Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Portfolio Jumbo Low Doc – One Year P&L Statement Only

Self-Employed Home Loan Program

This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along with a letter from their tax professional verifying 2+ years of self-employment history in lieu of traditional tax returns and also can be an alternative to a “bank statement loan” for the well-qualified borrower.

Self-Employed Home Loans – All Income Documentation Programs

California Only:

Product Term: 7/1

Forms 4506-T and 4506-C Not Required

Income Documentation

Low Doc: Income documentation type: 1-year profit and loss statement

Self Employed Documentation

* YTD and prior year P&L completed by unverified independent third‐party.

* Business License or CPA Letter verifying 2 years 25% ownership.

* 4506-T not required.

* Tax returns not required.

* Paycheck stubs not required.

* 2-month Bank Statements

* Liquid assets from the business are OK if 100% ownership

* W2 (co) borrower: Written Verification of Employment

680 Credit Score

* $1,000,000 | 70% LTV

700 Credit Score

* $1,500,000 | 65% LTV

720 Credit Score

* $2,500,000 – 60% LTV

680 Credit Score

* $1,000,000 | 65% LTV

700 Credit Score

* $1,500,000 | 60% LTV

670 Credit Score

* $1,500,000 | 60% LTV

* $1,000,000 – 60% LTV

* $1,500,000 – 55% LTV

* $2,500,000 – 50% LTV

* Up to $2,500,000 – 60 LTV%

LTV <60% Loan amount to $1,000,000 – 6 months Principal and Interest payment

LTV >60% – 12 months Principal and Interest payment

Passport, I‐94 & valid VISA (F‐1 and F‐2 type not allowed)

Passport & either I‐94W or proof of ESTA Approval on VISA Waiver Program

Borrower must have U.S. address at the time of application.

Foreign down payment, closing costs, and/or reserves must be transferred to U.S. institution.

Automatic Debit payment from U.S. institution

24-month P&I Principal and Interest Reserves for Subject Property only

12-month P&I reserves deposited prior to funding

100% Gift funds OK and 60% Foreign National

Eligible Property Types:

* SFR Single Family Residence and PUD

* Condos

* 2 – Units

* 3 – Units

* 4 – Units

Foreign Nationals

Cash Out

6 Months Purchase Seasoning required for Cash Out Refinance

12 Months P&I in US Financial Institution

Non-Owner Occupied OK

Reserves Requirement

Foreign Nationals

Credit Notes:

Previous Housing Payment History, 1 “30 day late” maximum

3 open accounts on credit at minimum 1 year seasoned.

“Housing Event” Seasoning

BK – 3 years

Short Sale – 2 years

Foreclosure – 2 years

Available in the Following States: California

545 c277 12041

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending