Niche Programs We Offer

  • Alternative Income Documentation - Bank Statement Month Options

    Business or Personal (co-mingled) Account Statements

    Bank Statement Terms by Month:

    • One Month - Business Account
    • Two Month - Personal Account
    • Six Month - Personal Account
    • Twelve Month - Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)
    • Twenty Four Month - Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)
    • Interest Only Available - 40 Year Amortization

    Eligible Purpose Transactions:

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

    Primary Residence / Owner-Occupied:

    • Single Family Residence
    • 1-2 Unit
    • 1-4 Unit

    Matrix: Credit Score / LTV / Loan Amount

    • Purchase and Rate & Term
      • 550 - 65% - $1,000,000
      • 580 - 75% -$1,500,000
      • 640 - 80% - $2,000,000
      • 680 - 85% - $3,000,000
      • 700 - 90% - $3,000,000
    • Refinance - Cash-Out:
      • 580 - 65% - $1,000,000
      • 640 - 70% - $1,500,000
      • 680 - 75% - $1,500,000
      • 720 - 80% - $2,000,000

    Investment / Non-Owner-Occupied:

    • Single Family Residence
    • Condo
    • 1-2 Unit
    • 1-4 Unit

    Matrix: Credit Score/ LTV / Loan Amount

    • Purchase and Rate & Term:
      • 620 - 70% - $1,000,000
      • 640 - 70% - $1,500,000
      • 660 - 75% - $2,000,000
      • 680 - 80% - $2,500,000
      • 700 - 80% - $3,000,000 
    • Refinance - Cash-Out:
      • 620 - 65% - $500,000
      • 640 - 65% - $1,000,000
      • 680 - 75% - $1,500,000
      • 720 - 75% - $2,000,000

    Major Credit / Housing Event Seasoning Requirements:

    • Bankruptcy
      • Settled - 70% LTV
      • One Year - 80% LTV
      • Two Years - 85% LTV
      • Three Years - 90% LTV
    • Foreclosure
      • Settled - 75% LTV
      • One Year - 80% LTV
      • Two Years - 85% LTV
      • Three Years - 90% LTV
    • Short-Sale
      • Settled - 75% LTV
      • One Year - 85% LTV
      • Two Years - 90% LTV
    • Deed-in-Lieu
      • Settled - 75% LTV
      • One Year - 8% LTV
      • Two Years - 85% LTV

    Documentation:

    • Credit report: <90 Days old at Closing
    • Income and assets: <90 Days old at Closing

    Eligible Liquid Assets Account Types

    • Socks, bonds, mutual funds: 75%
    • Retirement funds amount invested, 65%
    • Giift of equity not allowed

    Interest Only payment feature available to 80% LTV

    c1-11t-10l1-117

  • 12 and 24 Months Bank Statement Alternative Income Documentation 

    80% LTV Purchase R/T up to $3,000,000

    Interest Only Available

    Owner-Occupied / Primary Residence:

    • Purchase and Rate/Term Refinance
      • 680 Credit Score: 75% LTV - $2,500,000
      • 700 Credit Score: 75% LTV - $3,000,000
    • Cash Out Refinance
      • 680 Credit Score: 70% LTV - $1,500,000
      • 680 Credit Score: 65% LTV - $2,500,000

    Second Home

    • Purchase and Rate/Term Refinance
      • 700 Credit Score: 75% LTV - $1,500,000
      • 700 Credit Score: 70% LTV - $2,500,000
    • Cash Out Refinance
      • 700 Credit Score: 65% LTV - $1,500,000
      • 700 Credit Score: 60% LTV - $2,500,000

    Non Owner Occupied / Investment Property

    • Purchase and Rate/Term Refinance
      • 700 Credit Score: 70% LTV - $1,500,000
      • 720 Credit Score: 60% LTV - $2,000,000

    Cash Out Refinance Notes:

    • Maximun Cash Out - 45% of total loan amount up to 75% LTV
    • < 55% Loan-to-Value (LTV): Unlimited
    • Florida Condos: 55% Maximum

    Interest Only payment feature available to 80% LTV

    Documentation:

    • Credit report: <90 Days old at closing
    • Income and assets: <90 Days old at closing

