10% DOWN+STATED INCOME CALIFORNIA MORTGAGE LENDERS

10% DOWN+STATED INCOME CALIFORNIA MORTGAGE LENDERS!
STATED California MORTGAGE LENDERS- STATED California HOME LOANS
NOW Up To 90% LTV Owner Occ. using Bank Statements as Income with a 660 Credit Score!
How can I get approved for a mortgage if I am Self Employed? 

California  Mortgage Lenders offers a 12-24-Month Bank Statement Loan Program.

California Self Employed Mortgage Lenders Solutions 

  • No tax returns required
  • 12 month personal or business bank statements
  • 24-month business bank statements
  • Loans up to $5 million
  • Credit scores down to 580
  • Up to 90% LTV on Personal and Business with no MI
  • DTI up to 55% considered
  • Owner-occupied, 2nd homes and investment properties 
  • 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Non-warrantable condos considered
  • Jumbo loans down to 600 score
  • 5/1 ARM or 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • Seller concessions to 6% (2% for investment)
  • 2 year self-employed required

  1. Bank Statement Lenders Worksheet
  2. Bank Statement Lenders 24 Month Profit and Loss Statement Request
  3. NO TAX RETURNS NEEDED!!!

JUMBO BANK STATEMENT – STATED MORTGAGE LENDERS UP TO 5 MILLION

California STATED HOME LOANS- BASED ON BANK STATEMENTS

  • The borrower must be Self Employed Minimum 2 years!
  • Personal or Business Statement Accepted 
  • 50% MAXIMUM DTI  FOR BANK STATEMENTS
  • 24 months to qualify / Mortgage Late Payments, Short Sales, BK = OK!!
  • Bank statement lenders minimum 580 FICO!

25% DOWN STATED California INVESTOR LOANS!

STATED INCOME California MORTGAGE QUESTIONS

California mortgage lenders offer three stated Documentation Programs:

1.Full Documentation (“Full Doc”)

2. Alternative Income (“Alt Doc Bank Statements”) for Owner Occupied properties

3.Alternative Documentation (“Alt-Doc Cash Flow”) for Non-Owner Occupied or Second Home properties and Business Loan requests.

The below information is a summary of minimum California stated loan documentation requirements for each Income Documentation Program. For additional documentation requirements, refer to the Income Doc Charts in this section of the Guide.

-ALTERNATIVE DOCUMENTATION / BANK STATEMENTS- STATED INCOME California MORTGAGE LENDERS 

Self-employed ONLY
(Must be able to verify self-employment income)

1. Last twenty-four (24) months personal or business bank statements with all pages required for all months.
2. Stated California Borrower Income is determined by using the gross monthly amount of deposits with a deduction of any itemized debts or other expenses that are verified by a tri-bureau merged credit report.
3. Max six (6) NSF checks in the last twelve (12) months.
4. Acceptable documentation supporting the existence of the business for the most recent two (2) years must be obtained. (Refer to the Acceptable Evidence of Self-employed Business).
FULL DOC / WAGE EARNER
1. VOE completed in full by employer verifying most recent two (2) years (Verbal verification of VOE required) and current year-to-date earnings on a current pay stub OR
2. W-2 for most recent two (2) years & current pay stub reflecting year-to-date earnings OR
3. Signed 1040’s for most recent two (2) years & current pay stub reflecting year-to-date earnings
Fixed & Other Sources
Current award/retirement letter; AND
Copy of the most recent bank statement showing automatic deposit (deposit must specifically reference the source of the deposit); OR
1099 for most recent year
Self-employed
Acceptable documentation supporting the existence of the business (“Refer to the Acceptable Evidence of Self-employed Business”)AND
Verification of income covering the most recent two (2) years and year-to-date earnings with signed 1040’s as well as other    applicable supporting documentation (i.e. 1120’s, K-1s etc.)
100% Commission / Bonus
Verbal VOE, to confirm borrower’s employment and commission/bonus AND
Signed 1040’s for most recent two (2) years with current pay stub reflecting year-to-date earnings (if not pay stub no applicable, obtain bank statements covering year-to-date)
Salaried + > 25% Commission / Bonus
· Signed 1040’s for most recent two (2) years AND current pay stub reflecting year-to-date earnings (pay stub must reflect salaried wage + commission/bonus)

POPULAR SELF EMPLOYED CALIFORNIA QUESTIONS AND ANSWERS


POPULAR SELF EMPLOYED CALIFORNIA MORTGAGE PAGES

10% DOWN SELF EMPLOYED BANK STATEMENT ONLY CALIFORNIA MORTGAGE LENDERS
12-24 MONTH CALIFORNIA BANK STATEMENT MORTGAGE LENDERS
10%DOWN+LOS ANGELES CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
10% DOWN SELF EMPLOYED SAN DIEGO CA BANK STATEMENT MORTGAGE LENDERS
10%DOWN+SAN JOSE CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
10%DOWN+SAN FRANCISCO CA SELF EMPLOYED MORTGAGE LENDERS

If you are self-employed stated California home loan applicant, you already know the benefits that come with making your own decisions and never having to report to a boss. However, there are some disadvantages to generating your own self-employed income when it comes to applying for a stated California home loan.

