Calornia Self Employed Mortgage Lenders Program Details

• No tax returns required
• 12 month personal or business No Tax Returnss
• 24 month business No Tax Returnss
• Loans up to $3 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

1. No Tax Returns Lenders Worksheet
2. No Tax Returns Lenders 24 Month Profit and Loss Statement Request
3. NO TAX RETURNS NEEDED!!!

JUMBO No Tax Returns – No Tax Returns MORTGAGE LENDERS UP TO 5 MILLION

California No Tax Returns HOME LOANS- BASED ON No Tax ReturnsS

• The borrower must be Self Employed Minimum 2 years!
• Personal or Business Statement Accepted 
• 50% MAXIMUM DTI  FOR No Tax returns
• 24 months to qualify / Mortgage Late Payments, Short Sales, BK = OK!!
• Bank statement lenders minimum 580 FICO!

25% DOWN No Tax Returns California INVESTOR LOANS!

No Tax Returns INCOME California MORTGAGE PROGRAMS
California mortgage lenders offer three No Tax Returns Documentation Programs:

1.Full Documentation (“Full Doc”)

2. Alternative Income (“Alt Doc No Tax Returnss”) for Owner Occupied properties

3.Alternative Documentation (“Alt-Doc Cash Flow”) for Non-Owner Occupied or Second Home properties and Business Loan requests.

The below information is a summary of minimum California No Tax Returns loan documentation requirements for each Income Documentation Program. For additional documentation requirements, refer to the Income Doc Charts in this section of the Guide.

-ALTERNATIVE DOCUMENTATION / No Tax Rreturns No Tax Returns INCOME California MORTGAGE LENDERS 

Self-employed ONLY
(Must be able to verify self-employment income)
1. Last twenty-four (24) months personal or business No Tax Returns with all pages required for all months.
2. No Tax Returns California Borrower Income is determined by using the gross monthly amount of deposits with a deduction of any itemized debts or other expenses that are verified by a tri-bureau merged credit report.
3. Max six (6) NSF checks in the last twelve (12) months.
4. Acceptable documentation supporting the existence of the business for the most recent two (2) years must be obtained. (Refer to the Acceptable Evidence of Self-employed Business).
CALIFORNIA NO TAX RETURNS FULL DOC / WAGE EARNER
1. VOE completed in full by employer verifying most recent two (2) years (Verbal verification of VOE required) and current year-to-date earnings on a current pay stub OR
2. W-2 for most recent two (2) years & current pay stub reflecting year-to-date earnings OR
3. Signed 1040’s for most recent two (2) years & current pay stub reflecting year-to-date earnings
Fixed & Other Sources
Current award/retirement letter; AND
Copy of the most recent No Tax Returns showing automatic deposit (deposit must specifically reference the source of the deposit); OR
1099 for most recent year
Self-employed
Acceptable documentation supporting the existence of the business (“Refer to the Acceptable Evidence of Self-employed Business”)AND
Verification of income covering the most recent two (2) years and year-to-date earnings with signed 1040’s as well as other    applicable supporting documentation (i.e. 1120’s, K-1s etc.)
100% Commission / Bonus
Verbal VOE, to confirm borrower’s employment and commission/bonus AND
Signed 1040’s for most recent two (2) years with current pay stub reflecting year-to-date earnings (if not pay stub no applicable, obtain No Tax Returns covering year-to-date)
Salaried + > 25% Commission / Bonus
· Signed 1040’s for most recent two (2) years AND current pay stub reflecting year-to-date earnings (pay stub must reflect salaried wage + commission/bonus)
CALIFORNIA POPULAR SELF EMPLOYED MORTGAGE PAGES

If you are self-employed No Tax Returns 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 No Tax Returns California home loan.

-No Tax Returns 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 ‘No Tax Returns income’ loan. Second, the recent housing recession has caused declining income for many self-employed business owners. Even if their income has stabilized, the No Tax Returns California home loan will be based on the average of your last two years of tax returns, which could show reduced income.”

No Tax Returns 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.

“No Tax Returns 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 No Tax Returns lenders started using No Tax Returnss to show cash flow for self-employed people and was a good way to get a lot of California homebuyers approved for No Tax Returns California home loans.

– CALIFONRIA SELF EMPLOYED BORROWERS INCOME AND TAXES

Self-employed No Tax Returns California mortgage applicants must complete Internal Revenue Service Form 4506-T, which allows No Tax Returns California mortgage lenders to request tax transcripts. California No Tax Returns 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 No Tax Returns 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 No Tax Returns California mortgage lender.

NO TAX RETURNS NEEDED! QUALIFY USING BANK STATEMENT ONLY
Self-Employed Mortgage Lenders Program Highlights Summary

Los Angeles, CA No Tax Return Mortgage Lenders

• California Self Employed Bank Statement Mortgage Lenders
• 10%down+san Jose California self-employed mortgage lenders
• CA Bank Statement Mortgage For Self-Employed Borrowers
• 10% Down Self Employed Bank Statement Only CA Mortgage Lenders
• 10%down+los Angeles California self-employed mortgage lenders
• CALIFORNIA SELF EMPLOYED-BANK STATEMENT MORTGAGE
• 10% Down Self Employed Bank Statement Only CA Mortgage Lenders
• 10%DOWN+San Francisco CA Self Employed Mortgage Lenders