Modesto, CA Bank Statement Mortgage Lenders

NO TAX RETURN Modesto CALIFORNIA MORTGAGE LENDERS
10% DOWN+No Tax Returns INCOME Modesto CALIFORNIA MORTGAGE LENDERS!
No Tax Returns Modesto California MORTGAGE LENDERS- No Tax Returns California HOME LOANS
Now Only 10% Down Owner Occ. using No TAX RETURNS Modesto CA  Mortgage Lenders California Self Employed Mortgage Lenders Program Details

  • No tax returns required
  • 12 month personal or business No Tax Returns
  • 12-month business No Tax Returns
  • Loans up to $5 million
  • Credit scores down to 580
  • Up to 90% LTV on Personal and Business with no MI
  • DTI up to 50% considered
  • Owner-occupied, 2nd homes and investment properties 
  • 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
  • Non-warrantable condos considered
  • Jumbo loans down to 600 score
  • 5/1 ARM or 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • Seller concessions to 6% (2% for investment)
  • 2 year self-employed required

Check Self Employed Mortgage lenders Questions And Answers 


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 Bank Statement Mortgage Lenders Documentation:
▪ 24 Months Personal Modesto Bank Statements
▪ 24 Months Business Modesto Bank Statements with a profit and loss statement
o Reduced Documentation:
▪ 12 Months Personal Modesto Bank Statements
▪ 12 Months Business Modesto Bank Statements with a profit and loss statement
▪ 2 Months Modesto Bank Statements (business or personal) supported by a CPA prepared
P&L covering at least 12 months

SELF EMPLOYED MORTGAGE QUESTIONS

Bank Statement Modesto Mortgage Lenders Statement Evaluation

Self-employed Modesto CA Self Employed Mortgage Applicants s are eligible for either Personal Modesto Bank Statement Documentation or Business
Modesto Bank Statement Documentation. The following restrictions apply to both documentation types:
• Modesto 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 Modesto Bank account must be included as Modesto CA Self Employed Mortgage Applicants s on the loan.
• Modesto CA Statements must be consecutive and reflect the most recent months available.
• Modesto 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 Modesto CA Self Employed Mortgage Applicants.
• Additional income deposited into the Modesto Bank statements but derived from a source other than the
self-employed business may not be included in the Modesto Bank statement average. W-2 earnings can
be used to supplement the Modesto 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 Modesto 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.
• Modesto CA Income derived solely from the ownership of rental properties cannot be used as the primary
income source on a Modesto Bank statement loan. Modesto CA Self Employed Mortgage Applicants s who receive rental income as a secondary
income source may utilize Modesto Bank Statement Documentation on a case-by-case basis.

Bank Statement Mortgage Lenders Documents Continued

Business Modesto Bank Statement Documentation is allowed under all programs. See the applicable Modesto 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 Modesto Bank statements from the same account (transaction
history printouts are not acceptable)
• Business Modesto Bank accounts, personal Modesto 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 Modesto CA Self Employed Mortgage Applicants ) covering the same 2-year
period as the Modesto Bank statements.
• Business narrative required outlining business cash-flows & expenses associated with the
business industry type.
• Modesto 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 Modesto CA Self Employed Mortgage Applicants is 100% owners of business Exception granted if Modesto 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 Modesto 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 Modesto 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.
• Modesto 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.

Modesto BANK STATEMENT ONLY MORTGAGE LENDERS- NO TAX RETURNS!

1003 Initial Modesto 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 Modesto Bank STATEMENTS
Personal Modesto Bank Statement Documentation is allowed under all programs. See the applicable Modesto 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 Modesto 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 Modesto Bank statements with standard DTI
requirements.
Modesto CA Self Employed Documentation documentation is required:
• 2, 12, or 24 months complete personal Modesto Bank statements from the same account (transaction
history printouts are not acceptable).
• Multiple Modesto 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 Modesto 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 Modesto Bank statements must be reviewed alongside
income stated by the Modesto 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 Modesto Bank Statement Average
The following requirements apply when calculating qualifying income using personal Modesto 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
Modesto Bank statements will be required to establish a history of transfers.

