Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

90% LTV – 12 Months Personal Bank Statements

Bank Statement Jumbo to 90% LTV Financing Guidelines

Alternative Bank Statement Income Documentation

* 12 Months Bank Statements or One Year 1099 “1099 Only Program”

* Business Account – 10% (service industry) – 50% Maximum Expense Factor

* Personal Account – 0% Expense Factor (100% deposit utilization)

* Form Form 4506-T and 4505-C Not Required

Eligible Employment Types:

* Self Employed including 1099 and Real Estate Investors

Verification of Employment (VOE)

* Business Organization Paperwork ex: Articles of Incorporation

* CPA/Tax Professional Letter stating Percentage of Ownership and number of years business existence.

* Business License

* Sellers License

* Internet Business Listings

Eligible Transactions:

* Purchase – 10% Down Payment

* Rate & Term Refinance – 90% LTV

* Cash Out Refinance – 80% LTV: $1,500,000 Maximum Cash Out

* Super Jumbo Loan Amounts to $4,000,000

Reserves Requirements:

* 6 Months (PITI/PITIA). Note: cash out does qualify as reserves

Credit Criteria:

“Life Event” Credit Seasoning:

* Bankruptcy – 12 Months

* Foreclosure – 24 Months

* Short Sale – 12 (unless included in bankruptcy counts as one event years required)

* Deed in Lieu – 2 Years Required

Required Credit Scores:

* 600 Minimum

* 660 to 80% LTV – $1,000,000 Maximum Cash Out

* 680 to 90% LTV – $1,500,000

Eligible Property Types:

* SFR Single Family Residence

* Condos – Warrantable Only

Eligible Occupancies:

* Owner Occupied

* Non-Owner/Investment

* Second/Vacation Homes

Available Terms:

ARM 5/1 & 7/1, 30 year, and 40 year

Fixed: 30 Year Fixed, 40 Year Fixed with Interest Only (I/O) Available

Underwriter Notes:

First Time Homer-Buyer – 85% LTV Max

Multiple Foreclosures and Short Sales – OK

5% of Gift Funds must come from borrowers’ own funds. Source required.

Available in the Following States:

Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Louisiana, Maine, Maryland, Mississippi, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Alt Doc Purchase Loans

Alt Doc Refinance Loans

Category - Non-QM Lenders