Bank Statement Mortgage Loans in California
California banks statement loans can seem too good to be true. However, are you self employed, living in California, Arizona, Texas or Florida and have different income sources that isn’t always obtained on a regular basis? Do you have difficulty getting banks to call you back after the initial phone call regarding getting approved for a home loan? California bank statement loans can assist with your mortgage financing needs and there is no need to supply the mortgage lender with your profit & loss statement, tax returns, W-2’s or paystubs.
These days, banks are so conservative with their lending guidelines that they will stall on the approval and condition you to death with document after document request and in this market that can stop you from buying the home you want or getting the cash out you need to inject capital into your small business. Let’s get into bank statement loans and what they are so that this never has to happen!
What is a California Bank Statement Loan?
A California bank statement home loan enables you to get approved for a home mortgage with 12 or 24 months of bank statements and without the requirement for income documents. These kinds of loans allow for a maximum of up to $3 million and can be used for your main home, second home or investment property.
The underwriter uses their proprietary formula to calculate your qualified bank deposits over 12 or 24 months and count them as your regular monthly earnings. That figure can then be utilized to identify just how much you will qualify for on a home mortgage.
Similar to standard loans, you can pick between 15 or 30 year fixed interest rates, or 5/1, 71, or 10/1 ARMs. This is an excellent alternative to a traditional home mortgage or FHA loan.
Loan Features
- No income tax returns needed
- Based upon personal or business statements for the last 12 – 24 months
- Maximum loan amount of $3 million
- As little as 10% down payment without any mortgage insurance coverage
- Primary, second home or investment property allowed
- Interest only options
- 30 year fixed available
- Bad credit mortgage loans allowed on a case by case basis
- Gift Funds used for down payment allowed
- W2 co-borrower generally allowed
- Retirement income allowed with validation
- Bank statement loans – California
- Bank statement loans – Texas
- Bank statement loans – Florida
- Bank statement mortgage loans – Arizona
Loan Requirements
- Two years of self employment validated through business license or CPA
- Low amount of NSF or over drafts
- Twelve months of rental or mortgage history
- 3 months verified reserves
- Transfers between accounts not accepted
Moving Forward with Independent Lending
Independent Lending has been a reliable partner for our clients wanting to purchase or a California cash out refinance utilizing bank statement loans in California. We have been originating mortgage loans in California, Arizona, Texas and Florida since 2013, supplying a variety of specialized lending programs. Situated in lovely Aliso Viejo, CA Independent Lending has funded over $500 million in mortgage lending and we also give a superb degree of Customer Service while producing quick funding for fast cash. Contact Us today to get started on your bank statement loan!
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