100%-No Tax Return-California Self Employed Only Mortgage Lenders

California Self Employed Mortgage Lenders provide for two (2) additional documentation options to determine a California Self Employed Mortgage Applicants qualifying income.  Under this program either of the following will be acceptable;

  • 12-months personal California Bank Statements; or
  • 24-months business California Bank Statements  

SELF EMPLOYED MORTGAGE QUESTIONS

NO Tax Return Self-Employed Mortgage Lenders

California Bank Statement mortgage Lenders provide the perfect option for self-employed borrowers 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 as580.

  • 2 year self-employed or same line of work required
  • No tax returns required
  • 12 month personal California Bank Statements
  • 12 month business California Bank Statements
  • Loans up to $3 million
  • Credit scores down to 600
  • Up to 90% LTV on Personal and Business with no MI
  • DTI up to 55% considered
  • Owner-occupied, 2nd homes and investment properties
  • 1 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 prepayment penalty for owner-occ and 2nd homes
  • Seller concessions up to  to 6% (2% for investment)

California Self Employed Mortgage Applicants General Mortgage Requirements
Under this program, all California Self Employed Mortgage Applicants must be Self-employed.
Refer to the applicable Program Matrices for credit score, ratio and LTV restrictions.

California Self Employed Mortgage Income Calculations for California Bank Statements
Personal California Bank Statement Mortgage Lenders Average The following requirements apply when calculating qualifying income using personal California Bank Statements:

  • All parties on the self-employed banks statement loan must be on the loan; and
  • Qualifying income is defined as 100% of deposits, averaged over a twelve (12) month period; and
  • California Bank Statement Statements must be consecutive and reflect the most recent months available; and
  • Transfers from a California Self Employed Mortgage Applicants business bank account to personal account are allowed; and
  • If the California Bank Statements provided reflect payments being made on obligations not listed on the credit report, refer to Undisclosed Debts for additional guidance.

California Self Employed California Bank Statement Documentation Requirements

Most recent twelve (12) months consecutive California Bank Statements IRS transcripts are not required under the personal California Bank Statement program.  In the event one or more California Self Employed Mortgage Applicants) are wage earners IRS transcript are still not required for income calculations.

Business California Bank Statement Only Mortgage Lenders

The following requirements apply when calculating qualifying income using business California Bank Statement mortgage applicants:

  • California Self Employed Mortgage Applicants must be 100% owner of the business; and
  • Qualifying income is defined as, the total deposits, less the percent of business expenses, annualized.

Business California Bank Statements Expense to Income Ratio

The percentage of expenses used to determine the California Self Employed Mortgage Applicants qualifying income, can never less than 10%of the total deposits.

For California Bank Statement mortgage approvals purposes, a Business Expense, CPA Statements or Profit and Loss Statements reflecting an expense ratio of less than the minimum required (10%), the percentage used to determine the qualifying income will be adjusted to the 10% minimum.

California Self Employed California Self Employed Mortgage Applicants Documentation Requirements

A Third Party or CPA prepared Business Expense Statement or Profit and Loss Statements, which is less  than 90-days old at the time closing, must specify the total business expenses as a percent of the gross revenue.  Twenty-four (24) month business California Bank Statements covering the same time period as the Business Expense Statement.

California Self Employed MORTGAGE RATIO REQUIREMENT OCCUPANCY HOUSING RATIO DTI

  • primary Residence 40% 50%
  • Second Home N/A 50%
  • Investment N/A 50%

California Self Employed Mortgage Initial Disclosed Income

Income disclosed on the initial signed application should be reviewed. If income calculated is significantly higher than income stated on 1003, the underwriter should request an explanation from the California Self Employed Mortgage Applicants to determine the acceptability of the income.

Income California Self Employed Mortgage Applicants

The income of each California Bank Statement only mortgage applicant who will be obligated for the mortgage debt and whose income is being relied upon in determining ability to repay must be analyzed to determine whether his/her income level can be reasonably expected to

continue.California Self EmployedCalifornia Self Employed Mortgage applicant Income may not be used in calculating the California Self Employed Mortgage Applicants debt-to-income ratio if it comes from any source that cannot be verified, is not stable, or will not continue. All California Self Employed Mortgage Applicants income documentation used for qualification must be dated within 90-days of closing.

California Bank Statement Only Mortgage Lenders Program Restrictions  

The following restrictions apply when using California Bank Statement documentation:

  • California 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 California Bank Statement average. W-2 earnings must be documented as per therequirements in Salaried/Wage-Earners section.
  • A consistent pattern of withdrawals exceeding deposits on a monthly basis or evidence of a ddecline inearnings 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. California Self Employed Mortgage Applicantss who receive rental income as a secondary

income source may utilize California Bank Statement documentation on a case-by-case basis.

  • Non-Profit organizations are not eligible under the Business California Bank Statement Program.

California Self Employed Mortgage Applicants Credit and Liabilities

A U.S. credit report is required for each borrower on the loan who will sign the Note. The credit report should provide merged credit information from the three major national credit repositories. A minimum of two credit scores is required.  The credit report should include verification of all credit references provided on the loan application and must certify the results of public record searches for each city where the borrower has resided in the last two (2) years. Either a three bureau merged report or a Residential Mortgage Credit Report (RMCR) is required.

Alimony and Child Support California Self Employed Mortgage Applicants

Income received from alimony or child support must continue for at least three (3) years. Evidence that the California Self Employed Mortgage Applicants has received the payments for the six (6) months preceding the loan application by way of court ledgers or statements, bank deposit slips, signed tax returns, canceled checks, or other legally accepted evidence of receipt.

Annuity Income For California Self Employed Mortgage Applicants

Annuities less than twelve (12) months old must be in a non-revocable trust with a minimum term of 40-months in order to use as qualifying income. A twelve (12) month history of receipt must be verified using 1099’s, tax returns, and/or California Bank Statements. The account asset balance must support the continuance of the monthly payments for a least three (3) years after the closing date.

Documentation Requirements California Self Employed Mortgage Applicants

Letter from issuer of annuity to be obtained stating that it has been set up on periodic withdrawal, amount of withdrawal, duration and balance; and Proof of receipt documented with the most recent two (2) years signed federal tax returns, two (2) most recent California Bank Statements or deposit slips. Documentation must confirm the amount, duration, and frequency of the income, as well as the likelihood of continuance for three (3) years.

Auto Allowance and Expense Account Payments  California Self Employed Mortgage Applicants

Income from this source can be used if a two (2) year history of receipt can be confirmed and documented with the most recent two years signed federal tax returns and the income is reported on IRS Form 2106. Documentation provided to support this income must specify the amount, duration and frequency of the income and the corresponding expenses must match the same time period as the income from the employer.

California Bank Statement Program

California Self Employed Mortgage Applicants seeking to document income using personal or business California Bank Statements must follow the requirements as outlined within the California Bank Statement Program.

10% DOWN SELF EMPLOYED BANK STATEMENT ONLY CALIFORNIA MORTGAGE LENDERS
12-24 MONTH CALIFORNIA BANK STATEMENT MORTGAGE LENDERS
10%DOWN+LOS ANGELES CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
10% DOWN SELF EMPLOYED SAN DIEGO CA BANK STATEMENT MORTGAGE LENDERS
10%DOWN+SAN JOSE CALIFORNIA SELF EMPLOYED MORTGAGE LENDERS
10%DOWN+SAN FRANCISCO CA SELF EMPLOYED MORTGAGE LENDERS
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Sacramento California Self-Employed Mortgage Lenders
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California Self Employed Mortgage Lenders

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