Many Alternative Document financing options have changed and new programs are available. Please email your scenario to us at info@orangecountyhomeloans.com and we will get back to you with the available options. Thank you!
Self-Employed – California Bank Statement Loan
No Tax Returns Needed to Qualify
The California Bank Statement Loan may be a good option for you if you have been self-employed for 2 years, maximize your tax deductions to minimize your tax liability, but have excellent cash flow. With this loan program, it is possible to document your income by adding up the deposits on your 12 most recent bank statements. The total deposit will replace the income reporting on your tax returns for qualifying.
Program Features
- Personal or business statements allowed
- A self-employed borrower may supplement bank statement income with additional income derived from an asset amortization formula.
- Credit depth has been reduced
- Retirement and other income allowed
- One borrower must be self-employed and may have a W-2 co-borrower
- Jumbo loan amounts up to $3 million
- Minimum loan amount $250,000
- DTI up to 50%
- Cash out up to $2,000,000
- Minimum FICO 620
*A borrower with a 25% or greater ownership interest in a business is considered self- employed
Loan Terms
5/1 ARM – Interest only available
7/1 ARM
10/1 ARM
15 & 30 year fixed