California Bank Statement Only Lenders 12 or 24 Month Bank Statement

CALIFORNIA NO TAX RETURN MORTGAGE LENDERS

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California Bank Statement Only Solutions 12 or 24 Month Bank Statement Programs For California Self-Employed Mortgage Applicants.
• Personal Bank Statements Up To 90% LTV • Business Bank Statements Up To 80% LTV
• No tax returns or transcripts required.
• Fast & Simple to use the worksheet.
• Credit scores down to 620.
• Rates starting in the low 5’s.

California Business Bank Statements Program Requirements (24 Months)
· A third party prepared Profit and Loss statement through the end of the most recent quarter and covering a minimum of 24 months; and
· Consecutive business bank statements (one account) covering the same time period as the P/L (>120 days old at time of closing)
· To further support the qualifying income, the 24-month deposits must be at least 90% of the gross receipts listed on the P/L.
· Qualifying income is the lower of NET income listed on the P/L or income stated on 1003.
· Must be 100% owner of the business (minimum 24 months -no exceptions).
· 620 Minimum credit score required.

California Personal Bank Statements Program Requirements (12 or 24 Months)
· California Bank statement transfers may be counted as income when transfers are from a business account (limit 1 business account) into a personal account.
· Transfers from a personal account to a personal account are not permitted.
· 12 months personal bank statements to max 90% LTV (720 mid-score required).
· 12 months personal bank statements to max 85% LTV (660 mid-score required).
· 12 months personal bank statements to max 80% LTV (620 mid-score required).
· 12 months personal bank statements to max 80% LTV (720 mid-score required).
· 12 months personal bank statements to max 70% LTV (680 mid-score required).

Standard California Bank Statement Requirements (Business / Personal)
· Purchase money and rate and term ok w/ 24-month seasoning requirements for FC, SS, BK and DIL (36 months required for cash-out)
· DTI’s 35%/43% with exceptions to 40%/45% with a 660 credit score and 12 months reserves
· FTHB ok w/ 3 trade lines reporting for ≥ 24 month and payment shock not to exceed 200%
· Must be 100% owner of business only if using business bank statement program.
· Gift funds are allowed – Min borrower contribution of 10% must be met
· Minimum Loan Amount $150,000, Maximum Loan Amount $3,000,000
· 660 scores at 70% LTV will allow a max cash‐out amount up of $500k
· Single Family, Townhouses, Condos (1 Unit properties only)
· Must meet minimum tradeline requirements (see below)
· Housing history requirement (0 x 30 x 12) and (1 x 30 x 24)
· Rate and term refinance capped at 80% LTV
· Investment Properties (Purchase & Cash-Out)
· Rent Free not allowed

Note: All California Bank Statement Only Mortgage programs allow up to a maximum payment shock of 300% and require a minimum of 6 months reserves and $3,000 residual income.

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