Stated Income CA Mortgage Lenders-Self Employed Mortgage Lenders
- Bank Statement Only For California Primary Home Buyers
- Stated Income For California Second home buyers!
- No Income Verification California Investor Loans
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
- 12 Months of business or personal bank statements.
- All pages please label by month. and year.
- Proof they have been in business more than 2 years that could include Accountant letter, 1099s, business licenses.
- NO TAX RETURNS NEEDED!!!
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
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
- 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 over drafts or NFS can i still qualify for a bank statment only mortgage?
- Do I need tax returns to qualify for a mortgage?
- Do no doc mortgage loans still exist for primary homes?
- Am I eligible for an FHA mortgage if I’m enrolled in consumer credit counseling? a
- How are disputed collection accounts considered for manually underwritten FHA mortgage lenders?
- Do FHA mortgage lenders require Tax Returns for a borrower with self-employment or commission income?
- Can I use 1 YEAR bonus overtime commission to qualify for a FHA mortgage?
- For an FHA Mortgage Can gift funds for downpayment come from the employer?
- Can a real estate agent give a gift or use their commission for the down payment?
- For an FHA Mortgage Can gift funds be provided from a friend?