No Tax Return California Mortgage Lenders
- 15 & 30-Year Fixed Rate
- 5/1 & 7/1 ARM products and interest-only 40-year Fixed Rate and
- 5/1 & 7/1 ARM products. Loan amounts from $100,000 to $5,000,000 are eligible.
California bank statement only mortgage lenders provide the perfect option for self-employed mortgage applicants who do not have the tax documents to prove their ability to pay. We can offer up to 90% LTV on personal and business and 55% DTI with scores as low as 600.
- Must document proof Self Employment At Least 2 Years
- No tax returns required
- 12 Months personal bank statements
- 12 Months business bank statements
- Loans up to $3 million – Minimum $150K
- Credit scores down to 600
- Rates starting in the low 5’s
- 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
No Tax Return California Mortgage Lenders Questions And Answers
- What advantages are there in getting a bank statement only mortgage loans?
- How much of a down payment do you need for a bank statement only mortgage?
- How can i get approved for a mortgage if I am Self Employed?
- Are Stated Income loans still available?
- Why should i apply for a bank statement only loan instead of a conventional mortgage if i’m self-employed?
- Whats The Minimum Downpayment For a self employed no tax return mortgage?
- Do self-employed mortgage lenders allow w2 co borrowers income to qualify?
- If my account has overdrafts or NFS can i still qualify for a bank statment only mortgage?
- Whats the minimum credit score for a bank statement only loan?
- Do I need tax returns to qualify for a mortgage?
- Do no doc mortgage loans still exist for primary homes?
- Can I use 24 months business bank statments and my spouse W2 income to qualify?
- 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 only mortgage?
- What deposits are NOT used the qualify using bank statement only for income?
- Can i deposit money into more than 1 bank account and still qualify the income?
- How long does it take to qualify and close on a bank statement only loan?
Popular No Tax Return California Mortgage Pages Include
Full Documentation with DTI to 55% including Asset Utilization for qualifying income
- Bank Statement Income Documentation
- o 24 Month Personal Bank Statements
- o 12 Month Personal Bank Statements
- o 24 Month Business Bank Statements
Eligible No Tax Return California Mortgage Lenders Property Types:
- Attached/detached SFRs
- Attached /detached PUDs
- Condos – Warrantable
- Condos – Non-Warrantable
- 2-4 units
Warrantable Condominiums No Tax Return California Mortgage Lenders:
- Full Review required, warrant to Fannie Mae guidelines
- Condo Project Manager (CPM) approval or PERS certificates allowed
- Site (detached) condos are eligible
- o Limited Review is allowed for detached condos (not allowed for attached condos). Site condos meeting
- Fannie Mae’s definition/requirements do not require limited review.
Non-Warrantable Condominium No Tax Return California Mortgage Lenders:
- Features cannot be combined – only one non-warrantable aspect allowed
- All non-warrantable condos must be approved by Plaza’s Project Standards Department
- Except as outlined below must meet Fannie Mae requirements
Interest-only and fully amortized No Tax Return California Mortgage Lenders
- LTVs to 90% (80% max for IO)
- Non-warrantable condominiums
The Solutions program is available in No Tax Return California Mortgage Lenders wholesale and non-delegated channels and is not eligible for delegated correspondents. The Program Guidelines supplement No Tax Return California Mortgage Lenders Credit Guidelines. Refer to No tax return mortgage lenders guidelines Selling Guide for any information not specified in the Program Guidelines and Credit Guidelines.
No Tax Return California Mortgage Lenders Occupancy
- Owner-occupied primary residences
- Second homes
No Tax Return California Mortgage Lenders Transactions
- Purchase with No Tax Returns
- Rate/Term Refinance with No Tax Returns California Mortgage Lenders
- Cash-Out Refinance with No Tax Returns California Mortgage Lenders
Underwriting No Tax Return California Mortgage Lenders Method
All No Tax Return California Mortgage loans must be manually underwritten and fully documented per these No Tax Return California Mortgage Lenders Program Guidelines. If a requirement is not addressed in these Guidelines, refer to the more restrictive of No Tax Return California Mortgage Lenders Credit Guidelines and No tax return mortgage lenders guidelines Selling Guide.
All loans are subject to a second level review. Please allow five business days of additional review time at time of initial approval. No Tax Return California Mortgage Lenders underwriters must refer to No Tax Return California Mortgage Lenders Non-conforming Underwriting Procedures for second level review requirements and procedures.
Underwriters must complete the Alternative Loan Analysis Form – FM-383 to ensure the loan is processed on the most appropriate program for the applicant.
All loans should contain an Ability to Repay (ability to repay) Borrower Certification Form signed by the borrower. No Tax Return California Mortgage Lenders disclosures include an ability to repay borrower certification form.
Rate & Term Refinance with No Tax Returns California Mortgage Lenders :
The new loan amount is limited to the payoff of the present first lien mortgage, any seasoned non-first lien mortgages, closing costs and prepays.
A seasoned non-first lien mortgage is a purchase money mortgage or a mortgage that has been in place for 12 months.
