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

     
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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

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    This loan program is designed for home-buyers (purchase transaction) and home-owners (refinance transaction) that do not want toprovide (Form 4506-T not required) or are unable to produce (business and/or personal tax returns, W-2's, paycheck stubs, lease agreements, etc..) traditional income documentation; have been on their job/profession/a business owner for less than 2 years; have a major credit event on their credit report (Non-Prime) such as a bankruptcy, foreclosure, short-sale, loan modification, or automobile repossession; have a Full Doc debt to income ratio higher than 43% or would like a more flexible term such as a 40-year amortization payment with or without an "interest-only" payment option or just happen to fall outside the credit (depth or seasoning) guideline requirements of a Qualified (QM) or "prime" jumbo mortgage loan.

    Creative "Ability-to-Repay" (ATR) Financing:

    Asset Utilization and/or Cash-Flow (bank statements) Loan Program 

    Loan Amount: $3,500,000

    Borrower Credit Profile:

    • Cannot provide conventional "Full Doc" income documentation
    • Unseasoned (<2 years) employment history
    • Unseasoned credit event (bankruptcy, foreclosure, short-sale, loan modification
    • >43% Debt-to-Income (DTI) ratio

    Loan Purpose percentage of financing:

    • Purchase - 10% Down Payment
    • Rate/Term Refinance - 90% LTV
    • Cash Out Refinance - 85% LTV

    Income Documentation Program - 2 Options:

    "Alt-Doc" (self-employed): Bank Statements and/or Asset Depletion/asset utilization

    • 24 Months Business bank account
    • 12 Months Personal bank account
    • Asset Depletion (asset utilization)

    "Low Doc" (self-employed and W-2): Reduced Doc

    • 1 year W-2 and/or 1-year tax return
    • Self-Employed - "Borrower Prepared" (and unaudited)YTD Profit & Loss (P&L)

    Alt-Doc and Low Doc programs are for the primary and self-employed borrower.

    • Co-borrower W-2 employee OK for Low Doc - 1 year W-2 in lieu of the traditional2-year requirement

    Debt-to-Income ratio: (DTI) 55% based on bank statement cash-flow, liquid asset reserves (stand-alone or in conjunction with bank statements) liquid assets, cash-flow, and real estate portfolio equity

    Credit Notes:

    Mortgage Credit Score:

    • 660 minimum middle score or lower of 2 scores

    Seasoning:

    • Bankruptcy - 3 years from discharge date
    • Foreclosure - 2 years
    • Short-Sale - 2 years
    • Loan Modification - 2 years

     

    Reference # - 1245587

  • Interest-Only Non-QM Jumbo Mortgage Product

     
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    This loan program is a Non-QM Mortgage loan becasuse it features an "interest-only" payment option. With that comes also flexible

    Purpose:

    • Purhase
    • Refinance - Rate/Term
    • Refinance - Cash-Out

    Single Family Residence (SFR) - Owner-Occupied / Primary Residence

    Credit Score / LTV / Loan Amount:

    • 720 - 90% - $1,500,000
    • 680 - 80% - $2,000,000
    • 740 - 90% - $2,000,000
    • 720 - 70% - $2,500,000
    • 720 - 70% - $3,000,000

    Single Family Residence (SFR) - Second Home:

    Credit Score / LTV / Loan Amount:

    • 680 - 80% - $2,000,000
    • 720 - 65% - $3,000,000

    2-4 Unit:

    • 700 - 75% - $2,000,000
    • 720 - 70% - $2,000,000

    Second Home

    • 720 - 75% - $1,000,000 - Maximum Cash-Out - $500,000 (cash in hand)
    • 720 - 65% - $1,500,000 - Maximum Cash-Out - $350,000 (cash in hand)
    • 720 - 50% - $2,000,000 - Maximum Cash-Out - $350,000 (cash in hand)

    Refinance - Cash-Out | Owner-Occupied

    • $500,000 Max Cash-Out (cash in had)
    • Owner-Occupied
    • 700 - 75% - $2,000,000 - Maximum Cash-Out (cash in hand)
    • Listed Properties Require 6 Months Seasoning for Market Value LTV
    • Purchase Properties (<6 months) Require 6 Months Seasoning for Market Value LTV
    • Texas - No

    Liquid Assets / Reserves Requirement - Owner-Occupied

    Single Family Residence (SFR)

