Chula Vista CA-No-Tax Return Mortgage Lenders 
CHULA VISTA CA FHA MORTGAGE LENDERS
CALIFORNIA STATED INCOME MORTGAGE LENDERS PROGRAMS
Bank Statement Home Loans For Self Employed Chula Vista CA Homebuyers and Homeowers! Chula Vista CA is the second largest city in the San Diego California metropolitan area, the seventh largest city in Southern California, the fourteenth largest city in the state of California, and the 74th-largest city in the United States

1. Chula Vista CA Self Employed PRE APPROVAL CHECKLIST 
2. Copy of Drivers license.
3. Proof of 2 years Chula Vista CA Self Employed including articles of incorporation, 1099, accountant letter to prove 2 years self-employed. 
4. Fill our a Full Mortgage Application
5. Lable by month and upload your most recent 12 or 24 months of business or personal Chula Vista Bank statements.
6. Check Self Employed Mortgage lenders Questions And Answers 

SELF EMPLOYED MORTGAGE QUESTIONS

• Do-i-need-rental-history-to-qualify-for-a-bank-statement-only-mortgage
• What’s the minimum credit score for a bank statement only loan?
• How is income calculated for your bank statements only mortgage loan program?
• How long do I have to prove self-employed to qualify for your bank Statement only loan program?
• Whats your minimum loan amount for a bank statement only mortgage loan?
• how long does it take to get a Pre Approval letter on a Bank Statement the only mortgage?
• what-if-im-self-employed-but-can not-prove-i-have-been-in-business-for-at-least-2-years
• What deposits have NOT used the qualify using bank statements only for income?
• Can i deposit money into more than 1 bank account and still qualify the income?
• how-much-of-a-down-payment-do-i-need-for-a-bank-statement-only-loan
• How long does it take to qualify and close on a bank statement the only loan?

Do self-employed mortgage lenders allow w2 co-borrowers income to qualify?

• NO TAX RETURNS MORTGAGE DOCUMENTS NEEDED
• • Two options available – Alt-Doc & Reduced Doc
  o Alternative No Tax Return Mortgage Lenders Documentation:
  ▪ 24 Months Personal Chula Vista Bank Statements
  ▪ 24 Months Business Chula Vista Bank Statements with a profit and loss statement
  o Reduced Documentation:
  ▪ 12 Months Personal Chula Vista Bank Statements
  ▪ 12 Months Business Chula Vista Bank Statements with a profit and loss statement
  ▪ 2 Months Chula Vista Bank Statements (business or personal) supported by a CPA prepared
  P&L covering at least 12 months

