California Bank Statement Only (Personal or Business) Bank Statements

• No Tax Returns No Tax Returns Or Tax Transcripts Needed
• 12 Month Bank Statements Now Available
• 24 Months Bank Statements (Personal Or Business)
• California Jumbo Bank Statment Loans Up To $5 million
• (Min Bank Statment Only California Loan Amount $100,000)
• Credit Scores Down To 600
• Rates Starting In The Low 5’s
• Personal + Business+ W2 Income Or Mixed Deposits OK!
• DTI up to 50% Considered!
• Owner-Occupied, 2nd Homes, Investment Properties
• Foreclosure, Short-Sale, BK, DIL – OK!!
• Non-Warrantable Condos – OK!
• 5/1 ARM 7/1 ARM Or 30-Year Fixed
• Gift Funds Allowed
• No Pre-Payment Penalty 
• or Owner-Occ And 2nd Homes + Investment!
• SFRs, Townhomes, Condos, 2-4 Units
• Seller Concessions To 6% (2% For Investment)
• Mix Of Both Personal And Business California Bank Statement Deposits OK!
• SAME DAY APPROVALS! CALL NOW 954-667-9110

  12 or 24 Month borrower prepared P&L statement: (all loans under $3 Million would require the following)

   P&L prepared and signed by the borrower; and

   A business narrative provided by the borrower which includes detail regarding the size and operating profile of the business addressing; location/rent, number of employees/contractors, COGS, Trucks/Equipment (Owned or leased). The expenses listed on the P&L should address all items disclosed in the narrative.

   24-months of business bank statements covering the most recent time-period and matching the same period covered by the P&L;

   The underwriter analysis of the business and P&L will require a basic understanding of the borrowers business. The narrative provided by the borrower should be reviewed to determine if the business provides a service or produces/manufactures goods. If the business has a web site, it should be reviewed to gain additional information on the business and its size. Thegoal of the analysis is to determine if the individual/total expenses as provided by the borrower on the P&L appear reasonable for the type of business. The items that may be considered in this analysis;

  o Description of business from the narrative

  o Location of business – Home based or lease space (Google address)

  o Utilities – Phone, electric, internet

  o Number of employees or contractors – employee taxes, payroll

  expense

  o Cost of Goods Sold – What type of materials does the business use or manufacture.

  o Equipment or Trucks/Vehicles owned or leased

  o Type of client base – retail or commercial

   The underwriter should provide notes of their analysis on the U/W approval

  form/1008/or within the bank statement calculator.

  o Expenses must be reasonable for the type of business;

  o Pattern of deposits and payment should be consistent;

  o Expectations of changes in deposit pattern must be considered;

  o Income documented separately but co-mingled must be backed out of deposits.

SELF EMPLOYED MORTGAGE QUESTIONS

Bank Statement Only California borrowers that can document their income by providing the following:

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

12 OR 24 Months California Bank Statement Only Employment Types:

• Self Employed
• 1099
  o Must provide business license, Tax Preparer’s NOT Audited letter or corporate paperwork.

California Bank Statement Only 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.