-STATED California MORTGAGE LOANS EXPLAINED

“There are two main problems that self-employed California borrowers face when qualifying for a California mortgage,” “First, you need to prove their income with tax returns rather than using a ‘stated income’ loan. Second, the recent housing recession has caused declining income for many self-employed business owners. Even if their income has stabilized, the stated California home loan will be based on the average of your last two years of tax returns, which could show reduced income.”

Stated income California home loans were originally designed for self-employed people but were abused by too many California business owners that were buying homes they could not afford.

“Stated California income loans are starting to make a small comeback on the secondary market, but only for California Mortgage applicants with good credit scores of at least 640 or above, a down payment of 25 percent of the sales price or more and at least six months of future cash payment reserves to cover all monthly obligations.

“In the mid-1990s we California stated lenders started using bank statements to show cash flow for self-employed people and was a good way to get a lot of California homebuyers approved for Stated California home loans.

– SELF EMPLOYED BORROWERS INCOME AND TAXES

Self-employed stated California mortgage applicants must complete Internal Revenue Service Form 4506-T, which allows stated California mortgage lenders to request tax transcripts. California stated mortgage lenders are required to wait until the tax returns have been recorded by the IRS and must receive them directly from the IRS to verify legitimate returns.

Many self-employed individuals report expenses on their taxes in order to reduce their tax liability, but this can backfire when they apply for a mortgage.

“Self-employed stated California mortgage applicants people typically report their gross income minus expenses to generate a net income,”. “For tax purposes, it may be beneficial to have net income as low as possible, but the net income is the number used for income qualification.”

For example, a California business owner that claims $100,000 in income and $80,000 in expenses will find it nearly impossible to qualify for a traditional California mortgage. At this point, a self-employed California homebuyer has no other option but to apply using a stated California mortgage lender.