NO Tax Return Chula Vista Mortgage Lenders Statement Evaluation

• Self-employed Chula Vista CA Self Employed Mortgage Applicants s are eligible for either Personal Chula Vista Bank Statement Documentation or Business
  Chula Vista Bank Statement Documentation. The following restrictions apply to both documentation types:
  • Chula Vista CA Self Employed Mortgage Applicants s must be self-employed or be able to prove they have been in the same business line of work for at least 2  consecutive years.Or the Business must be in existence for at least 2 years.
  • Standard Tradelines and a 12-month housing history are required.
  • Non-Permanent Resident Aliens and Foreign Nationals are ineligible.
  • All parties listed on each Chula Vista Bank account must be included as Chula Vista CA Self Employed Mortgage Applicants s on the loan.
  • Chula Vista CA Statements must be consecutive and reflect the most recent months available.
  • Chula Vista CA Statements must support stable and generally predictable deposits. Unusual deposits must be
  documented.
  • Evidence of a decline in earnings may result in disqualification.
  • Up to 20 NSF checks and overdraft protection transfers in the most recent 12-month period are
  allowed with an explanation from the Chula Vista CA Self Employed Mortgage Applicants.
  • Additional income deposited into the Chula Vista Bank statements but derived from a source other than the
  self-employed business may not be included in the Chula Vista Bank statement average. W-2 earnings can
  be used to supplement the Chula Vista Bank statement income. We will require 2 years W-2’s, 30 days of
  most recent paystubs and a 4506t just for W-2 transcripts.
  • If Chula Vista Bank statements provided reflect payments being made on obligations not listed on the credit
  report, we may ask for clarification that these are not debts that need to be included into the
  DTI.
  • Chula Vista CA Income derived solely from the ownership of rental properties cannot be used as the primary
  income source on a Chula Vista Bank statement loan. Chula Vista CA Self Employed Mortgage Applicants s who receive rental income as a secondary
  income source may utilize Chula Vista Bank Statement Documentation on a case-by-case basis.
• NO Tax Return Mortgage Lenders Documents Continued
• Business Chula Vista Bank Statement Documentation is allowed under all programs. See the applicable Chula Vista Bank Statement Mortgage Lenders Funding Program Matrix for credit score and LTV restrictions.
  The following documentation is required:
  • 2, 12, or 24 months complete business Chula Vista Bank statements from the same account (transaction
  history printouts are not acceptable)
  • Business Chula Vista Bank accounts, personal Chula Vista Bank accounts addressed to a DBA, or personal accounts with
  evidence of business expenses can be used for qualification
  • P&L statement (prepared by CPA, licensed tax preparer or Chula Vista CA Self Employed Mortgage Applicants ) covering the same 2-year
  period as the Chula Vista Bank statements.
  • Business narrative required outlining business cash-flows & expenses associated with the
  business industry type.
  • Chula Vista CA Self Employed Mortgage Applicants Prepared signed and dated P&L is allowed with an acceptable business narrative
  outlining business cash-flows & expenses associated with the business industry type.
  • Initial signed 1003 with monthly income disclosed. Must be equal to or higher than Net income
  on P&L.
  • Verification Chula Vista CA Self Employed Mortgage Applicants is 100% owners of business Exception granted if Chula Vista CA Self Employed Mortgage Applicants owns at least 50% of the business.
  • Verification of business existence required within 10 calendar days of closing
  Income Calculation: Qualifying income is the P&L Net Income average from the validated P&L provided.
  The total deposits calculated with 2, 12, or 24 months of business Chula Vista Bank statements is used solely to
  validate self-employed earnings reported on the P&L provided.
  P&L Net Income
  P&L Net Income is the net income disclosed on the P&L averaged over 2, 12, or 24 months.
  P&L Validation
  The average of total deposits calculated with 2, 12, or 24 months of business Chula Vista Bank statements is used
  solely to validate self-employed earnings reported on the P&L.
  Average deposits over the 12 or 24-month period must support the 2, 12, or 24-month P&L by being no
  less than 10% below P&L Average Gross Revenue. If average deposits equal 90% or more of Average
  Gross Revenue, the P&L is deemed validated.
  The following requirements apply:
  • Wire transfers and transfers from other accounts must be documented or excluded from the
  calculation.
  • Statements should show a trend of ending balances that are stable or increasing over time.
  Decreasing or negative ending balances must be explained.
  • Chula Vista CA Self Employed Mortgage Lenders will review and validate expenses based on business narrative provided.
  • Business expenses must be reasonable for the type of business. Examples of businesses with
  higher expense ratios may include construction companies, builders, restaurants and retail
  firms.
• Chula Vista BANK STATEMENT ONLY MORTGAGE LENDERS- NO TAX RETURNS!
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• Chula Vista CA Chula Vista CA Self Employed BANK STATEMENT MORTGAGE LENDERS|
• INCOME FOR NO TAX RETURN MORTGAGE LENDERS
• 1003 Initial Chula Vista CA Self Employed Mortgage Applicants Mortgage Application Income
  • Income disclosed on the initial signed application should be reviewed. Income used to qualify
  must not exceed income stated on the signed 1003.
  PERSONAL Chula Vista Bank STATEMENTS
