CALIFORNIA SELF EMPLOYED-BANK STATEMENT MORTGAGE LENDERS

SELF EMPLOYED-BANK STATEMENT MORTGAGE LENDERS- NO TAX RETURNS!
Self Employed California Mortgage Lenders Questions And Answers

  • 2 Years Self Employed Required!
  • 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 90% LOAN TO VALUE means only 10% Down!
  • 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)

Bank Statement Questions and Answers 

Self-Employed Mortgage Lenders Program Highlights Summary

    • 10% Down with a 660 & 15% Down with a 600 Score!
    • No tax returns Needed! Proof of 2 years self-employed!
    • Owner-occupied, 2nd homes and investment properties.
    • Loan Amounts From $150,000 to $3,000,000.
    • 12 months personal or 24 months business bank statements
    • Debt to income up to 50% considered.
    • Choose either a 5/1 and 7/1 ARM’S and/or 30-year fixed.
    • No prepayment penalty for owner-occ and 2nd homes
    • Seller paid closing cost allowed up to  6%. 
    • Business Bank Statment Expense Ratio Options Include:

4 Different Options For using Business Bank Statement Only!

1) 3 MONTH BUSINESS STATEMENTS (24 Mo. Tax Preparer P&L)
2) BORROWER PREPARED P&L (24 Mo. Business Statements)
3) 24 MONTH BUSINESS STATEMENTS (Tax Preparer Expense Letter)
3) 24 MONTH BUSINESS STATEMENTS (50% Of gross income used No questions asked)
BANK STATEMENT ONLY MORTGAGE California – NO TAX RETURNS REQUIRED.
BORROWERS MUST BE SELF-EMPLOYED TO QUALIFY FOR THIS PROGRAM.
CALIFORNIA SELF EMPLOYED DOCUMENT REQUIREMENTS
(1) 12 or 24 months Personal or 24 months Business Bank statements
 Borrowers who own more than 2 businesses must use personal bank statements option
 Bank statements must be most recent available at time of application and must be consecutive
(2) Profit & Loss Statement
 If submitting personal bank statements, a P&L prepared by the borrower covering no less than 12 or 24 months is required
 The P&L must be signed by the borrower
 If submitting business bank statements, a P&L prepared by the borrower covering no less than 24 months is required
 Borrower is required to provide separate P&Ls for each business being used in qualifying.
 The P&L should generally cover the same calendar months as the bank statements provided.
(3) Validation of a minimum of 2 years existence of the business from one of the following: Business License, Letter from Tax Preparer, Secretary of State Filing or
equivalent

California self-employed borrowers bank statement only loan

12 Months of Personal Bank Statement Loan Program

Borrower(s) provide 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

Borrower(s) 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 BANK STATEMENT ONLY MORTGAGE LENDERS – NO TAX RETURNS REQUIRED.

Qualifying for the 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 borrowers is California 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 SELF EMPLOYEDBank Statement Only Lenders Approvals varies Case By Case from lender to lender.
  • MAXIMUM INCOME USED FOR BUSINESS BANK STATEMENTS – For 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%. 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 lender to lender.

MINIMUM BANK STATEMENT ONLY CREDIT SCORE NEEDED

600 or higher middle FICO scores. As much as 80% financing depending on the appraised value. 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.

Refinance with cash back: 680+ credit = 75% financing;

REQUIRED 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 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 EMPLOYEDMORTGAGE 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 LENDERS LENDER ON PROPERTIES THAT INCLUDE: Condos, Townhomes, single family homes, condotel, duplex, triplex or four-plex all qualify on various programs. Property can be as a primary residence, second home, or rental property. California self-employed Bank Statement Only Lenders Approvals varies Case By Case from 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 SELF EMPLOYED Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

ARE BANK STATEMENTS ALWAYS REQUIRED WITH SELF EMPLOYED BORROWERS? For California self employed or 1099 mortgage applicants, the lender must obtain complete individual federal income tax returns for the most recent 2 years, including all schedules. The mortgage applicants business tax returns for the most recent 2 years must also be obtained unless the following criteria are met:
• individual federal income tax returns show increasing Self-Employment Income over the past 2 years;
• funds to close are not coming from business accounts; and
• the mortgage to be insured is not a cash-out refinance.

A year-to-date Profit and Loss (P&L) statement and balance sheet must be obtained if more than a calendar quarter has elapsed since date of most recent calendar or fiscal year-end tax return was filed by the borrower. A balance sheet is not required for California self-employed mortgage applicants filing Schedule C income. If income used to qualify the mortgage applicants exceeds the 2 year average of tax returns, an audited P&L or signed quarterly tax return must be obtained from the IRS.

For Self employed Commission Income less than or equal to 25 percent of the mortgage applicants total earnings, the lender must use traditional or alternative employment documentation.  For Commission Income greater than 25 percent of the borrower’s total earnings, the lender must obtain signed tax returns, including all applicable schedules, for the last 2 years.

For both Self-Employment and Commission Income, in lieu of signed individual or business tax returns from the borrower, the lender may obtain a signed IRS Form 4506, Request for Copy of Tax Return, IRS Form 4506-T, Request for Transcript of Tax Return, or IRS Form 8821, Tax Information Authorization, and tax transcripts directly from the IRS.

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