Top California Bank Statement Loans
Are you looking to purchase a new home or refinance your current home in 2021?
Self-employed individuals run into issues when trying to secure a mortgage loan because they do not have W2’s to prove their net income on their tax returns.
The Bank Statement Loan program allows those individuals to receive a home loan without showing said documents. When using the Bank Statement Loan program, they look at 12 to 24 month bank statements to determine your income, and with that they determine if you meet the criteria.
Valor Lending Group has helped many get the mortgage loans they need to fulfill whatever desired project they are embarking on. Valor Lending Group works with the absolute best to provide you with the top-notch service you are looking for. We will go above and beyond to get you the most competitive rates and you will experience a level of customer service that will have you coming back for more when you need our expertise.
Pros and Cons to Bank Statement Loans:
1) Pros of Bank Statement Loans
- No tax returns required
- Allows self-employed individuals and 1099 contractors to qualify
- Qualify even if the business is showing a loss
- Comply with Dodd-Frank and receive all appropriate borrower protections
2) Cons of Bank Statement Loans
- Must be in business for at least 2 years, showing the steady flow of deposits
- Not available to salaried borrowers (although non-self-employed co-borrowers allowed)
- Rates are slightly higher than traditional mortgages (but not more)
- None of the government programs (such as FHA, VA, or USDA) apply
Bank Statement Program Highlights:
- 12 and 24 month Bank Statement options available.
- Up to 90% LTV (on Purchases & R/T Refinances)
- Borrower and Lender paid points available.
- Must have 2 years verifiable self employment income.
- No Tax Returns
- No 4506T
Submission Check List | Bank Statement Loans 2021:
- 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
- Copy of your Driver License (front and back)
Let us shop for you and find you the very best loan program that will help you acquire your dream home!
Valor Lending is still offering Bank Statement Loans for California residential properties. Many lenders have suspended their Non QM Loan Programs. Because of this, Valor is very busy with these types of loans. We are Non QM Specialists! No tax returns needed with our bank statement loans, we use 12-24 months bank statement cash flow for self employed borrowers and business owners.
Call me now for immediate attention to your scenario.
Check out more information on our programs below and send me all your scenarios!
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