  Personal Chula Vista Bank Statement Documentation is allowed under all programs. See the applicable Chula Vista Bank Statement Mortgage Lenders
  Funding Product Matrix for credit score and LTV restrictions.
  All Non-Agency Loan Programs allow for either 2, 12, or 24 months of Chula Vista Bank statements. Maximum DTI
  for 12-month option is 43%. See the Non-QM Scenario Desk for exceptions to 50%.
  The Investment Property Program allows for only 12 months of Chula Vista Bank statements with standard DTI
  requirements.
  Chula Vista CA Self Employed Documentation documentation is required:
  • 2, 12, or 24 months complete personal Chula Vista Bank statements from the same account (transaction
  history printouts are not acceptable).
  • Multiple Chula Vista Bank accounts may be used (combination of business and personal is prohibited unless
  income is being used from multiple businesses and each account represents income from a
  separate business)
  • For Personal Chula Vista Bank statements; all deposits greater than 50% of the monthly deposit average will
  require a source and explanation.
  o Note: LTV less than or equal to 70% & Credit Tiers 1-3, NOT REQUIRED. *Assets to close
  will still be validated.
• • Initial signed 1003 with monthly income disclosed
  • Verification of business existence required within 10 calendar days of closing
  Income Calculation: Income calculated using personal Chula Vista Bank statements must be reviewed alongside
  income stated by the Chula Vista CA Self Employed Mortgage Applicants on the initial signed loan application.
  • Final income is calculated by averaging qualified deposits over the 2, 12, or 24-month period.
  Personal Chula Vista Bank Statement Average
  The following requirements apply when calculating qualifying income using personal Chula Vista Bank statements:
  • 100% of deposits used for income and averaged over 12 or 24 months
  • Transfers between personal accounts should be excluded
  • Transfers from a business account into a personal account are acceptable. Additional business
  Chula Vista Bank statements will be required to establish a history of transfers.
• When utilizing reduced doc 2-month Chula Vista Bank statement program a 12-month CPA prepared P&L will be
  required. The monthly average of the Chula Vista Bank statement deposits must validate within 10% of the P&L
  annual net income averaged over 12 months.8.2.1.1 Personal Chula Vista Bank Statement Average
• The following requirements apply when calculating qualifying income using personal Chula Vista Bank statements:
  • 100% of deposits used for income and averaged over 2, 12, or 24 months
• • Transfers between personal accounts should be excluded
  • Transfers from a business account into a personal account are acceptable. Additional business
  Chula Vista Bank statements will be required to establish a history of transfers.
  1003 Initial Disclosed Income
  Income disclosed on the initial signed application should be reviewed. Income used to qualify must not
  exceed income stated on the signed 1003.
  Professional Investor Program
  This is the easiest program that we have. We can close these loans in as quick as 2.5 weeks. There are
  two main transactions under this program: Purchase & Cash Out Refi.
  FIRST-TIME INVESTOR
  A First-Time Investor is a Chula Vista CA Self Employed Mortgage Applicants who has not owned at least one investment property for at least 12
  months anytime during the most recent 12-month period. First-Time Investors are allowed with a 5%
  LTV reduction.
  OWNERSHIP OF PRIMARY RESIDENCE
  All Chula Vista CA Self Employed Mortgage Applicants s must presently own their primary residence. This requirement may be waived if the
  Chula Vista CA Self Employed Mortgage Applicants can clearly demonstrate that the subject property is residential in nature and inferior in size
  and quality to their primary residence (leased or owned). The Chula Vista CA Self Employed Mortgage Applicants must be renting another
  residence and the lease must continue for the foreseeable future (minimum of 6 months).
  LEASE REQUIREMENTS
  For refinance transactions, an executed lease with no less than 3 months remaining at time of close is
  required for all units in the subject property. The month-to-month tenancy is not subject to this requirement
  with sufficient evidence (such as a signed extension letter). Chula Vista CA Self Employed Mortgage Lenders does not require proof of lease on
  purchase transactions. The property may be vacant on a purchase with no 5% LTV reduction.
  The following requirements apply to refinance transactions:
  • Lease requirements may be waived with a 5% LTV reduction from the maximum LTV allowed per
  applicable program matrix.
  • Original Lease term must be equal to or greater than 1 year. Month to month tenancy is allowed
  only as an extension to the original lease term.
  • Monthly lease payments must be consistent with market rents
• SUMMARY –  Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders 
• Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders 
  Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders provides two (2) additional documentation options to determine Chula Vista CA Self Employed Mortgage Applicants Chula Vista CA Self Employed Mortgage Applicants qualifying income. Under this program either of the following will be acceptable;
   12-months personal Chula Vista Bank statements; or
   24-months business Chula Vista Bank statements
• Transaction Types Chula Vista BankChula Vista Bank Statement Mortgage Lenders 
  • Purchase
  • Rate and Term Refinances
  • Cash-Out  and or Debt Consolidation Refinances
• General Requirements Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders 
