San Francisco, San Jose and Napa.
Self Employed Mortgage Lenders Santa Ana California
Santa Ana is the county seat of Orange County, the densest county in California. Poised to grow with plans on the slate to build high-rise mixed-use projects, Santa Ana Self Employed Mortgage Lenders is poised to increase its population.
Self Employed Mortgage Lenders Anaheim California
Anaheim’s Self Employed Mortgage Lender growth continues, as does Disneyland and surrounding hotels, shopping and businesses. With the state’s top theme park by the numbers (around 15 million visit Disneyland Resort in a year) attracting such a large influx, one problem has been finding a supply of housing for workers servicing the tourism industry. Anaheim is the only city of the Top 10 without an airport.
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