Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Bank Statement Loan to $5,000,000

Purpose: Purchase Rate & Term Refinance – Rate & Term and Cash Out

* Jumbo Bank Statement Loan to $5,000,000

* Maximum Loan Amounts: $5,000,000

* Maximum Cash Out – $2,500,000

Bank Statement Income Documentation: (No 4506-T or 4506-C)

* 12 Months or 24 Months Business Bank Statements

* 12 Months or 24 Months Personal Bank Statements

* “Borrower Prepared” & Unaudited Profit & Loss Statement – No 4506-T Form or CPA Letter Required

* Asset Depletion: Utilize Liquid Assets for Additional Qualifying Income

* * DTI – 55%

Eligible Employment Types

* Self Employed (Defined as > 25% Ownership)

* Wage Earner / W2 Co-Borrower – OK

Eligible Employment History

* One Year Employment History – OK “Lite Doc”

Employment Verification

* * Acceptable (VOE) Verification of Employment Lender Guideline Options

* Business License

* Business Organization Paperwork or Regulatory Equivalent.

* CPA Letter or Equivalent

Liquid Reserves Requirements

* Six months For self-employed borrowers, liquid reserve requirements – business bank account OK – percentage

* utilization allowed is equal to the percentage of ownership. – for example, 60% owner of the business can utilize 60% of the business bank account balance. >25% ownership required.

Eligible Liquid Assets Reference Examples: Checking & Savings Accounts, Stocks, Bonds, Mutual funds, Certificates of Deposit, Money Market Funds, Trust Accounts, Retirement Accounts “amount invested”, Trade Equity, Savings Bonds, Trust Accounts, and Sale of Real Estate

Eligible Business Entities

C Corporation

S Corporation

LLC

Sole Proprietor

Eligible Property Types:

Single Family Residence (SFR) – Attached and Detached

2 Units

4 Units

Condominiums

PUD’s

Eligible Occupancies:

Owner-Occupied

Investment

Second Home (Vacation)

Credit: Criteria and Scores

Credit Scores – 620 Minimum

720 Score – Max LTV 85%

Housing / Life Event Credit Seasoning:

Bankruptcy: 4 Years, 3 Years with Compensating Factors

Foreclosure: 4 Years, 3 Years with Compensating Factors

Short Sale: 4 Years, 2 Years with Compensating Factors

Loan Modification: 4 Years, 3 Years with Compensating Factors

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, 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