  Under this Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders, all Chula Vista CA Self Employed Mortgage Applicants must be Self-employed.
• Income Calculations for Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders
• Personal Chula Vista Bank Statement Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders
  The following requirements apply when calculating qualifying income using personal Chula Vista Bank statements:
  • All parties on the Chula Vista Bank’s statements must be on the loan; and
  • Qualifying income is defined as 100% of deposits, averaged over a twelve (12) month period; and
  • Statements must be consecutive and reflect the most recent months available; and
  • Transfers from a Chula Vista CA Self Employed Mortgage Applicants Chula Vista CA Self Employed Mortgage Applicants business to personal account are allowed; and
  • If the Chula Vista Bank statements provided reflect payments being made on obligations not listed on the
  credit report, refer to Undisclosed Debts for additional guidance.
• Business Chula Vista Bank Statements Chula Vista CA Self Employed Mortgage Lenders
  The following requirements apply when calculating qualifying income using business Chula Vista Bank statements:
  •Chula Vista CA Self Employed mortgage applicants must be 100% owner of the business to use 100% of the income; and
  • Qualifying income is defined as, the total deposits, less the percent of business expenses,
  annualized.
• The expense to Income Ratio For Business Chula Vista Bank Statement Only Mortgage Lenders
  The percentage of expenses used to determine the Chula Vista CA Self Employed Mortgage Applicants Chula Vista CA Self Employed Mortgage Applicants qualifying income, can never less than 35%
  of the total deposits. For underwriting purposes, a Business Expense, CPA Statements or Profit and Loss Statements reflecting an expense ratio of less than the minimum required (5%), the percentage used to determine the qualifying
  income will be adjusted to the minimum expense ratio determined by Chula Vista CA Self Employed Chula Vista Bank statement mortgage lenders..
• Documentation Requirements Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders
  Most recent twelve (12) months consecutive Chula Vista Bank statements
  IRS transcripts are not required under the personal Chula Vista Bank statement program. In the event one or more Chula Vista CA Self Employed Mortgage Applicants (s)
  are wage earnersIRS transcripts are still not required.
• Verified Documentation Requirements Provided By Unbiased Observer
  A Third Party or CPA prepared Business Expense Statement or Profit and Loss Statements, which is no less than
  90-days old at the time closing must specify the total business expenses as a percent of the gross
  revenue from the business Chula Vista Bank statement deposits.  Twenty-four (24) month business Chula Vista Bank statements covering the same time period as the Business Expense
  Statement.
• 1003 Chula Vista CA Self Employed Mortgage Lenders Initial Disclosed Income Application
  Income disclosed on the initial signed application should be reviewed. If the income calculated is significantly
  higher than income stated on 1003, the underwriter should request an explanation from the Chula Vista CA Self Employed Mortgage Applicants to determinee the acceptability of the income.
• Program Restrictions For Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders
  The following restrictions apply when using Chula Vista Bank statement documentation:
  • The Chula Vista CA Self Employed Mortgage Applicants must qualify with Standard Trade Lines as per Trade Line Requirements section.
  • Non-permanent resident aliens and foreign nationals are not eligible.
  • Payroll deposits into accounts from other employment must be reflected as direct deposits and
  may not be included in the Chula Vista Bank statement average. W-2 earnings must be documented as per the
  requirements in the Salaried/Wage-Earners section.
  • A consistent pattern of withdrawals exceeding deposits on a monthly basis or evidence of a decline
  in earnings may result in disqualification.
  • NSF and overdraft activity must be reviewed for acceptability.
  • Income derived solely from the ownership of rental properties must be calculated per the
  requirements in Rental Income section. Chula Vista CA Self Employed Mortgage Applicants Chula Vista CA Self Employed Mortgage Applicants who receive rental income as a secondary
  income source may utilize Chula Vista Bank statement documentation on a case-by-case basis.
  • Non-Profit organizations are not eligible under the Business Chula Vista Bank Statement Program.
• Occupancy Requirments for Chula Vista CA Self Employed Chula Vista Bank Statement Mortgage Lenders
  Owner-Occupied & Second Home only
  Investment properties limited to purchase transactions only
• Second Home Mortgage Chula Vista CA Self Employed Mortgage Applicants  Eligibility Requirements:
  • Must be located a reasonable distance away from the Chula Vista CA Self Employed Mortgage Applicants’ principal residence and occupied
  by the Chula Vista CA Self Employed Mortgage Applicants for some portion of the year.
  • Must be located in a vacation area or an explanation for a second home is required and must be
  reviewed by the Underwriter.
  • Restricted to one unit dwellings
  Must be suitable for year-round occupancy
  • The Chula Vista CA Self Employed Mortgage Applicants must have exclusive control over the property. The property cannot be rented
  seasonally or otherwise for any portion of the year, regardless of whether rental income is claimed
  on tax returns.
  • Cannot be subject to any agreements that give a management firm control over the occupancy of
  the property