Stated Income CA Mortgage Lenders For Self Employed

Stated Income CA Mortgage Lenders-Self Employed Mortgage Lenders

CALIFORNIA BANK STATEMENT ONLY MORTGAGE LENDERS DETAILS:

  • Must Be 2 Years Self Employed!
  • 12 Months Bank statement deposits used to qualify!
  • Add Co-Borrower w2 income OK!
  • No tax returns required
  • 12  months personal bank statements (Personal and Business)
  • Loans up to $5 million
  • Credit scores down to 500
  • Transfers from personal accounts must be sourced to use as income.
  • Up to 90% LTV = Only 10% downpayment to purchase a Miami Home!
  • DTI up to 50% considered
  • Owner-occupied, 2nd homes, and investment properties
  • 2 years seasoning for foreclosure, short sale, BK, DIL
  • Non-warrantable condos considered
  • Jumbo loans down to 660 score
  • 5/1 ARM or 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • SFRs, townhomes, condos, 2-4 units
  • Seller concessions to 6% (2% for investment)

SELF EMPLOYED BORROWERS IMPORTANT TO NOTE:
Bank statement loan to value and rate will vary depending on score and loan size.
From a 600 to 660 the LTV available is 90%.
Greater than 660 the LTV goes up to 90% with a very beneficial price break for those with scores over 660.
SELF EMPLOYED MORTGAGE LENDERS REQUIREMENTS

  1. 12 Months of business or personal bank statements.
  2. All pages please label by month. and year. 
  3. Proof they have been in business more than 2 years that could include Accountant letter, 1099s, business licenses. 
  4. NO TAX RETURNS NEEDED!!!

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-ALTERNATIVE DOCUMENTATION / BANK STATEMENT LOAN PROGRAMS

Self-employed Bank Statment Only Mortgage Lenders No Tax Returns Needed.
(Must be able to verify 2 years self-employment for this program.)

1. Last twenty-four (24) months personal or business bank statements with all pages required for all months.
2. Stated 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).
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 bank statement 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 bank statements 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)

POPULAR SELF EMPLOYED CALIFORNIA QUESTIONS AND ANSWERS

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