10% Down + No Tax Return California Mortgage Lenders

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 

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.

Trade Lines:

3 trade lines – Each trade line must have activity in the last 12 months and may be open or closed.

OR

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

requirements.

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:

Acton, California
Adelanto, California
Agoura Hills, California
Agua Dulce, California
Alameda, California
Alamo, California
Albany, California
Alhambra, California
Aliso Viejo, California
Alpine, California
Alta Loma, California
Altadena, California
Alturas, California
Amador City, California
Anaheim, California
Anaheim Hills, California
Anderson, California
Angels Camp, California
Angelus Oaks, California
Antelope, California
Antioch, California
Anza, California
Apple Valley, California
Applegate, California
Aptos, California
Arcadia, California
Arcata, California
Arleta, California
Armona, California
Arnold, California
Aroura Hills, California, California
Arroyo Grande, California
Atascadero, California
Atwater, California
Atwood, California
Auberry, California
Auburn, California
Avalon, California
Avery, California
Avila Beach, California
Azusa, California
Bakersfield, California
Baldwin Park, California
Bangor, California
Banning, California
Barstow, California
Bay Point, California
Bayside, California
Bel Air, California
Bell, California
Bellflower, California
Belmont, California
Belmont Shores, California
Belvedere, California
Ben Lomond, California
Benicia, California
Berkeley, California
Berry Creek
Beverly Hills
Big Bear City
Big Bear Lake
Big Sur
Bishop
Blue Jay
Blue Lake
Blythe
Bolinas
Bonita
Borrego Springs
Bothell
Boulder Creek
Brea
Breenbrae
Brentwood
Brisbane
Buellton
Buena Park
Burbank
Burlingame
Burlington
Calabasas
California City
Calimesa
Calistoga
Camarillo
Cambria
Cameron Park
Campbell
Campo
Canoga Park
Canyon Country
Canyon Lake
Capistrano Beach
Capitola
Cardiff
Cardiff-by-the-Sea
Carlsbad
Carmel
Carmel Valley
Carmichael
Carpinteria
Carson
Castaic
Castro Valley
Catalina Island
Cathedral City
Cayucos
Cedar Glen
Cedar Ridge
Ceres
Cerritos
Chatsworth
Cherry Valley
Chester
Chico
China Lake
Chino
Chino Hills
Chula Vista
Citrus Heights
City of Industry
Claremont
Clayton
Clearlake Oaks
Clearlake
Cloverdale
Clovis
Coarsegold
Colfax
Coloma
Colton
Columbia
Colusa
Commerce
Compton
Concord
Cordelia
Corning
Corona
Corona del Mar
Coronado
Corralitos
Corte Madera
Costa Mesa
Cotati
Coto de Caza
Covina
Crescent City
Crestline
Crockett
Culver City
Cupertino
Cutten
Cypress
Daly City
Dana Point
Danville
Davis
Del Mar
Desert Hot Springs
Diamond Bar
Diamond Springs
Dobbins
Dominguez Hills
Dove Canyon
Downey
Duarte
Dublin
Durham
East Palo Alto
Edwards
Edwards AFB
El Cajon
El Camino Village
El Centro
El Cerrito
El Dorado
El Dorado Hills
El Granada
Elk
El Grove
El Macero
El Monte
El Segundo
Elk Sobrante
El Toro
Emeryville
Encinitas
Encino
Escondido
Etiwanda
Etna
Eureka
Exeter
Fairfax
Fairfield
Fair Oaks
Fallbrook
Felton, California
Ferndale
Fieldbrook
Fillmore
Flournoy
Folsom, California
Fontana
Foothill Ranch, California
Foresthill
Forest Ranch
Fort Bragg
Fortuna
Foster City
Fountain Valley
Frazier Park
Freedom
Fremont
Fresno
Frogtown, California
Fullerton
Galt
Garberville
Gardena, California
Gardena Grove
Gilroy
Glendale
Glendora
Glen Ellen
Glenn
Gold River
Goleta
Granada Hills, California
Grand Terrace
Grass Valley
Greenbrae, California
Groveland
Grover Beach
Gualala
Guerneville
Hacienda Heights
Half Moon Bay
Hanford
Harbor City
Hawthorne
Hayfork
Hayward
Healdsburg
Hemet
Hercules
Hermosa Beach
Hesperia
Highland
Hinkley
Hollister
Hollywood
Homeland
Honcut
Humboldt
Huntington Beach
Huntington Park
Idyllwild
Imperial
Imperial Beach
Independence
Indian Wells
Indio
Inglewood
Inverness
Ione
Irvine
Irwindale
Isla Vista
Isleton
Jackson
Jacumba
Jamestown
Jamul
Jenner, California
Joshua Tree
Julian
Kelseyville, California
Kensington
Kentfield
Kenwood, California
King City
Klamath
Klamath River
La Canada
La Canada Flintridge
La Crescenta
La Habra
La Honda
La Jolla
La Mesa
La Mirada
La Palma
La Quinta
La Verne
Ladera Ranch
Lafayette
Laguna Beach
Laguna Hills
Laguna Niguel
Lake Almanor
Lake Arrowhead
Lake City
Lake Elsinore
Lake Forest
Lake Isabella
Lakeport
Lakeside
Lake Tahoe
Lakeview Terrace
Lakewood
Lamont
Lancaster
Larkspur