A seasoned equity line is defined as not having total draws greater than $2,000 in the past 12 months. Cash to the No Tax Returns California Mortgage Applicants is limited to the lesser of 2% or $2,000.
Properties currently listed for sale at time of loan application are not eligible for a rate/term Refinance with No Tax Returns California Mortgage Lenders transaction. If the property was listed within the last 6 months, the following is required:
o Proof of canceled listing prior to closing.
o Acceptable letter of explanation from the No Tax Returns California Mortgage Applicants detailing the rationale for changing the intention to sell. Prior Refinance with No Tax Returns California Mortgage Lenders s: At least 6 months, note date to note date, must have elapsed since any prior cash-out Refinance with No Tax Returns California Mortgage Lenders s on the subject property. Title must be in the No Tax Returns California Mortgage Applicant’s name at time of application and on the closing date.
Cash-Out Refinance with No Tax Returns California Mortgage Lenders :
A signed letter from the No Tax Returns California Mortgage Applicants disclosing the purpose of the cash-out must be obtained on all cash-out transactions. There must be seasoning of at least 6 months (and title must be in the No Tax Returns California Mortgage Applicant’s name for at least 6 months) since any prior financing (purchase or Refinance with No Tax Returns California Mortgage Lenders ) was obtained. Note date to note date is used to determine to season. Properties purchased entirely with cash within the last 6 months do not qualify for cash-out but may be eligible for Delayed Financing. Refer to the Delayed Purchase Refinance with No Tax Returns California Mortgage Lenders section. Other than as provided for in Delayed Financing, a mortgage taken out on a property previously owned free and clear is always considered a cash-out Refinance with No Tax Returns California Mortgage Lenders. Properties that have been listed for sale within the past 6 months of loan application are not eligible for a cash-out to Refinance with No Tax Returns California Mortgage Lenders transaction. Maximum cash-out limitations include the payoff of any unsecured debt, unseasoned liens, and any cash in hand.
No Tax Return California Mortgage Lenders Loan-to-Value (LTV) Calculation:
If the No Tax Returns California Mortgage Applicants has less than 12 months ownership of the property, the LTV/CLTV for a refinance transaction is calculated on the lesser of the purchase price or appraised value.
o For homes where capital improvements have been made to the property after purchase, LTV/CLTV can be based on the lesser of the current appraised value or original purchase price plus the documented improvements. Receipts are required to document cost of improvements.
If the No Tax Returns California Mortgage Applicants has owned the property for 12 months, the LTV/CLTV is based on the appraised value.
No Tax Return California Mortgage Lenders Delayed Purchase Refinance:
A Delayed Purchase Refinance is the refinance of a property purchased by the No Tax Returns California Mortgage Applicants for cash within 6 months of the current loan application date and requires the following:
The original transaction must have been an arm’s-length transaction.
The LTV/CLTV is calculated based on the lesser of the purchase price or appraised value of the subject property. Loan is underwritten as a cash-out refinance for LTV/CLTV purposes. Cash back to the No Tax Returns California Mortgage Applicants in excess of documented funds used to purchase the property is not allowed.
The CD from the original purchase. Documentation must show that no financing was obtained for the purchase of the property.
Funds used to purchase the property must be fully documented and sourced and must be the No Tax Returns California Mortgage Applicant’s own funds (no borrowed funds, no gift funds, no business funds, no retirement funds, and no pledged assets).
Reimbursement of business funds, funds secured by a pledged asset, or funds from the No Tax Returns California Mortgage Applicants retirement account are not considered “ No Tax Returns California Mortgage Applicants cash” for the purposes of this Delayed Purchase Refinance program.
Property Flips No Tax Return California Mortgage Lenders :
Non-arms length or Identity of Interest transactions are not permitted.
There can be no pattern of previous flipping as evidenced by multiple transfers in the last 12 months.
No double escrows or assignment of sales contract.
Seller of record must own the property at the time of the purchase contract.
The property must have been marketed openly and fairly, through a multiple listing service, auction, for sale
by owner offering (documented) or developer marketing.
Value increases must be supported including documented improvements and an additional valuation product may be required:
o A second appraisal is required if > 10% increase in sales price if seller acquired the property in the past 90 days, orA second appraisal is required if > 20% increase in sales price if seller acquired the property in the past91-180 days.
The identity of Interest & Non-Arm’s Length No Tax Return California Mortgage Lenders
The identity of Interest and Non-Arms Length Transactions describe certain transactions that pose an increased risk. A non-arm’s length transaction is any transaction where there is a relationship or business affiliation between the No Tax Returns California Mortgage Applicants(s) and/orany parties in the transaction. If a direct relationship exists between any of the parties to a transaction, including the
No Tax Returns California Mortgage Applicants/buyer, property seller, employer, lender, broker or appraiser, then the transaction will be considered non-arm’s length.
Examples of non-arm’s length transactions include, but are not limited to:
Family sales or transfers.
No Tax Returns California Mortgage Applicants(s) purchasing a property from a builder who, in turn, is purchasing the No Tax Returns California Mortgage Applicants existing property.
