We Fund California Jumbo Bank Statements Loans To $5,000,000. Can Your Lender?
What Is a Super Jumbo Bank Statement Only Loan?
A Super Jumbo Loan is a California home mortgage for a larger than the average amount. At US Mortgage Lenders, we classify California Jumbo self-employed home loans beginning at $1 million as California Super Jumbo Mortgages, and will fund amounts up to $5 million, and possibly more on a case-by-case basis. Super Jumbo Loans are considered Non-Conforming Loans, and therefore don’t have to meet the standard guidelines set forth by Fannie Mae and Freddie Mac.
US Mortgage Lenders leads the industry in Bank Statement Only Super Jumbo Loans and can tailor a California Super Jumbo Bank Statment only mortgage that is customized to meet your specific homeownership needs.
POPULAR SELF EMPLOYED CALIFORNIA MORTGAGE PAGES
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
|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|
|Long Beach city||462,257|
|Santa Ana city||324,528|
|Chula Vista city||243,916|
|San Bernardino city||209,924|
|Moreno Valley city||193,365|
|Huntington Beach city||189,992|
|Santa Clarita city||176,320|
|Garden Grove city||170,883|
10%DOWN+NO TAX RETURNS NEEDED+BANK STATEMENT CALIFORNIA MORTGAGELENDERS 2 Years Self Employed Required! Bank statement deposits used to qualify! No tax returns required. 24 months personal bank statements (Personal and Business) Loans up to $3 million.
NO TAX RETURNS NEEDED TO QUALIFY FOR A MORTGAGE! Learn how to buy a house using bank statements Only to verify your income! Use 12 or 24 months bank statements. Find Out HOW TO Qualify Using Bank Statements Only!