Anaheim California Self Employed Mortgage Lenders – No Tax Returns Needed!

Finally, Anaheim California mortgage lenders that do not look at your tax returns to verify the ability to make the mortgage payments. Instead, we will use your last 12 or 24 months business or personal bank statements deposits to determine your ability to make the mortgage payments.
SELF EMPLOYED MORTGAGE LENDERS ADVANTAGES INCLUDE:

STATED INCOME CALIFORNIA MORTGAGE LENDERS

  • 10% Down with a 660+ Credit Score
  • 15% Down with a 600+ Credit Score
  • No tax returns required
  • 12 month personal bank statements
  • 24 month business bank statements
  • Loans up to $3 million
  • Credit scores down to 600
  • Rates starting in the 4’s
  • Up to 90% LTV on Personal and Business with no MI
  • DTI up to 50% 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

How Do You Qualify For A Bank Statement Mortgage Loan?

This self-employed mortgage loan is available to, business owners, where one or more of the borrowers is self-employed for a minimum (2) two years. Bank Statment only loans are a perfect solution for Anaheim California commissioned income or/and 1099 mortgage applicants who don’t want to provide tax returns because of excessive tax deductions. We qualify your income by using your most recent 12 to 24 consecutive months of bank statements.

Self Employed Income & Bank Deposits 
A self-employed borrower’s income is calculated by averaging 100% of work-related deposits from their most recent 12  or 24 months bank deposits. If their statements show irregular deposits the underwriter may request an additional 12 months to confirm fluctuating income.

For business bank statements, and depending on the type of business self-employed mortgage lenders will approve as much as 90% of the job-related deposits can be used as qualifying income.

Personal & Business Bank Statment Deposit Guidelines

  • Only deposits can be used
  • bank transfers are NOT counted on personal and case-by-case for business*
  • Must have 12 or 24 consecutive months of statements (no gaps)
  • Must provide All pages (even the last pages with advertising)
  • Cannot comingle (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 the opening of new account

*    Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Reviewed for acceptance on a case-by-case basis, and must be considered normal for the company.

MULTIPLE ACCOUNTS- Multiple accounts are considered on a case-by-case basis when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

MAX DEBT TO INCOME RATIOS- The maximum “Debt to Income”(DTI) ratio is 50%. Borrowers with a DTI of 43 or less receive a better rate & pricing. Debt to income is determined only by verified income and monthly debt obligations on the credit. The example you bring in $10,000 per month. After adding up all the payments on your credit report total 2500 per month+ Your new estimated mortgage payment of $2500 per month = $5000/$10,000 = 50% Debt to income ratio! 

MINIMUM CREDIT SCORES- Credit Scores over 660 require only 15% downpayment. Approvals Down To 600 or higher middle FICO scores may qualify for as much as 85% financing depending on the appraised value

PROOF OF SELF EMPLOYMENT DOCUMENTATION- Proof of 2  years self-employment documentation required. A copy of their 1099’s or business license’s or “Articles of Incorporation” showing they have been self-employed for at least (2) two years OR have a licensed CPA or enrolled IRS agent draft a letter confirming the 2-year minimum requirement.

CASH RESERVES IN YOUR ACCOUNT AFTER CLOSING –Case By Case after downpayment and closing cost lenders required Minimum 2-3 up to 6 months future payments in your account at the closing of P.I.T.I.

ACCEPTABLE PROPERTIES INCLUDE-  California Single Family homes, townhomes, condos, condotel, duplex, triplex or fourplex all qualify on various programs. Property usage can be as a primary residence, second home, or rental property.

ANAHEIM SELF EMPLOYED MORTGAGE QUESTIONS

ANAHEIM CA SELF EMPLOYED MORTGAGE RELATES PAGES

Anaheim, CA Self Employed Mortgage Lenders 

Anaheim Population in 2016: 351,066
Males: 166,967 (47.6%)
Females: 184,099 (52.4%)
Median resident age: 34.1 years
CA Self Employed Mortgage Lenders lifornia median age: 36.4 years
Zip codes: 90620, 90621, 92801, 92802, 92804, 92805, 92806, 92807, 92808, 92867, 92868, 92870, 92886, 92887.

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