Renters buying from landlord.
Property trades between buyer and seller.
Property seller foreclosure bailouts.
Employer to employee sales or transfers.
No Tax Returns California Mortgage Applicants or co- No Tax Returns California Mortgage Applicants employed in the real estate or construction trades who are involved in the construction, financing or sale (i.e. listing agent) of the subject property.
Non-Arms length transactions are subject to the following:
Primary Residence onlyThe relationship must be fully disclosed and the No Tax Returns California Mortgage Applicants to provide a written explanation stating relationship to the seller and reason for purchaseNo Tax Returns California Mortgage Applicants to provide a copy of the canceled earnest money check LTV is based on the lesser of sales price or current appraised value No Tax Returns California Mortgage Applicants cannot provide services on the transaction (closing agent, title agent, appraiser, etc.) No Tax Returns California Mortgage Applicants may not be an owner of a business entity selling the subject property The following additional requirements apply only to family sales:
o Payment history for the seller’s mortgage on the subject property must be obtained and show no pattern of delinquency within the past 12 months (if applicable)
o Verification that the No Tax Returns California Mortgage Applicants has not been in title to the property in the past 24 months
o Gift of equity is permitted
Subordinate No Tax Return California Mortgage Lenders Financing
Subordinate financing is allowed per the Credit Matrix with the following requirements/restrictions:
Institutional financing only – Seller-held subordinate financing is not allowed.
Subordinate liens must be recorded and clearly subordinate to the first mortgage lien.
Full disclosure must be made on the existence of subordinate financing and the repayment terms.
Payment on the subordinate financing must be included in the DTI. If payment is unable to be
determined, 1.5% of the original loan balance can be used.
If the subordinate lien is a HELOC the total line amount must be used to determine CLTV.
Ineligible Subordinate California Mortgage s:
Subordinate mortgages subject to an interest rate buydown plan.
Subordinate mortgages that allow negative amortization.
Subordinate mortgages that involved graduated or variable payments.
Subordinate mortgages that have wraparound terms.
Subordinate mortgages through a Community Second California Mortgage /Down Payment Assistance Program. Subordinate mortgages held by the property seller.
Any type of tax or judgment lien.
No Tax Return California Mortgage Lenders Minimum Credit Standards:
A tri-merged credit report is required. Unless otherwise addressed below, Fannie Mae underwriting guidelines must be followed for evaluating a borrower’s credit history. Credit reports with bureaus identified as “frozen” are required to be unfrozen and a current credit report with all bureaus unfrozen is required.
Credit Scores: The lowest qualifying score of all applicants is used to qualify. The qualifying score is the lower of 2 or middle of 3 scores for each borrower.
3 trade lines – Each trade line must have activity in the last 12 months and may be open or closed.
2 trade lines – Each trade line must have been reported for 24 months and have activity in the last 12 months and may be open or closed.
Trade lines used to qualify may not exceed 0x60 in the most recent 12 months.
Authorized User accounts may not be used to satisfy the tradeline requirements.
Non-traditional credit or trade lines with derogatory credit may not be used to satisfy the trade line
No Tax Return California Mortgage Lenders Credit Evaluation:
All accounts, revolving and installment, reported by the borrower on the application must be verified directly by a credit reference or verified on the credit report. The balance, rating and terms of the account must be verified. If the account has not been updated on the credit report within 90 days of the date of the credit report, a supplement to the credit report or a separate written verification form must be obtained.
- Must be current at closing
- Maximum 2 x 30 and 0 x 60 in most recent 12 months
- Maximum 1 x 60 in months 12 – 24
No Tax Return California Mortgage Lenders Coverage Areas:
Agoura Hills, California
Agua Dulce, California
Aliso Viejo, California
Alta Loma, California
Amador City, California
Anaheim Hills, California
Angels Camp, California
Angelus Oaks, California
Apple Valley, California
Aroura Hills, California, California
Arroyo Grande, California
Avila Beach, California
Baldwin Park, California
Bay Point, California
Bel Air, California
Belmont Shores, California
Ben Lomond, California
Big Bear City
Big Bear Lake
City of Industry
Corona del Mar
Coto de Caza
Desert Hot Springs
East Palo Alto
El Camino Village
El Dorado Hills
Foothill Ranch, California
Granada Hills, California
Half Moon Bay
La Canada Flintridge
Los Altos Hills
Marina del Rey
Midway City, California
Mono Hot Springs
North Manhattan Beach
Playa del Rey
Rancho La Costa
Rancho Palos Verdes
Rancho Santa Fe
Rancho Santa Margarita
Rolling Hills Estates
San Juan Bautista
San Juan Capistrano
San Luis Obispo
Santa Fe Springs
South El Monte
South Lake Tahoe
South San Francisco
South San Gabriel
Valley Glen, California
Venice Beach, California
West Los Angeles
West Menlo Park, California
Westwood Village, California
Yorba Linda, California
Yountville, California, California
Yuba City, California
Yucca Valley, California