I’m Michael DiVita (DRE #01372066 | NMLS #241655), DiVita Home Finance (DRE #01818285 | NMLS #323700), Tiburon, CA. I’ve been in California mortgage lending since 2000 and founded DiVita Home Finance in 2007. When the bank says no, I find a way. Call (800) 239-1103.
I have a new client. He’s self-employed. Strong business, income going up every year, excellent credit. A good borrower by any common-sense measure.
But look at his file the way a bank does. His real income runs through his business bank statements, not his tax returns. He has a smaller W-2 job that pays into his personal account. A big part of his wealth is sitting in savings and crypto. And his parents are gifting the entire down payment.
A bank sees four problems. I see four strengths. Banks lend from a small mold, and this file doesn’t fit it. That doesn’t make him a bad risk. It means somebody has to put the pieces together.
The Loan at a Glance
| Detail | This file |
|---|---|
| Purchase price | $1,750,000 |
| Down payment | 20% / $350,000, all gifted by his parents |
| Loan amount | $1,400,000 (non-QM jumbo) |
| Loan type | 40-year fixed |
| Payments | First 10 years interest-only |
| Tax returns | None |
| Income | 12 months business bank statements + W-2 income + asset depletion, stacked |
| Reserves | Partly from crypto holdings |
| Status | Pre-approved after a pre-underwrite |
How I Stacked It
1. Bank statements for the main income
We used 12 months of his business bank statements, with a CPA letter confirming a 20% expense ratio. That means 80% of his business deposits count as income. That’s a big number, and it’s real. No tax returns.
2. W-2 income on top
He also earns a smaller W-2 income from another employer. All we needed was his W-2s and a current paystub. No tax returns there either. It doesn’t matter that the paychecks go into his personal account and not the business account. We were allowed to add it right on top of the bank statement income.
3. Asset depletion for more
He has about $500,000 in assets, so we used asset depletion to count part of that as income too.
4. Crypto for reserves
A jumbo loan needs reserves. Part of his reserves came from his crypto holdings.
5. A gift for the entire down payment
This is the one that kills most deals like this. Most asset depletion programs don’t allow a gifted down payment at all. This one does, and his parents are covering the full 20%.
Why Most Loan Officers Can’t Do This
Most loan officers have no idea you can stack non-QM programs. They think you have to pick one door: bank statements, or asset depletion, or full doc with tax returns. With the right lender, you can walk through all three on the same loan. Knowing which lender allows that, and which one also takes a gift and crypto reserves, is the job. I work with 40+ wholesale lenders, and this is why.
Why a 40-Year Fixed With 10 Years Interest-Only
The interest-only period gives him an easier qualifying payment. He gets a fixed rate for the full term and a lower payment for the first 10 years. Interest-only and 40-year loans can’t be Qualified Mortgages under the federal ability-to-repay rules, so this is a non-QM loan by design. The loan amount is also well above the 2026 high-cost conforming limit of $1,249,125, so it’s a jumbo either way. See 40-year and interest-only mortgages.
Why I Pre-Underwrite a File Like This
With this many moving parts, I don’t want a guess. I submitted the file to the lender for a pre-underwrite with every program stacked together, so an underwriter signed off on the income, assets, gift and reserves before he writes an offer. He’s pre-approved and shopping with a real approval behind him.
The Result So Far
Pre-approved for a $1,750,000 purchase with 20% down, on a 40-year fixed with 10 years interest-only. No tax returns. Gifted down payment. Crypto counting toward reserves. I’ll update this when we close.
That’s common-sense lending. If you’re self-employed and the bank keeps telling you no, call me.
Frequently Asked Questions
Can you combine bank statement income with W-2 income and asset depletion?
Yes, with some non-QM lenders. Many loan officers assume you have to pick one program, but certain lenders let you stack bank statement income, W-2 income and asset depletion income on the same loan.
Can I get a mortgage with no tax returns if I’m self-employed?
Yes. A bank statement loan qualifies you on 12 or 24 months of bank deposits instead of tax returns. W-2 income from a job can be documented with W-2s and a current paystub.
Can I use a gifted down payment with an asset depletion loan?
Most asset depletion programs don’t allow it, but some do. If your down payment is a gift, the lender choice matters.
Can crypto count toward mortgage reserves?
Some non-QM lenders will count crypto toward reserves. In this file, it covered part of the reserves. Rules vary by lender.
Related Resources
- Bank Statement Loans in California
- Asset Depletion Mortgages in California
- Self-Employed Mortgages in California
- Jumbo Loans in California
- 40-Year and Interest-Only Mortgages
- Non-QM Mortgages in California
Official Sources & References
Talk to Michael Directly
DiVita Home Finance | Tiburon, CA | In lending since 2000, founded DiVita Home Finance in 2007. Michael DiVita DRE #01372066 | NMLS #241655. Company DRE #01818285 | NMLS #323700.
📞 (800) 239-1103
💬 Text: (310) 849-9124