    Liquid Assets

    • Full assets required for both down payment and closing costs
    • Business bank account funds can be used for "reserves" if borrower is 100% owner of business

    Asset Utilization

    • Socks, bonds, mutual funds: 75%
    • Retirement funds amount invested, 65%
    • Gift of equity not allowe

    Reference - c111t10l1117

  • Non-Qualified Mortgage (Non-QM) - Jumbo Programs

     
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    Income Documentation: Asset Utilization and Cash-Flow (bank statements) Program - Creative Financing

    This loan program is designed for borrowers who fall just outside Prime Jumbo

    Income Documentation for self-employed borrowers and or W2 Commission Employee

    2 Options:

    • Bank Statements - 24 months business bank account or 12 months personal bank account with or without Asset Depletion (asset utilization)

    Low Doc

    • 1 year W-2 and/or 1-year tax return (stand-alone or in conjunction) with YTD Profit & Loss (P&L) - Borrower Prepared and unaudited

    Bank Statements and Low Doc programs are for self-employed borrowers only. Co-borrower W-2 employee OK for Low Doc - 1 year W-2 in lieu of the traditional 2 year requirement

    Max Debt-to-Income ratio: (DTI) 50% based on and/or (stand-alone or in conjunction) liquid assets, cash-flow and real estate portfolio equity

    Loan Purpose percentage of financing

    Purchase - 10% Down Payment

    Refinance - 90% LTV

    Cash Out Refinance - 85% LTV

    Credit

    Minimum Mortgage Credit Score: 660 (middle score)

    4 years seasoning required on Bankruptcy, Foreclosure, n Modification

    Loan Amounts

    $2,500,000 maximum

     

    reference - 1245587

  •  
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    This loan program is designed for home-buyers (purchase transaction) and home-owners (refinance transaction) that do not want toprovide (Form 4506-T not required) or are unable to produce (business and/or personal tax returns, W-2's, paycheck stubs, lease agreements, etc..) traditional income documentation; have been on their job/profession/a business owner for less than 2 years; have a major credit event on their credit report (Non-Prime) such as a bankruptcy, foreclosure, short-sale, loan modification, or automobile repossession; have a Full Doc debt to income ratio higher than 43% or would like a more flexible term such as a 40-year amortization payment with or without an "interest-only" payment option or just happen to fall outside the credit (depth or seasoning) guideline requirements of a Qualified (QM) or "prime" jumbo mortgage loan.

    Creative "Ability-to-Repay" (ATR) Financing:

    Asset Utilization and/or Cash-Flow (bank statements) Loan Program 

    Loan Amount: $3,500,000

    Borrower Credit Profile:

    • Cannot provide conventional "Full Doc" income documentation
    • Unseasoned (<2 years) employment history
    • Unseasoned credit event (bankruptcy, foreclosure, short-sale, loan modification
    • >43% Debt-to-Income (DTI) ratio

    Loan Purpose percentage of financing:

    • Purchase - 10% Down Payment
    • Rate/Term Refinance - 90% LTV
    • Cash Out Refinance - 85% LTV

    Income Documentation Program - 2 Options:

    "Alt-Doc" (self-employed): Bank Statements and/or Asset Depletion/asset utilization

    • 24 Months Business bank account
    • 12 Months Personal bank account
    • Asset Depletion (asset utilization)

    "Low Doc" (self-employed and W-2): Reduced Doc

    • 1 year W-2 and/or 1-year tax return
    • Self-Employed - "Borrower Prepared" (and unaudited)YTD Profit & Loss (P&L)

    Alt-Doc and Low Doc programs are for the primary and self-employed borrower.

