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Can I still get a “Self Employed “Less Doc” Mortgage?
The answer is YES!!
Since 2009 Dan Cassel and The Trinity Mortgage Broker Team have been committed to helping Families, Self Employed Borrowers and Business Owners use Full Documentation AND-OR Alternative “Lite Documentation”, and other Home Loan solutions as we navigate the often “confusing” and “shifting” world of Real Estate Loans.
Products and options:
In addition to all the “Normal” FNMA or “Non Institutional” loan products we offer our networks, we can also still offer Jumbo Full Doc OR Bank Statement Mortgage options, and other Borrower advantages on Primary, Investment and Second Home loans in California.
Investors, Families, and Realtors rely on my Lending Teams Loan sources, experience, and our “Lending Platform Technology” research system to deliver solid Loan Solutions for the Salaried and the Self Employed that are not typically not offered by the local “Full-Service” Banks, in n addition to all the FNMA or “Non Institutional” money we offer our networks. below are some Loan details on our Jumbo Full Doc OR Bank Statement Mortgage options, and other Borrower advantages for Primary, Investment and Second Home loans in California.
One common question we are asked is how does a self-employed worker in San Diego County, Los Angeles County, or Fresno California begin and actually get qualified for a real good Real Estate Loan? How can they Document the Banks statement income? What paperwork is needed? Shouldn’t we Tax Returns? Can I use out of the country earnings? Stock sales? The list can go on! While markets are changing, here are 3 ways besides full documentation to get a solid RE loan. We do have other ways too and are glad to explore solutions with you.
Self-Employed “Less Doc” Mortgage Options
Fixed Expense Ratio
- This is the quickest and easiest calculation. Simply add up the total business deposits and apply a fixed expense ratio, based on the type and size of the borrowers business. The net figure, after the expense ratio is applied, will be used for qualifying income. That expense factor is typically 50%.
Borrower Prepared P&L
- Borrower provides an un-audited P&L covering the same time period as the bank statements being used to qualify. The gross income on the P&L should be supported by the business deposits. The net income on the P&L will be used for qualifying income.
Personal Bank Statements
- Generally you take deposits x 12 months with no expenses on our products, typically.
Current California Self-Employed Borrower Loan Advantages (4.8.20)
- Available terms are 5/1 & 7/1 year ARMs with IO option available
• Purchases, Rate and Term & Cash Out transaction types
• Primary, Second home & Investment properties
• Loan amounts up to $2 million
• 680 minimum credit score
• Up to 50% DTI
• No seasoning requirements for refinances: R/T & Cash Out
• Documentation types include 12 & 24 month bank statements, asset depletion, 1 or 2 years full doc & 1099 option
• Bank statement and 1099 on all occupancy types
• First time home buyers allowed on all documentation types
• Asset depletion may be used on a stand alone basis or in combination w/all documentation types
• 12 month seasoning from major credit event
• Borrowers are allowed up to 15 financed properties including subject – unlimited properties if purchasing primary residence
• Gift funds are allowed - To Learn more phone Dan and the Trinity Mortgage Broker Team direct at 866-310-1112