Lathrop
Lawndale
Leggett Valley
Lemon Grove
Lemoore
Lewiston, California
Littlerock
Livermore
Llano
Lodi
Loleta, California
Lomita
Lompoc
Long Beach
Loomis
Los Alamitos
Los Altos
Los Altos Hills
Los Angeles
Los Banos
Los Gatos
Los Osos
Lotus
Lower Lake
Magalia, California
Malibu, California
Mammoth Lakes
Manhattan Beach
Manteca, California
Manton
Marina
Marina del Rey
Mariposa
Martinez
Marysville
McClellan AFB
McKinleyville
Meadow Vista
Mendocino
Menlo Park
Merced
Middletown
Midway City, California
Millbrae
Mill Valley
Milpitas, California
Mira Loma
Mission Hills
Mission Viejo
Modesto
Moffett Field
Mojave, California
Monarch Beach
Mono Hot Springs
Monrovia
Montague
Montara
Montclair
Montebrllo
Montecito
Monterey
Monterey Park
Monte Sereno
Montrose
Moorpark
Moraga
Moreno Valley
Morgan Hill
Morro Bay
Moss Beach
Mount Shasta
Mount Wilson
Mountain Ranch
Mountain View
Murrieta
Napa
National City
Nevada City
New Almaden
Newark
Newbury Park
Newhall
Newport
Newport Beach
Nicasio
Nice
Nipomo
Norco
North Highlands
North Hollywood
North Manhattan Beach
Northridge
Norwalk
Novato
Oakdale
Oakhurst
Oakland
Oakley
Oak Park
Occidental
Oceanside
Ojai
Ontario
Orange
Orangevale
Oregon House
Orinda
Oroville
Oxnard
Pacheco
Pacifica
Pacific Beach
Pacific Grove
Pacific Palisades
Pacoima
Padadena
Palermo
Palmdale
Palm Desert
Palm Springs
Palo Alto
Palo Cedro
Palos Verdes
Paradise
Paramount
Pasadena
Paso Robles
Patterson
Pebble Beach
Penn Valley
Perris
Petaluma
Pico Rivera
Piedmont
Pinole
Pioneer
Pismo Beach
Pittsburg
Placentia
Placerville
Playa del Rey
Pleasant Hill
Pleasanton
Plymouth
Point Arena
Point Richmond
Pomona
Port Hueneme
Portola Hills
Portola Valley
Potter Valley
Poway
Prather
Quartz Hill
Quincy
Ramona
Rancho Bernardo
Rancho Cordova
Rancho Cucamonga
Rancho Dominguez
Rancho La Costa
Rancho Mirage
Rancho Palos Verdes
Rancho Santa Fe
Rancho Santa Margarita
Red Bluff
Redding
Redlands
Redondo Beach
Redway
Redwood City
Redwood Shores
Rescue
Reseda
Rialto
Richmond
Ridgecrest
Ripon
Riverbank
Riverside
Rocklin
Rohnert Park
Rolling Hills Estates
Rosamond
Rosemead
Roseville
Ross
Running Springs
Sacramento
Salida
Salinas
Salton City
San Anselmo
San Bernardino
San Bruno
San Carlos
San Clemente
San Diego
San Dimas
San Fernando
San Francisco
San Gabriel
San Gregorio
San Jacinto
San Jose
San Juan Bautista
San Juan Capistrano
San Leandro
San Lorenzo
San Luis Obispo
San Marcos
San Marino
San Martin
San Mateo
San Pablo
San Pedro
San Rafael
San Ramon
San Ysidro
Sanger
Santa Ana
Santa Barbara
Santa Barbara-by-the-Sea
Santa Clara
Santa Clarita
Santa Cruz
Santa Fe Springs
Santa Margarita
Santa Maria
Santa Monica
Santa Paula
Santa Rosa
Santa Ynez
Santee
Saratoga
Saugus
Sausalito
Scotia
Scotts Valley
Sea Beach
Seal Ranch
Seaside
Sebastopol
Shafter
Shelter Cove
Sherman
Sherman Oaks
Shingle Springs
Sierra Madre
Signal Hill
Silverado
Silverstrand Beach
Simi Valley
Skyforest
Solana Beach
Solano Beach
Soledad
Solvang
Somerset
Sonoma
Sonora
Soquel
South El Monte
South Gate
South Lake Tahoe
South Pasadena
South San Francisco
South San Gabriel
Spring Valley
Springville
St. Helena
Stanford
Stanislaus
Stockton
Studio City
Suisun
Suisun City
Summerland
Sun City
Sunland
Sunnyvale
Sunol
Sunset Beach
Sun Valley
Surfside
Sylmar
Taft
Tahoe City
Tahoe Vista
Tarzana
Tecopa
Tehachapi
Temecula
Temple City
Templeton
Thousand Oaks
Three Rivers
Tiburon, California
Tierrasanta
Toluca Lake
Topanga, California
Torrance
Tracy
Trinidad, California
Truckee
Tujunga
Tulare
Turlock
Tustin
Twain Harte
Twentynine Palms
Ukiah, California
Union City
Universal City
Upland
Vacaville, California
Valencia
Vallejo
Valley Center
Valley Glen, California
Valley Village
Van Nuys
Venice
Venice Beach, California
Ventura
Vernalis
Victor
Victorville
Villa Park
Vineburg, California
Visalia
Vista
Walnut, California
Walnut Creek
Warm Springs
Watsonville, California
Weaverville
Weed
West Covina
West Hills
West Hollywood
Westlake
Westlake Village
West Lancaster
West Los Angeles
West Menlo Park, California
Westminster
West Sacramento
West Tustin
Westwood
Westwood Village, California
Whitmore
Whittier
Wildomar
Willits
Wilmington, California
Windsor
Winnetka
Woodland, California
Woodland Hills
Woodside, California
Yorba Linda, California
Yountville, California, California
Yreka, California
Yuba City, California
Yucaipa, California
Yucca Valley, California
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