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

 

 

Major Credit Event Seasoning:

  • Bankruptcy:
    • Settled - 70% LTV
    • One Year- 80% LTV
    • Two Years- 85% LTV
    • Three Years- 90% LTV
  • Foreclosure -
    • Settled - 70% LTV
    • One Year - 80% LTV
    • Two Years - 85% LTV
    • Three Years - 90% LTV
  • Short Sale -
    • Settled - 75% LTV
    • 1 Year - 85% LTV
    • 2 Years - 90% TLV
  • Deed-In-Lieu -
    • Settled - 80% LTY
    • 1 Year - 85% LTV
    • 2 Years - 80% LTV

Documentation:

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

Liquid Assets Not Required

  • Asset Utilization
  • Socks, bonds, mutual funds: 75%

Retirement funds amount invested, 65%

Gift of equity not allowed

Interest Only payment feature available to 80% LTV

 

 

 

 

 

 

 

 

 

 

 

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Major Credit Event Seasoning:

 

  • Bankruptcy:
    • Settled - 70% LTV
    • One Year- 80% LTV
    • Two Years- 85% LTV
    • Three Years- 90% LTV

 

  • Foreclosure -
    • Settled - 70% LTV
    • One Year - 80% LTV
    • Two Years - 85% LTV
    • Three Years - 90% LTV

 

  • Short Sale -
    • Settled - 75% LTV
    • 1 Year - 85% LTV
    • 2 Years - 90% TLV

 

  • Deed-In-Lieu -
    • Settled - 80% LTY
    • 1 Year - 85% LTV
    • 2 Years - 80% LTV