    • 6 Months - $1,000,000
    • 9 Months - $2,000,000
    • 12 Months - $3,500,000

    Acceptable Sources

    • Bank Account - Personal
    • Bank Account - Business
    • Stocks, Bonds, Mutual Funds
    • REO Sale /(HUD/Settlement Statement)
    • Personal Property Liquidation
    • Trust Fund Disbursement
    • IRA (Percentage Qualified Based on Age of Borrower)
    • Insurance Policy - Cash Value
    • Business Funds
      • Qualified Cash Value - Percentage of Company Ownership

    Income Documentation

    All Income Documentation Will Be Verified Via Form 4506-T

    • Tax Returns
    • W-2's
    • Paycheck Stubs
    • Rental Income - Signed leases
    • Retirement Income - Award Letter
    • Pension Income - Award Letter

    Debt-to-Income Ratio (DTI)

    • Based on Proposed (subject property) Principle, Interest, Tax and (home-owners) Insurance/PITI (all REO properties owned), Installment Loans, Revolving Accounts (minimum payments), Alimony, Child Support.
    • Co-Signed Debt can be excluded from qualifying DTI with supporting (payment transaction history) documentation from the payer of the Note
    • Debt Consolidation to reduce qualifying DTI - OK 

    Property Types

    • SFR - Attached
    • SFR - Detached
    • 1-4 - Attached
    • 1-4 - Detached

     Credit:

    • Credit Criteria (Ability to Repay is based on over-all file)
      • Credit Scores (mortgage credit scores)
        • 2 Scores Minimum
      • Tradeline Requirements (exceptions available based on all credit criteria)
        • 1 Active Tradelines - 24 Months History
        • 3 Active Tradelines -12 Months History
        • 1 Active Tradeline - Installment 
        • Non-Traditional Traxdeline - No
        • Collections OK to $1,000,000 (Payoff accounts not required)
        • All Liens must be paid off

    Properties Not Allowed

    • > 10 Acres
    • Unwarrantable Condos
    • Condos in Litigation
    • Condotel
    • Co-Ops
    • Hobby Farms
    • Commercial
    • Manufactured
    • Modular
    • Log Homes
    • Mixed Use

    Borrowers:

    • Permanent Resident Aliens
    • Non-Permanent Resident Aliens
      • Valid Visa A Series, E 1-3, G Series 1-5, H Series 1-4, L Series L a-b
      • Valid Social Security Number
      • 2 year Employment History
      • Primary Residence
      • Written Verification of Employment (WVOE)
      • 2 Year Credit History
      • Revocable Trust

    Title

    • Not in Business Name
    • Inherited Properties - No

    First Time Home Buyer - Yes

    Gift Funds OK - 5%

    Seller Contribution OK - 6%

    Subordinate Financing - Institutional finance  OK

     

    123 11-21-18_10-13-1-3

  • Purpose:

    • Purchase / Rate & Term Refinance - 90% LTV
       
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    • Cash Out - 85% LTV

    Loan Amounts:

    • $3,000,000 Maximum
    • $2,000,000 Cash Out

    Employment Types:

    • Self Employed - Two Years Minimum
    • Wage Earner / W2 Co-Borrower OK

    Eligible Business Entities:

    • Corporation
    • LLC
    • Sole Proprietor

    Employment Verification:

    • Business License or Business Certificate If Applicable
    • CPA Letter or Equivalent

    Income and Employment Documentation:

    • 12 Months Bank Statements
    • Borrower Prepared and Unaudited Profit and Loss Statement. Bank Account or Personal Bank Account  - OK
    • Utilize Liquid Assets for Additional Income
      • Checking Accounts, Savings Accounts, Stocks, Bonds, Mutual Funds, Certificates of Deposit, Money Market Funds, Trust Accounts, Retirement "amount invested", Trade Equity, Savings Bonds, Peanut Butter & Jelly Sandwiches with the Crusts Removed, Trust Accounts, Sale of Real Estate, Etc.

    Property Types:

    • SFR - Detached
    • SFR - Attached
    • 2-4 Units
    • Condominiums
    • PUD's

    Occupancies:

    • Owner-Occupied
    • Investment
    • Second Home

    Credit Scores:

    • 620 Minimum
    • 720 Score: LTV 90%

    Credit Seasoning:

    • Bankruptcy: Four Years, Two Years with Compensating Factors
    • Foreclosure: Four Years, Two Years with Compensating Factors
    • Short Sale: Four Years, Two Years with Compensating Factors
    • Loan Modification: Four Years, Two Years with Compensating Factors

    Compensating Factor Examples: Low LTV. Low DTI. Credit Depth and Over-All Seasoning

    DTI – 50

    r 3-9-20 0229919

  • 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