Interest-Only Jumbo Mortgage Program

Non-QM Mortgage Product

Purpose

  • Purhase
  • Refinance - Rate/Term
  • Refinance - Cash-Out

Single Family Residence (SFR) - Owner-Occupied / Primary Residence

Credit Score / LTV / Loan Amount

  • 720 - 90% - $1,500,000
  • 680 - 80% - $2,000,000
  • 740 - 90% - $2,000,000
  • 720 - 70% - $2,500,000
  • 720 - 70% - $3,000,000

Single Family Residence (SFR) - Second Home:

Credit Score / LTV / Loan Amoun

  • 680 - 80% - $2,000,000
  • 720 - 65% - $3,000,000

2-4 Unit:

  • 700 - 75% - $2,000,000
  • 720 - 70% - $2,000,000

Second Home

  • 720 - 75% - $1,000,000 - Maximum Cash-Out - $500,000 (cash in hand)
  • 720 - 65% - $1,500,000 - Maximum Cash-Out - $350,000 (cash in hand)
  • 720 - 50% - $2,000,000 - Maximum Cash-Out - $350,000 (cash in hand)

Refinance - Cash-Out | Owner-Occupied

  • $500,000 Max Cash-Out (cash in had)
  • Owner-Occupied
  • 700 - 75% - $2,000,000 - Maximum Cash-Out (cash in hand)
  • Listed Properties Require 6 Months Seasoning for Market Value LTV
  • Purchase Properties (<6 months) Require 6 Months Seasoning for Market Value LTV
  • Texas - No

Liquid Assets / Reserves Requirement - Owner-Occupied

Single Family Residence (SFR)

  • 6 Months - $1,000,000
  • 9 Months - $2,000,000
  • 12 Months - $3,500,000

Acceptable Sources

  • Bank Account - Personal
  • Bank Account - Business
  • Stocks, Bonds, Mutual Funds
  • REO Sale /(HUD/Settlement Statement)
  • Personal Property Liquidation
  • Trust Fund Disbursement
  • IRA (Percentage Qualified Based on Age of Borrower)
  • Insurance Policy - Cash Value
  • Business Funds
    • Qualified Cash Value - Percentage of Company Ownership

Income Documentation

All Income Documentation Will Be Verified Via Form 4506-T

  • Tax Returns
  • W-2's
  • Paycheck Stubs
  • Rental Income - Signed leases
  • Retirement Income - Award Letter
  • Pension Income - Award Letter

Debt-to-Income Ratio (DTI)

  • Based on Proposed (subject property) Principle, Interest, Tax and (home-owners) Insurance/PITI (all REO properties owned), Installment Loans, Revolving Accounts (minimum payments), Alimony, Child Support.
  • Co-Signed Debt can be excluded from qualifying DTI with supporting (payment transaction history) documentation from the payer of the Note
  • Debt Consolidation to reduce qualifying DTI - OK 

Property Types

  • SFR - Attached
  • SFR - Detached
  • 1-4 - Attached
  • 1-4 - Detached

 Credit:

  • Credit Criteria (Ability to Repay is based on over-all file)
    • Credit Scores (mortgage credit scores)
      • 2 Scores Minimum
    • Tradeline Requirements (exceptions available based on all credit criteria)
      • 1 Active Tradelines - 24 Months History
      • 3 Active Tradelines -12 Months History
      • 1 Active Tradeline - Installment 
      • Non-Traditional Traxdeline - No
      • Collections OK to $1,000,000 (Payoff accounts not required)
      • All Liens must be paid off

Properties Not Allowed

  • > 10 Acres
  • Unwarrantable Condos
  • Condos in Litigation
  • Condotel
  • Co-Ops
  • Hobby Farms
  • Commercial
  • Manufactured
  • Modular
  • Log Homes
  • Mixed Use

Borrowers:

  • Permanent Resident Aliens
  • Non-Permanent Resident Aliens
    • Valid Visa A Series, E 1-3, G Series 1-5, H Series 1-4, L Series L a-b
    • Valid Social Security Number
    • 2 year Employment History
    • Primary Residence
    • Written Verification of Employment (WVOE)
    • 2 Year Credit History
    • Revocable Trust

Title

  • Not in Business Name
  • Inherited Properties - No

First Time Home Buyer - Yes

Gift Funds OK - 5%

Seller Contribution OK - 6%

Subordinate Financing - Institutional finance  OK

 

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