All -  Bank Statement Loans 

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