Alternative Real Estate Financing

  • Non-Qualified Mortgage (Non-QM) - Jumbo Program

     

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    Income Documentation: Asset Utilization and Cash-Flow (bank statements) Program - Creative Financing

    This loan program is designed for borrowers who fall just outside Prime Jumbo

    Income Documentation for self-employed borrowers and or W2 Commission Employee

    2 Options:

    • Bank Statements - 24 months business bank account or 12 months personal bank account with or without Asset Depletion (asset utilization)

    Low Doc

    • 1 year W-2 and/or 1-year tax return (stand-alone or in conjunction) with YTD Profit & Loss (P&L) - Borrower Prepared and unaudited

    Bank Statements and Low Doc programs are for self-employed borrowers only. Co-borrower W-2 employee OK for Low Doc - 1 year W-2 in lieu of the traditional 2 year requirement

    Max Debt-to-Income ratio: (DTI) 50% based on and/or (stand-alone or in conjunction) liquid assets, cash-flow and real estate portfolio equity

    Loan Purpose percentage of financing

    Purchase - 10% Down Payment

    Refinance - 90% LTV

    Cash Out Refinance - 85% LTV

    Credit

    Minimum Mortgage Credit Score: 660 (middle score)

    4 years seasoning required on Bankruptcy, Foreclosure, n Modification

    Loan Amounts

    $2,500,000 maximum

     

    reference - 1245587

  • Second Mortgage Bank Statement Mortgage Loan Program

     

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    Stand-Alone Second Mortgage Program

    Required Credit Score - 700

    CLTV (Combined Loan-to-Value) / Loan Amount:

    • 85% CLTV / $250,000
    • 80% CLTV / $350,000
    • 75% CLTV / $500,000

    Property Types

    • Single Family Residence
    • Townhomes
    • Condos
    • PUD's

    Occupancy:

    • Owner-Occupied Only

    Cash Reserves:

    • 3 Months PITI - Principle, Interest, Tax, and Insurance

    Credit Criteria:

    Credit Criteria Credit Accounts/Tradelines:

    This second mortgage bank statement mortgage loan requires the borrower's credit report to show a minimum of 3 open or closed tradelines with a minimum of 12 months of activity history or 2 tradelines with a 24-month history that also requires activity within the previous 12 months, not including Authorized User-Accounts. Alternative tradelines are acceptable such as a 12 months housing payment history. Credit accounts to which the borrower is not required to make payments is not considered an acceptable tradeline such as deferred loans, derogatory items such as collections, charge-offs, including accounts that were discharged in a bankruptcy.

     

    reference# 225-7-18-5-5-14

  • Use Bank Statements as Income Alternative

    Stated Income for Self-Employed

    Purpose:

    • Purchase, Refinance - Rate/Term
    • Refinance - Cash Out
      • Maximum cash out amount $500,000

    Income Documentation Programs - Self-Employed

    Income Documentation Options:

    • Asset Depletion / Asset Based (in conjunction with any Alt Doc program)
    • Bank Statements
    • Stated Income

    Bank Statements

    • 6 Months Personal Bank Account Statements
    • 12 Months Personal Bank Account Statements 
    • 24 Months Business Bank Statements

    Primary borrower must be self-employed - W-2 c-borrower OK

    Stated Income / Verified Assets

    • Assets / Reserves
      • 24 months reserves seasoned for 3 months or VOD Verification of Deposit
    • Self-Employed Only
        • 4506T not required
        • Tax Returns not required

    Primary borrower must be self-employed - W-2 c-borrower OK

    Self-employed is defined by 25% ownership in a company

    3 Reduced Doc Options:

    • One year instead of the standard 2-year income history and employment history verification requirements including full tax returns with all schedules
      • 4506T is executed but for only the 1 year W-2. Not previous year.
      • 4506T is not executed for the self-employed borrower
        • Tax Returns not required
    • 1 Year Tax Returns instead of the standard 2-year requirement
      • 4506T is executed but for only the 1 year tax return
    • 1 Year P&L Profit and Loss Statement
      • Borrower prepared and Unaudited
        • Tax returns not required
        • IRS Form 4506-T not required

    Jumbo Loan Amounts:

    • Owner Occupied
      • $2,500,00 for purchase and rate/term refinance - 80% LTV maximum
      • $2,000,000 for Cash Out - 75% LTV maximum
    • Non-Owner Occupied / Investment Properties
      • $$1,000,000

    Percentage of Financing

    • 90% LTV Maximum

    Property Types:

    • SFR Single Family Residence
    • Condominiums < 4 stories
    • Condominiums - highrise OK
    • Townhouses
    • 1-2 Units
    • 2-4 Units
    • Duplex

    Occupancies:

    • Owner Occupied
    • Second Home
    • Non-Owner Occupied

    Available Terms:

    • ARM's
      • 3/1
      • 5/1
      • 7/1
      • 10/1
    • Fixed Rates
      • 15 year
      • 20 year
      • 30 year

    One 60-day previous mortgage late within last 12 months OK

    600 Credit Score to 80% LTV

    3 previous 30-day mortgage lates within previous 12 months OK

    Underwriting Notes:

    Short Sale, 1 day seasoned

    Foreclosure, 1 year seasoned

    Bankruptcy, 1 year seasoned

    55% max DTI 

    States: Alabama, Arizona, Colorado, California, Florida, Georgia, Maryland, Massachusetts, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

    Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)

  • Stated Income Mortgage Program

    February 2019

    Almost all stated income loan programs are for investments properties. This loan is special in that it provides the option for people that cannot or prefer not to verify their income to purchase or refinance their primary home. In addition, what is also unique about this program is it allows for cash-out on a refinance in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, Texas, Virginia, and Washington.

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    Self Employed only

    Loan purpose:

    Purchase, Rate and Term Refinance and Cash Out Refinance 

    Jumbo Loan Amounts

    Cash Out to $1,000,000

    Purchase and Rate & Term Refinance to $2,500,000

    Maximum LTV Financing:

    • Purchase to 75% LTV
    • Rate and Term to 75% LTV
    • Cash Out Refinance to 70%

    Property Types:

    • SFR
    • Condo (65% LTV maximum)

    No Non-warrantable Condos

    Occupancies:

    • Owner Occupied
    • Second Home to 60% LTV - $750,000 on Purchase and Refinance. -No Cash Out

    Credit Score Requirement:

    700 minimum middle score

    Verified Asset Requirements:

    • Loan amounts less than $650,000: $100,000 liquid
    • Loan amounts greater than $650,000: $250,000 liquid
    • Loan amounts between $1,000,000 to $1,500,000: $500,000 liquid
    • Greater than $1,500,000 - $1,000,000 liquid

    Underwriting Notes:

    Borrower cannot have more than 3 financed properties. No limit on number of properties owned

    Non owner occupied borrowers not allowed

    Private mortgage insurance not required

    10 acre maximum on property

    Appraisal notes:

    Full Appraisal required, interior and exterior with photos of both

    Desk review required for all loans greater than $750,000

    Property cannot have been on MLS for less than 90 days

    No purchase seasoning - utilize current market value

    Credit history notes:

    Payment history: No 30 day lates within last 24 months on mortgage or rent

    No 30 day lates on any consumer debt, revolving or installment

    Minimum 2 year active history on a minimum of 2 accounts required

    Unconventional credit not acceptable

    Job and Income document requirements:

    Self Employed:

    2 year job history

    Phone number will be verified via the internet

    Business license or CPA letter

    2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK

    Rental Agreements can be qualified as income

    Eligible Borrowers:

    US Citizen

    Permanent and Non-permanent Resident Aliens

    3% contribution OK

    Any liens on the subject property must be a minimum of 6 months seasoned. 12 months on a HELOC with no draws within the last 12 months

     

    Reference# 254 525020215

  • Asset-Based Loan Program

    Qualifying criteria for this loan program is liquid asset-centric. Retirement Account funds qualify.

    4506-T Not Required

    This loan program is specifically designed for high net worth borrowers. Qualifying calculation based on verified liquid assets as an alternative method to income verification to determine borrowers ATR Ability to Repair.

    Our investors take a common sense approach to underwriting the creditworthiness of a particular borrower in regard to the individual's ability to repay the loan. People and their financial situations can be complex and unique, each with their own qualities and compensating factors. Our objective is to identify a borrower's reasonable ability to repay a loan while mitigating risk for the end investor. Often the answer is overwhelmingly obvious that the applicant is worthy of a loan and thus the interest rate, fees and terms offered are very reasonable. Unconventional income is often better in terms of proper evaluation. This decision is centered upon the verification of the income documents provided by the borrower.

    Verified Assets for income, down payment, closing costs and cash reserves

    Foreign Nationals OK for second homes and Investment property

    Alternative Income Documentation:

    • 12 months bank statements - large or disproportionate deposits must be sourced
    • No Tax Returns, W-2's, paycheck stubs, profit and loss statements
    • Self Employed and W-2 salary employees - OK

    Asset Documentation:

    • 12 months seasoned required - actual bank statements, not computer browser summary print out
    • VOD / Verification of Deposit - OK
    • Liquid assets for down payment and closing costs required

    Acceptable Asset Documentation Sources:

    • Checking and savings account - 100%
    • Stocks and bonds - 75%
    • Mutual funds - 75%
    • 401K and IRA - 75%

    "Business funds" not acceptable

    Loan Amount - Liquid Reserve Requirement Matrix:

    The amount of liquid reserves required is quantified by the number of month's cash reserves as well as the total loan amount

    • 0 - $417,000 - 6 months' reserves / liquid assets
    • $625,000 - 9 months' reserves / liquid assets
    • $1,000,000 - 12 months' reserves / liquid assets
    • $2,000,000 - 18 months' reserves / liquid assets
    • $3,000,000 - 24 months' reserves / liquid assets

    Loan Purpose:

    • Purchase
    • Refinance Rate & Term
    • Refinance and Cash Out

    Property Types:

    SFR / Single Family Residence

    • PUD's
    • 1-2 Units
    • Condos

    Owner Occupied / Primary Residence

    • 680 Credit Score
      • 70% LTV to $750,000
      • 65% LTV to $2,000,000
      • 50% LTV to $3,000,000

    $750,000 Maximum loan amount

    $500,000 maximum cash out

    Second Home

    • 680 Credit Score
      • 65% LTV to $750,000
      • 60% LTV to $2,000,000con
      • 50% LTV to $3,000,000

    $500,000 maximum cash out

    Investment Property:

    • 660 Credit Score
      • 75% LTV to $750,000
      • 65% LTV to $2,000,000
      • 50% LTV to $3,000,000

    $500,000 Maximum Cash Out

    Cash Out requirements- 12 months title seasoning required to use current market value for LTV qualification

    Credit Criteria:

    • 680 Credit Score
      • Foreclosure - 2 years seasoned
      • Bankruptcy - 4 years seasoned
      • Short Sale - 2 years seasoned
      • Mortgage lates - 2 years seasoned
      • Derogatory tradelines (liens, judgments, charge-offs, and collections) - 2 years seasoned

    Tradelines:

    • 5 tradelines - 24 months history
    • 3 tradelines open and active - 24-month history

    Underwriter Notes:

    Loan Amounts greater than $1,000,000 requires 2 appraisals

    Gift money and or equity - no can do

    Permanent and Non-Permanent Resident Aliens - OK

    First Time Homebuyers - OK to 60% LTV with a maximum loan amount of $1,200,000

    Nonexistent housing history for last 2 years considered

    Dodd-Frank Compliant

    States: Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Vermont, Washington, Wisconsin, West Virginia

     

    Reference # 444 010288

  • Non-Prime Super Jumbo Bank Statement Loan

    Maximum Loan Amount - $4,000,000

     

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    Be advised, the following Credit Scores are Mortgage Credit Scores - Consult a Mortgage Professional to be properly pre-qualified without having your credit checked

    No Liquid reserve requirement

    Short Sale seasoning - 1 day 

    Alternative Documentation for Self Employed:

    Form 4506T Not Required (no tax returns before, during or after Close of Escrow)

    24 consecutive months Personal or Business bank statements

    Purchase Loans:

    • 90% LTV - 700 Middle Credit Score
    • 85% LTV - 650 Middle Credit Score
    • 80% LTV - 600 Middle Credit Score
    • 75% LTV - 550 Middle Credit Score
    • 65% LTV - 500 Middle Credit Score

    Cash Out Refinance:

    • 75% LTV - 700 Middle Credit Score
    • 75% LTV - 650 Middle Credit Score
    • 75% LTV - 600 Middle Credit Score
    • 70% LTV - 550 Middle Credit Score
    • 65% LTV - 500 Middle Credit Score

    Full Doc for Salary Employee - W-2's and 30 days paycheck subs 

    Or

    Full Doc for Commission Professional - 2 years 1040's and Profit and Loss Statement

    Liquid Assets not required

    Jumbo Maximum Loan Amount - $3,000,000

    90% LTV:

    No mortgage lates

    Bankruptcy and Foreclosure3 years seasoned

    Property Types:

    • Single Family Residence
    • Condo
    • Non-Warrantable Condos
    • Townhouse
    • 2-4 Unit
    • Condotels case specific

    Rural properties OK for A through B- credit grades

    Occupancies:

    • Owner Occupied
    • Non Owner Occupies
    • Second Home

    Debt-to-Income Ratio

    50%

    For this program, Underwriter will utilize 100% of Personal Bank Statement deposits and 50% of Business Bank Statement deposits

    -Let a Mortgage Professional qualify your debt ratio

    LTV / Credit Score

    • 90% - 700
    • 85% LTV - 650
    • 80% LTV - 600
    • 75% LTV - 550
    • 65% LTV - 500

     

    R 3-9-20-1-4-5-12

  • Home Builder Construction Loan Program

    This is a short-term construction loan for home builders for subject properties located in Arizona, California, Colorado, Idaho, Illinois, Michigan, North Carolina, South Carolina, Ohio, Oregon, Texas, Utah, and Washington.

    Stated Income goes to 1 Million

    • 70% LTV (loan-to-value)
    • 85% LTC (loan-to-cost)

    Loan Amounts:

    • Maximum Loan Amount - 1 Million
    • Minimum Loan Amount - 50K

    Available Terms:

    • 4 months
    • 6 months
    • 9 months
    • 12 months

    Shorter-term - lower cost

    Blanket Loan available

    Construction Completion

    Draw Disbursement

    Eligible Property Types:

    • Single FamilyResidence SFR
    • 2 Unit
    • 3 Unit
    • 4 Unit

    Occupancies:

    • Owner Occupied and Non Owner Occupied

    Eligible Borrowers

    • Legal Entities - Yes
    • Foreign Nationals - Yes

    Underwriting Notes:

    Lender qualifies the lowest middle credit score of both borrowers