Cities Around Los Angeles, CA Self Employed Mortgage Lenders

  • Acton, CA Self Employed Mortgage Lenders
  • Agoura Hills, CA Self Employed Mortgage Lenders
  • Alhambra, CA Self Employed Mortgage Lenders
  • Aliso Viejo, CA Self Employed Mortgage Lenders
  • Altadena, CA Self Employed Mortgage Lenders
  • Anaheim, CA Self Employed Mortgage Lenders
  • Arcadia, CA Self Employed Mortgage Lenders
  • Artesia, CA Self Employed Mortgage Lenders
  • Atwood, CA Self Employed Mortgage Lenders
  • Azusa, CA Self Employed Mortgage Lenders
  • Baldwin Park, CA Self Employed Mortgage Lenders
  • Bell, CA Self Employed Mortgage Lenders
  • Bell Gardens, CA Self Employed Mortgage Lenders
  • Bellflower, CA Self Employed Mortgage Lenders
  • Beverly Hills, CA Self Employed Mortgage Lenders
  • Brandeis, CA Self Employed Mortgage Lenders
  • Brea, CA Self Employed Mortgage Lenders
  • Buena Park, CA Self Employed Mortgage Lenders
  • Burbank, CA Self Employed Mortgage Lenders
  • Calabasas, CA Self Employed Mortgage Lenders
  • Canoga Park, CA Self Employed Mortgage Lenders
  • Canyon Country, CA Self Employed Mortgage Lenders
  • Carson, CA Self Employed Mortgage Lenders
  • Cerritos, CA Self Employed Mortgage Lenders
  • Chatsworth, CA Self Employed Mortgage Lenders
  • Chino Hills, CA Self Employed Mortgage Lenders
  • City Of Industry, CA Self Employed Mortgage Lenders
  • Claremont, CA Self Employed Mortgage Lenders
  • Compton, CA Self Employed Mortgage Lenders
  • Corona Del Mar, CA Self Employed Mortgage Lenders
  • Costa Mesa, CA Self Employed Mortgage Lenders
  • Covina, CA Self Employed Mortgage Lenders
  • Culver City, CA Self Employed Mortgage Lenders
  • Cypress, CA Self Employed Mortgage Lenders
  • Diamond Bar, CA Self Employed Mortgage Lenders
  • Dodgertown, CA Self Employed Mortgage Lenders
  • Downey, CA Self Employed Mortgage Lenders
  • Duarte, CA Self Employed Mortgage Lenders
  • East Irvine, CA Self Employed Mortgage Lenders
  • El Monte, CA Self Employed Mortgage Lenders
  • El Segundo, CA Self Employed Mortgage Lenders
  • El Toro, CA Self Employed Mortgage Lenders
  • Encino, CA Self Employed Mortgage Lenders
  • Fountain Valley, CA Self Employed Mortgage Lenders
  • Fullerton, CA Self Employed Mortgage Lenders
  • Garden Grove, CA Self Employed Mortgage Lenders
  • Gardena, CA Self Employed Mortgage Lenders
  • Glendale, CA Self Employed Mortgage Lenders
  • Glendora, CA Self Employed Mortgage Lenders
  • Granada Hills, CA Self Employed Mortgage Lenders
  • Hacienda Heights, CA Self Employed Mortgage Lenders
  • Harbor City, CA Self Employed Mortgage Lenders
  • Hawaiian Gardens, CA Self Employed Mortgage Lenders
  • Hawthorne, CA Self Employed Mortgage Lenders
  • Hermosa Beach, CA Self Employed Mortgage Lenders
  • Huntington Beach, CA Self Employed Mortgage Lenders
  • Huntington Park, CA Self Employed Mortgage Lenders
  • Inglewood, CA Self Employed Mortgage Lenders
  • Irvine, CA Self Employed Mortgage Lenders
  • La Canada Flintridge, CA Self Employed Mortgage Lenders
  • La Crescenta, CA Self Employed Mortgage Lenders
  • La Habra, CA Self Employed Mortgage Lenders
  • La Mirada, CA Self Employed Mortgage Lenders
  • La Palma, CA Self Employed Mortgage Lenders
  • La Puente, CA Self Employed Mortgage Lenders
  • La Verne, CA Self Employed Mortgage Lenders
  • Laguna Hills, CA Self Employed Mortgage Lenders
  • Laguna Woods, CA Self Employed Mortgage Lenders
  • Lakewood, CA Self Employed Mortgage Lenders
  • Lawndale, CA Self Employed Mortgage Lenders
  • Llano, CA Self Employed Mortgage Lenders
  • Lomita, CA Self Employed Mortgage Lenders
  • Long Beach, CA Self Employed Mortgage Lenders
  • Los Alamitos, CA Self Employed Mortgage Lenders
  • Lynwood, CA Self Employed Mortgage Lenders
  • Malibu, CA Self Employed Mortgage Lenders
  • Manhattan Beach, CA Self Employed Mortgage Lenders
  • Marina Del Rey, CA Self Employed Mortgage Lenders
  • Maywood, CA Self Employed Mortgage Lenders
  • Midway City, CA Self Employed Mortgage Lenders
  • Mission Hills, CA Self Employed Mortgage Lenders
  • Monrovia, CA Self Employed Mortgage Lenders
  • Montebello, CA Self Employed Mortgage Lenders
  • Monterey Park, CA Self Employed Mortgage Lenders
  • Montrose, CA Self Employed Mortgage Lenders
  • Mount Wilson, CA Self Employed Mortgage Lenders
  • Newhall, CA Self Employed Mortgage Lenders
  • Newport Beach, CA Self Employed Mortgage Lenders
  • Newport Coast, CA Self Employed Mortgage Lenders
  • North Hills, CA Self Employed Mortgage Lenders
  • North Hollywood, CA Self Employed Mortgage Lenders
  • Northridge, CA Self Employed Mortgage Lenders
  • Norwalk, CA Self Employed Mortgage Lenders
  • Oak Park, CA Self Employed Mortgage Lenders
  • Orange, CA Self Employed Mortgage Lenders
