California Bank Statement No Tax Return Mortgage Lenders

Borrower Eligibility-CA Self Employed Mortgage Lenders 

In-Eligible: CA Non-Permanent Resident Alien • CA Foreign national • CA Non-Occupant Co-Borrowers • CA Co-Signers • Guarantors • Any form of CA Trust
Eligible: U.S. Citizen • Permanent Resident Alien: is a non-U.S. citizen authorized to live and work in the U.S. on a permanent basis. Permanent resident aliens are eligible for financing. Acceptable evidence of lawful permanent residency must be documented and meet one of the following criteria: I-151 – Permanent
Resident Card (Green Card) that does not have an expiration date; I-551 – Permanent Resident Card (Green Card) issued for 10 years that has not expired; I551
– Conditional Permanent Resident Card (Green Card) issued for 2 years that has an expiration date, as long as it is accompanied by a copy of USCIS form
I-751 requesting removal of the conditions; Un-expired Foreign Passport with an un-expired stamp reading as follows: “Processed for I-551 Temporary
Evidence of Lawful Admission for Permanent Residence. Valid until mm-dd-yy. Employment Authorized.” • A Limited Power of Attorney (POA) is acceptable on
Purchase or Rate and Term refinances (Not available on C/O) when the following requirements are met: POA is specific to the transaction, Recorded with the
Mortgage/Deed of Trust, Contains an expiration date, Used only to execute the final loan documents, Borrower who executed the POA signed the initial 1003 and No interested party to the transaction (such as property seller, broker, loan officer, realtor, etc.) may act as Power of Attorney.

Self Employed California Mortgage Lenders Allow Collections And Charge-Offs

 Individual collection and non-mortgage charge-off accounts equal to or greater than $250 and accounts that total more than $2,000 must be paid in full prior
to or at closing.
 Medical collections may remain open with a max cumulative balance of $10,000
 Collections and charge-offs that have expired under the state statute of limitations on debts may be excluded. Evidence of expiration must be documented.
 All open judgments, garnishments, and all outstanding liens must be paid off prior to or at loan closing.
Charge-offs and collections not excluded by the above bullet points must be paid or may stay open if using one or a combination of both of the following:
o Payments for open charge-offs or collections are included in the DTI (Subject to program DTI restrictions). Payment calculated at 5% of the balance of remaining unpaid collections and charge-offs.
o Reserves are sufficient to cover the balance of the charge-offs or collections and meet reserve requirements.

Self Employed Bank Statment Only Cash-Out Requirements

If California self-employed borrower has held title to the property less than 6 months, the LTV is based on the lesser of the California purchase price or California appraised value. • Note: The following items may be paid off with proceeds from a Rate/Term refinance: • Non-purchase money seconds with 12-month seasoning. • HELOCs (California Home Equity Line of Credit) with total withdrawals not exceeding $2,000 in the last twelve (12) months. • California Self Employed Borrowers requesting a cash-out loan must provide a letter of explanation (aka “cash-out letter”) regarding the use of the cash-out proceeds • California Self Employed Borrowers requesting a cash-out loan on an investment property must provide a letter of explanation (aka “cash-out letter”) regarding the California Self Employed Borrowers business use of the cash-out proceeds.

Credit Requirments Self Employed Mortgage Lenders Details

• Credit Tradelines – Standard: 2 tradelines reporting for 12+ months or 2 tradelines reporting for 12+ months with activity in the last 12 months; Limited: N/A
• Any non-mortgage account can be no more than 30-days delinquent at time of application. Any delinquent account must either be brought current or paid off
at closing.
Matrix 5000-ELITE-BS
Minimum FICO 700
Housing 0x30x12
BK (Chap 13 Discharge) 60 Mo
BK (Other) 60 Mo
Foreclosure 60 Mo
Short Sale / DIL 60 Mo

Case credit approval acceptions to rules listed above

30 Year Fixed Or Adjustable Rate Self Employed Mortgage Lenders Details

30 Year fixed rate self-employed bank statement mortgage lenders
5 year, 7 year, Interest Rate Adjustment Caps – case by case.

Index – 1-Year LIBOR (London Interbank Offer Rate)
Index Establish Date – 45 days prior to the change date (aka “look back period”)
Interest Rate Floor – Note Start Rate
Conversion Option – None
Assumption – Yes, subject to investor approval (ARMs Only)
Negative Amortization – None
Interest Only Option – Available for LTVs <= 75%. Interest Only period is 120 months

Assets Requirments – Self Employed CA Mortgage Lenders Requirements

Down payment funds should be documented for 60 days per the Fannie Mae Verification of Deposits and Assets guidelines with the documentation included in
the loan file.
In addition to documenting the down payment, closing costs, and minimum PITIA reserve requirements, all borrowers must disclose and verify all other liquid
assets.
• Account Statements should cover a most recent 60-day period
• VOD should be dated within 30 days of loan application date
• Stocks/Bond/Mutual Funds -100% of stock accounts can be considered in the calculation of assets for closing and reserves;
• Vested Retirement Account funds –60% may be considered for closing and/or reserves;
• Non-vested or restricted stock accounts are not eligible for use as down payment or reserves.
• Assets being used for dividend and interest income may not be used for reserves requirements.
• When bank statements are used, large deposits must be evaluated. Large deposits are defined as any single deposit that represents more than 75% of the
monthly average deposit balance. Large deposits need to be sourced.
• Use of Business funds: may be used for down payment, closing costs and reserves if the borrower is the sole proprietor or 100% owner of the business (or all
borrowers combined own 100%).
o The calculation used to determine if business funds are available
 Average Monthly Business Expense: Use the most recent six (6) month business bank statements, total all withdrawals, and divide by six (6).
 Two (2) Months Expenses: Take Average Monthly Business Expense and multiply by 2.
 Take the most recent business account ending balance and subtract the Two (2) Months Expense.
 ( = ) Funds Available: The result, if positive, represents the maximum amount of business funds available to use towards down payment, closing cost and reserves.

Appraisal- Self Employed CA Mortgage Lenders Requirements

Full Interior / Exterior appraisal required. Fannie Mae/Freddie Mac Forms 1004/70, 1025/72, 1073/465 or 2090 must be used. All Fannie Guidelines apply to the California self-employed mortgage lenders appraisal process and value determination, in addition, California self-employed mortgage Appraisal Management Company must be utilized for appraiser selection. The California self-employed mortgageAppraisal should be dated no more than 120 days prior to the Note Date. After a 120 Days period, a recertification of value is acceptable up to 180 days.
After a 180 day period, a new California self-employed mortgage lenders is required. Re-certification of value is not acceptable. Minimum Square Footage 800 Sq. Feet Not eligible: California self-employed mortgage lenders Properties for which the appraisal indicates condition ratings of C5 or C6 or a quality rating of Q6, each as determined under the Uniform Appraisal Dataset (UAD) California self-employed mortgage lenders guidelines. Self Employed CA Mortgage Lenders will consider if the issue has been corrected prior to loan funding with proper documentation.
APPRAISAL REVIEW PRODUCTS: An enhanced desk review product, (such as an ARR from ProTeck or CDA from Clear Capital), from a Self Employed CA Mortgage Lenders Approved AMC is required on all transactions.
In lieu of an enhanced desk review product, a field review or second appraisal from a Self Employed CA Mortgage Lenders’s AMC is acceptable.
If the California self-employed mortgage Appraisal Review Product value is more than 10% below the appraised value a second appraisal is required. When a second appraisal is provided, the transactions “Appraised Value” will be the lower of the two appraisals.
A second appraisal is required on loan amounts > $1,500,000

Age of Documents-Self Employed CA Mortgage Lenders 

  • Credit Report/Credit Documentation: 90 days old at the time of closing
  • Income and Asset Documentation: Dated within 90 days of closing
  • Title Report/Title Commitment: Dated no later than 90 days prior to closing

Self Employed Borrowers Credit Score Requirments 

The self-employed mortgage applicable credit score is the middle of three scores provided for any borrower. If only two credit score are obtained, the lesser of two will be used. When there are multiple borrowers/guarantors, the lowest applicable score from the group of self-employed mortgage/guarantors is the representative credit score for
qualifying.

30 Year Fixed Or Adjustable Rate Self Employed Mortgage Lenders Details

Interest Rate Adjustment Caps – See rate sheet
Margin – See rate sheet
Index – 1-Year LIBOR (London Interbank Offer Rate)
Index Establish Date – 45 days prior to the change date (aka “look back period”)
Interest Rate Floor – Note Start Rate
Conversion Option – None
Assumption – Yes, subject to investor approval (ARMs Only)
Negative Amortization – None
Interest Only Option – Available for LTVs <= 75%. Interest Only period is 120 months

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