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

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