  • Pacific Palisades, CA Self Employed Mortgage Lenders
  • Pacoima, CA Self Employed Mortgage Lenders
  • Palos Verdes Peninsula, CA Self Employed Mortgage Lenders
  • Panorama City, CA Self Employed Mortgage Lenders
  • Paramount, CA Self Employed Mortgage Lenders
  • Pasadena, CA Self Employed Mortgage Lenders
  • Pearblossom, CA Self Employed Mortgage Lenders
  • Pico Rivera, CA Self Employed Mortgage Lenders
  • Piru, CA Self Employed Mortgage Lenders
  • Placentia, CA Self Employed Mortgage Lenders
  • Playa Del Rey, CA Self Employed Mortgage Lenders
  • Playa Vista, CA Self Employed Mortgage Lenders
  • Pomona, CA Self Employed Mortgage Lenders
  • Porter Ranch, CA Self Employed Mortgage Lenders
  • Rancho Palos Verdes, CA Self Employed Mortgage Lenders
  • Redondo Beach, CA Self Employed Mortgage Lenders
  • Reseda, CA Self Employed Mortgage Lenders
  • Rosemead, CA Self Employed Mortgage Lenders
  • Rowland Heights, CA Self Employed Mortgage Lenders
  • San Dimas, CA Self Employed Mortgage Lenders
  • San Fernando, CA Self Employed Mortgage Lenders
  • San Gabriel, CA Self Employed Mortgage Lenders
  • San Marino, CA Self Employed Mortgage Lenders
  • San Pedro, CA Self Employed Mortgage Lenders
  • Santa Ana, CA Self Employed Mortgage Lenders
  • Santa Clarita, CA Self Employed Mortgage Lenders
  • Santa Fe Springs, CA Self Employed Mortgage Lenders
  • Santa Monica, CA Self Employed Mortgage Lenders
  • Seal Beach, CA Self Employed Mortgage Lenders
  • Sherman Oaks, CA Self Employed Mortgage Lenders
  • Sierra Madre, CA Self Employed Mortgage Lenders
  • Signal Hill, CA Self Employed Mortgage Lenders
  • Simi Valley, CA Self Employed Mortgage Lenders
  • South El Monte, CA Self Employed Mortgage Lenders
  • South Gate, CA Self Employed Mortgage Lenders
  • South Pasadena, CA Self Employed Mortgage Lenders
  • Stanton, CA Self Employed Mortgage Lenders
  • Stevenson Ranch, CA Self Employed Mortgage Lenders
  • Studio City, CA Self Employed Mortgage Lenders
  • Sun Valley, CA Self Employed Mortgage Lenders
  • Sunland, CA Self Employed Mortgage Lenders
  • Sunset Beach, CA Self Employed Mortgage Lenders
  • Surfside, CA Self Employed Mortgage Lenders
  • Sylmar, CA Self Employed Mortgage Lenders
  • Tarzana, CA Self Employed Mortgage Lenders
  • Temple City, CA Self Employed Mortgage Lenders
  • Toluca Lake, CA Self Employed Mortgage Lenders
  • Topanga, CA Self Employed Mortgage Lenders
  • Torrance, CA Self Employed Mortgage Lenders
  • Tujunga, CA Self Employed Mortgage Lenders
  • Tustin, CA Self Employed Mortgage Lenders
  • Universal City, CA Self Employed Mortgage Lenders
  • Valencia, CA Self Employed Mortgage Lenders
  • Valley Village, CA Self Employed Mortgage Lenders
  • Valyermo, CA Self Employed Mortgage Lenders
  • Van Nuys, CA Self Employed Mortgage Lenders
  • Venice, CA Self Employed Mortgage Lenders
  • Verdugo City, CA Self Employed Mortgage Lenders
  • Villa Park, CA Self Employed Mortgage Lenders
  • Walnut, CA Self Employed Mortgage Lenders
  • West Covina, CA Self Employed Mortgage Lenders
  • West Hills, CA Self Employed Mortgage Lenders
  • West Hollywood, CA Self Employed Mortgage Lenders
  • Westminster, CA Self Employed Mortgage Lenders
  • Whittier, CA Self Employed Mortgage Lenders
  • Wilmington, CA Self Employed Mortgage Lenders
  • Winnetka, CA Self Employed Mortgage Lenders
  • Woodland Hills, CA Self Employed Mortgage Lenders
  • Yorba Linda, CA Self Employed Mortgage Lenders
Serving Every City in California 37,253,956
Los Angeles city 3,792,621
San Diego city 1,307,402
San Jose city 945,942
San Francisco city 805,235
Fresno city 494,665
Sacramento city 466,488
Long Beach city 462,257
Oakland city 390,724
Bakersfield city 347,483
Anaheim city 336,265
Santa Ana city 324,528
Riverside city 303,871
Stockton city 291,707
Chula Vista city 243,916
Fremont city 214,089
Irvine city 212,375
San Bernardino city 209,924
Modesto city 201,165
Oxnard city 197,899
Fontana city 196,069
Moreno Valley city 193,365
Glendale city 191,719
Huntington Beach city 189,992
Santa Clarita city 176,320
Garden Grove city 170,883

POPULAR CA MORTGAGE PAGES INCLUDE

NO Tax Return Los Angeles Mortgage Lenders
10% DOWN SELF EMPLOYED BANK STATEMENT ONLY CALIFORNIA MORTGAGE LENDERS
12-24 MONTH CALIFORNIA BANK STATEMENT MORTGAGE LENDERS
10%DOWN+LOS ANGELES CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
10% DOWN SELF EMPLOYED SAN DIEGO CA BANK STATEMENT MORTGAGE LENDERS
10%DOWN+SAN JOSE CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
10%DOWN+SAN FRANCISCO CA SELF EMPLOYED MORTGAGE LENDERS
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NO TAX RETURN FONTANA CALIFORNIA MORTGAGE LENDERS
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