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 

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