When utilizing reduced doc 2-month Modesto Bank statement program a 12-month CPA prepared P&L will be
required. The monthly average of the Modesto Bank statement deposits must validate within 10% of the P&L
annual net income averaged over 12 months.8.2.1.1 Personal Modesto Bank Statement Average

The following requirements apply when calculating qualifying income using personal Modesto 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
Modesto 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 Modesto 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 Modesto CA Self Employed Mortgage Applicants s must presently own their primary residence. This requirement may be waived if the
Modesto 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 Modesto 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). Modesto 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 –  Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders 

Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders 
Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders provides two (2) additional documentation options to determine Modesto CA Self Employed Mortgage Applicants Modesto CA Self Employed Mortgage Applicants qualifying income. Under this program either of the following will be acceptable;
 12-months personal Modesto Bank statements; or
 24-months business Modesto Bank statements

Transaction Types Modesto Bank Statement Mortgage Lenders 
• Purchase
• Rate and Term Refinances
• Cash-Out  and or Debt Consolidation Refinances

General Requirements Modesto CA Self Employed Bank Statement Mortgage Lenders 
Under this Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders, all Modesto CA Self Employed Mortgage Applicants must be Self-employed.

Personal Modesto Bank Statement Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders
The following requirements apply when calculating qualifying income using personal Modesto Bank statements:
• All parties on the Modesto 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 Modesto CA Self Employed Mortgage Applicants Modesto CA Self Employed Mortgage Applicants business to personal account are allowed; and
• If the Modesto Bank statements provided reflect payments being made on obligations not listed on the
credit report, refer to Undisclosed Debts for additional guidance.

Business Modesto Bank Statements Modesto CA Self Employed Mortgage Lenders
The following requirements apply when calculating qualifying income using business Modesto Bank statements:
•Modesto 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 Modesto Bank Statement Only Mortgage Lenders
The percentage of expenses used to determine the Modesto CA Self Employed Mortgage Applicants Modesto CA Self Employed Mortgage Applicants qualifying income, CA Stated Income Mortage Lendersn 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 Modesto CA Self Employed Modesto Bank statement mortgage lenders..

Documentation Requirements Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders
Most recent twelve (12) months consecutive Modesto Bank statements
IRS transcripts are not required under the personal Modesto Bank statement program. In the event one or more Modesto 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 Modesto Bank statement deposits.  Twenty-four (24) month business Modesto Bank statements covering the same time period as the Business Expense
Statement.

1003 Modesto 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 Modesto CA Self Employed Mortgage Applicants to determine the acceptability of the income.

Program Restrictions For Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders
The following restrictions apply when using Modesto Bank statement documentation:
• The Modesto 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 Modesto 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. Modesto CA Self Employed Mortgage Applicants Modesto CA Self Employed Mortgage Applicants who receive rental income as a secondary
income source may utilize Modesto Bank statement documentation on a case-by-case basis.
• Non-Profit organizations are not eligible under the Business Modesto Bank Statement Program.

Occupancy Requirments for Modesto CA Self Employed Modesto Bank Statement Mortgage Lenders
Owner-Occupied & Second Home only
Investment properties limited to purchase transactions only

Second Home Mortgage Modesto CA Self Employed Mortgage Applicants  Eligibility Requirements:
• Must be located a reasonable distance away from the Modesto CA Self Employed Mortgage Applicants’ principal residence and occupied
by the Modesto 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 Modesto 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

Modesto, CA Stated Income Mortage Lenders Covers 10 ZIP Codes
Modesto CA Mortgage LendersType County Population Area Code(s)
Modesto CA Mortgage Lenders 95350 Standard Stanislaus 51,046 209
Modesto CA Mortgage Lenders 95351 Standard Stanislaus 46,458 209
Modesto CA Mortgage Lenders 95352 P.O. Box Stanislaus 0 209
Modesto CA Mortgage Lenders9 5353 P.O. Box Stanislaus 0 209
Modesto CA Mortgage Lenders 95354 Standard Stanislaus 25,394 209
Modesto CA Mortgage Lenders 95355 Standard Stanislaus 58,311 209
Modesto CA Mortgage Lenders 95356 Standard Stanislaus 30,918 209
Modesto CA Mortgage Lenders 95357 Standard Stanislaus 11,559 209
Modesto CA Mortgage Lenders 95358 Standard Stanislaus 31,668 209
Modesto CA Mortgage Lenders 95397 Unique Stanislaus 0 209
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