Bank Statement Loan Program

This particular loan program is available in the following states:

Alabama, Arizona, Arkansas, California, Colorado, Deleware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconson, Wyoming.

Credit Scores Loan Amounts Reserves (Months) 24 Months Business or Personal
12 Months Business or Personal
Loan-to-Value (LTV) Loan-to-Value (LTV)
Purchase Cash-Out Refinance Purchase Cash-Out Refinance
700 1,500,000 4 90% 85% 85% 85%
$2,000,000 6 90% 80% 85% 85%
$2,500,000 6 85% 80% 85% 85%
$3,00,000 9 85% 70% 85% 85%
$4,00,000 12 85% 65% 85% 85%
$4,00,000 12 70% 60% 85% 85%
660 - 699 $1,500,000 4 85% 85% 85% 85%
$2,000,000 6 85% 80% 85% 85%
$2,500,000 6 85% 80% 85% 85%
$3,500,000 12 75% 65% 75% 85%
$4,000,000 12 70% 65% 70% 85%
$4,500,000 12 70% 60% 70% 60%
640 - 659 $1,500,000 4 85% 85% 85% 85%
$2,000,000 6 85% 80% 85% 80%
$3,500,000 6 85% 80% 85% 80%
620 - 639 $1,500,000 4 85% 75% 85% 85%
$2,000,000 6 85%  80% 85% 80%
$2,500,000 6 80% 80% 85% 80%
600 - 619 $1,500,000 4 85% 85% 85% 85%
$2,000,000 6 80% 80% 85% 80%
580 - 599 $1,500,000 4 80% 80% N/A N/A
$2,000,000 6 80% 75% N/A N/A
560 - 579 $1,500,000 4 80% 80% N/A N/A
$2,000,000 6 80% 75%    

 

Credit:

  • Minimum credit score: 560
  • No mortgage lates allowed previous 24 months
  • Housing credit event (bankruptcy, foreclosure, short sale, loan modification: 36 months
  • Minimum tradelines 2 open and active minimum 12 months

Cash Out Limit:

  • Maximum LTV - 80%
  • Loan amount > $1,500,000 Maximum LTV - 75%

Property Types:

  • Single Family Residence
  • Condo (non-warrantable condo maximum loan amount - $2,000,000)
  • 2-4 Units - Maximum LTV - 85%

Debt-to-Income: (DTI)

  • 55%

Terms Available

  • ARM's
    • 5/1 LIBOR
    • 7/1 LIBOR
  •  Fixed
    • 15 Year
    • 30 Year
  • Interest Only
    • Interest Only - 120 month term
  • Maximum Loan amount - 4,500,000

Reference # 541 052218 10-13-1-3