CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
Many CALIFORNIA Self-employed business owners agree that their tax returns do not accurately show their ability to make a mortgage payment. The CALIFORNIA self-employed borrower tends to write off and or deduct many expenses that a salaried / W2 employee is not able to. The result of the extensive write-offs, the income on their tax returns may not qualify for a traditional CALIFORNIA bank mortgage to purchase and or get the loan amount they need to purchase the CALIFORNIA home of their dream. CALIFORNIA Bank statement mortgage lenders provide an alternative income solution offered by certain CALIFORNIA bank statement only mortgage lenders to help self-employed borrowers qualify for a CALIFORNIA mortgage with NO TAX RETURNS!
CALIFORNIA BANK STATEMENT ONLY MORTGAGE LENDERS DETAILS INCLUDE:
- 2 Years Self Employed Required!
- 10% Down with a 660 and 15% Down with a 600!
- Bank statement deposits used to qualify!
- No tax returns required
- 12 months personal bank statements or 24 months Business Statements used for income
- Loans up to $3 million
- Credit scores down to 600
- Rates starting in the 5-6% range.
- Up to 85% LTV
- DTI up to 50% Debt To Income Ratio
- Owner-occupied, 2nd homes, and investment properties
- 2 years seasoning for foreclosure, short sale, BK, DIL
- Non-warrantable condos considered
- Jumbo loans down to 640 score
- 5/1 ARM or 30-year fixed
- No pre-payment penalty for owner-occ and 2nd homes
- SFRs, townhomes, condos, 2-4 units
- Seller concessions to 6% (2% for investment)CALIFORNIA BANK STATEMENT ONLY MORTGAGE– NO TAX RETURNS REQUIRED.CALIFORNIA self-employed mortgage lenders bank statement only loan
- 12 Months of Personal Bank Statement Loan Program – CALIFORNIA mortgage applicants the Bank Statement Lender their most recent 12 months of personal bank statements showing deposits from work. Update:
- 24 Months Business Bank Statement Lenders Program – CALIFORNIA mortgage applicants will need to provide 24 months of bank statements business bank statements year to date and provide a borrower signed profit and loss. The bank statement lender will use this income for qualifying. CALIFORNIA self-employed bank Statement Only Lenders Approvals varies Case By Case from lender to lender.
QUALIFYING WITH- NO TAX RETURNS NEEDED!
Qualifying for the CALIFORNIA Self employed Bank Statement Only Mortgage Loan
Available only to the CALIFORNIA self-employed business owners, or for two or more borrowers where one or more of the CALIFORNIA borrowers is self-employed for at least the last (2) two years. This is a great solution for commissioned and 1099 CALIFORNIA mortgage applicants who don’t want to provide tax returns or sign IRS form 4506-T. You simply need to show proof of income by providing 12 to 24 consecutive months of bank statements. CALIFORNIA self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.
BANK STATEMENT DEPOSITS USED TO CALCULATE INCOME:
- MAXIMUM INCOME USED FOR PERSONAL BANK STATEMENTS – A CALIFORNIA self-employed borrower’s income is calculated by averaging 100% of personal bank statement related deposits from their most recent 12 months of personal bank statements. If your statements show low deposits for two or three months, then a large deposit the following month, the underwriter may request an additional 12 months to confirm your monthly income normally fluctuates. CALIFORNIA Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.
- MAXIMUM INCOME USED FOR BUSINESS BANK STATEMENTS – For CALIFORNIA business bank statements only lenders will allow as much as 90% of the job-related deposits can be used for income qualifying, not 100%. CALIFORNIA self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.
The maximum “Debt to Income”(DTI) ratio is 55% case by case determined by market conditions. CALIFORNIA Self-employed borrowers with a lower debt to income ratio may receive better a better rate & pricing. CALIFORNIA self-employed Bank Statement Only Lenders Approvals varies Case By Case from CALIFORNIA lender to lender.
MINIMUM BANK STATEMENT ONLY CREDIT SCORE NEEDED
600 or higher middle FICO scores. As much as 80% financing depending on appraised value
CALIFORNIA Bank statement only lenders require a credit Score of 640-679 are acceptable at lower LTV up to 85% and slightly higher interest rates occur with low down payment options.
CALIFORNIA Refinance with cash back: 680+ credit = 75% financing;
REQUIRED CALIFORNIA SELF EMPLOYMENT DOCUMENTATION
All CALIFORNIA self-employed mortgage lenders are required to prove stability in the line of employment by providing a copy of their California business license or “Articles of Incorporation” showing they have been CALIFORNIA self-employed in the most recent (2) two years OR have a licensed CPA or enrolled IRS agent draft a letter confirming the same. CALIFORNIA self-employed Mortgage Lenders using Bank Statement Only varies Case By Case from lender to lender.
BANK STATEMENT ONLY REQUIRES MONTHLY RESERVES = MONIES IN ACCOUNT AFTER CLOSING REQUIRED BY CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS-
Case By Case 1 -12 months of P.I.T.I future payments required in the account at closing.
If the loan amount is over $1 million, then 12 months. IF over $2M, then 18 months. Bank Statement Only Approvals varies Case By Case from lender to lender.
ACCEPTABLE BANK STATEMENT ONLY CALIFORNIA LENDERS LENDER ON PROPERTIES THAT INCLUDE: Condos, CALIFORNIA Townhomes, CALIFORNIA single family homes, condotel, CALIFORNIA duplex, triplex or four-plex all qualify on various CALIFORNIA programs. Property can be as a CALIFORNIA primary residence, CALIFORNIA second home, or CALIFORNIA rental property. CALIFORNIA self-employed Bank Statement Only Lenders Approvals varies Case By Case from CALIFORNIA lender to lender.
BANK STATEMENT ONLY LENDERS TERMS INCLUDE – This CALIFORNIA self-employed loan type is offered on a 30 year fixed-rate or adjustable-rate mortgages with 5, 7, or 30 years fixed terms then it becomes adjustable. CALIFORNIA Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.
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