    • Co-borrower W-2 employee OK for Low Doc - 1 year W-2 in lieu of the traditional2-year requirement

    Debt-to-Income ratio: (DTI) 55% based on bank statement cash-flow, liquid asset reserves (stand-alone or in conjunction with bank statements) liquid assets, cash-flow, and real estate portfolio equity

    Credit Notes:

    Mortgage Credit Score:

    • 660 minimum middle score or lower of 2 scores

    Seasoning:

    • Bankruptcy - 3 years from discharge date
    • Foreclosure - 2 years
    • Short-Sale - 2 years
    • Loan Modification - 2 years

     

    Reference # - 1245587

  • Alternative Income Documentation for Self-Employed and W2 Commission Business Professionals

    6 Months Business and/or Personal Bank Statements 

    This 6 Month Super Jumbo Bank Statement Non-Qualified Mortgage (Non-QM) Loan program is for all residential property types and occupancy types including investment properties. This lender requires a minimum credit score of 660 and goes to a maximum loan-to-value ratio (LTV) of 80% See details below:

     
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    660 Minimum Middle Credit Score

    Eligible Transactions:

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

    Eligible Occupancies:

    • Owner-Occupied / Primary Residence
    • Second Homes
    • Investment Properties - 6 Maximum

    Eligible Property Types:

    • Single Family Residence (SFR)
    • Condominiums (including non-warrantable condos)
    • Planned Urban Development (PUD's)
    • 2 - 4 Unit

    Loan-to-Value / Maximum Loan Amounts:

    SFR, Condos, and PUD's: Owner-Occupied / Primary Residence

    • Purchase and Rate / Term Refinance
      • 80% LTV - $1,000,000
      • 75% LTV - $3,000,00
    • Cash Out Refinance
      • 70% LTV - $1,000,000
      • 65% LTV - $3,000,000

    Second Home - Purchase and Rate/Term Refinance

      • 65% LTV - 3,000,000

    Second Home - Cash Out Refinance:

      • 65% LTV - $3,000,000

    2-4 Unit's

    Purchase/Rate and Term

    • Owner-Occupied / Second Home
      • 70% LTV - $3,000,000
    • Owner Occupied / Second Home - Cash Out Refinance
      • 65% LTV - $3,000,000

    SFR, 1-4 Units, Condos & PUD's

    Purchase and Rate/Term Refinance

    • Investment Property
      • 70% LTV - $3,000,000

    Cash Out Refinance

    • Investment Property
      • 65% LTV - $3,000,000

    Purchase/Rate and Term

    • Owner-Occupied / Second Home
      • 70% LTV - $3,000,000
    • Owner Occupied / Second Home
      • 65% LTV - $3,000,000

     

    Ref# 548 10-13-1-3 554 22-5-14

  • Primary residences up to $5,000,000. > $5000,000 Loan Amount considered on a case-by-case basis

    1 day out bankruptcy seasoning from 540+ FICO

    Bank statement documentation from 580+ FICO to 90% LTV

    Full documentation to 95% LTV

    Unlimited consumer lates

    SFR/Condos/Townhomes/Multi-Units

    Interest only options to 90%

    Unlimited 30 day lates to $2M

    Second homes to $2M

    Unlimited cash back when property owned free & clear OR under 50%

  • Self Employed Home Loan Program

    This loan program is for home buyers and homeowners that have recently experienced a housing event such as bankruptcy, foreclosure or short sale. Self Employed borrowers can document their income by providing bank statements in lieu of conventional to support income and if there is a wage earner borrower, too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.

    Guidelines and Highlights

    Purpose:

    • Purchase, Rate and Term refinance and Cash Out Refinance

    Income Program:

    • Alternative Documentation "Alt-Doc"

    Income Documentation:

    • Unconventional - 12 months Bank Statements for self-employed

    and or

    • Conventional - W-2 and paystub for wage earners

    Employment Types:

    • Self Employed
    • W-2 Salary Wage Earner

    Credit Criteria:

    • Mortgage History - 1 30-Day late for last 12 months
    • Bankruptcy Seasoning: - 1 Day
    • Foreclosure Seasoning - 1 Day
    • Short Sale - 1 Day

    Credit Scores:

    • 580 Minimum

    Loan to Value ratio (LTV)

    • 80%

    Debt to Income Ratio (DTI):

    • 50%

    Maximum Loan Amount:

    • $2,000,000

    Property Types:

    • Single Family Residence (SFR)
    • 1-2 Units
    • 2-4 Units

    Occupancies:

    • Owner Occupied / Primary
    • Investment

    Terms:

    • 30-Year Fixed
    • 15-Year Fixed
    • 7 Year ARM

    No Prepayment Penalty

     

    States: Arizona,California, Colorado, Florida, Georgia, Oregon, Washington

     

    Reference# 535 06131519-16-12-16