CA Bank Statement Loans | Valor Lending Group
Are you in need of a bank statement loan?
Are you interested in learning more about CA Bank Statement Loans?
The Bank Statement Loan programs allow self employed individuals to receive a home loan without using tax returns, W2’s and pay stubs. When using the Bank Statement Loan program, the total deposits in your bank account are used to calculate the income over a 12 to 24 month period, with your bank statements they determine if you meet the criteria. If the criteria is met, you can get a mortgage loan with competitive rates.
Self employed borrowers tend to write off a large amount of their income as expenses on their tax returns. This can be done for a few reasons.
Firstly, they actually have all of that income put towards expenses.
Secondly, They reinvest the income back into the business for improvements
Finally, the borrower is just doing all he can to not have to pay taxes on the income that was really made.
In the end, no one wants to pay a truck load of money in taxes so they do their best to legally write off as much income as they can for tax purposes. That said, the savvy tax payer who is able to write off the majority of income to pay as little as possible in taxes shouldn’t be restricted in qualifying for a mortgage loan.
That is where the bank statement loan option comes into play and gives the self employed borrower an option to buy a home and not have to restrict their tax write offs.
This loan program is available for loans from $100,000 all the way up to Jumbo loans as high as $3,000,000 for purchase or refinance.
Valor Lending Group strives to deliver a top notch professional experience!
Bank Statement Program Highlights | Features:
- 12 and 24 month Bank Statement options available (1 to 2 year 1099 only).
- Credit scores starting at 620.
- Up to 90% LTV (on Purchases & R/T Refinances).
- Borrower and Lender paid points available.
- Must have 2 years verifiable self employment income (must own at least 50% of the business).
- No Tax Returns
- Loans up to $3 million
- Purchase and cash-out or rate-term refinance
- 4 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Owner-occupied, 2nd homes and non-owner occupied
What you would need for submission:
- 12-24 Months Bank Statements (business or personal)
- Copy of Business License (3 years)
- CPA Letter (stating you are 100% owner, you have been in business for 2 years and they have done your taxes for two years | Also list your current expense ratio and the CPA License Number)
- Purchase Contract (for purchase)
- Current Mortgage Statement (for refinance)
- Hazard Insurance Dec Page or New Quote for purchase
- Driver License (front and back)
If you would like more details on qualification and requirements, I am available to answer any questions you may have.
CALL or EMAIL me for immediate attention to your scenario!
Valor Lending Group can fund your fast-hard money loan up to $10mm in as little as 7 days often without an appraisal.
Valor Lending Group also offers literally every loan in the book!
Check out more information on our programs CLICK HERE and please do not hesitate to call on me for any scenarios.
I look forward to an opportunity to demonstrate my prompt and professional service.
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
- Stated Income Loans (Great for business owners and self employed ) No tax returns!
- 100% financing is available (we can cross collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up.
- Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
- 5% down Jumbo’s with NO MI up to $2mm / 10% down up to $3mm
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $510,400)
- High Balance Conforming aka Super Conforming (from $510,400-$765,600)
- Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, USDA
- ARM’s
- Reverse mortgages up to $1 Million Value
- Refinance including Cash Out
