Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

95% LTV Jumbo Unlimited Cash-Out to $1,500,000

Unconventional Mortgages and Loans

High LTV Cash Out Financing

5% Down Payment for your Jumbo purchase or 95% LTV Jumbo financing for Rate / Term refinance. Cash Out is also available on this program & may be used for any purpose including reserve requirements. 95% LTV cash out by exception only. Interest Only feature available – 620 middle “mortgage credit score”. Non-occupant borrowers – OK (income, reserves, and credit profile)

Non-Qualified and Non-Prime Income Documentation

4 Income Documentation Options: Full Doc, Lite Doc, (one year income), Reduced Doc (one year employment) and Alt Doc.

Eligible Transactions: Purchase and Rate / Term Refinance: 95% LTV Purchase or Rate & Term refinance with 720 credit score on Owner Occupied only – No Mortgage Insurance.
Cash-Out Refinance: 90% LTV unlimited cash-out with 760 credit score on Owner-Occupied Only to $1,500,000 – No Mortgage Insurance.

Bank Statement Loan Details

  • One-year alternative income documentation programs are considered Lite Doc. Lite Doc – 1-Year (55% DTI) “Lite Doc” only pertains to employment history documentation /verification., Sole Prop, C Corp, S Corp, LLC. < 2 Years and Reduced Doc

Alt Doc – 24 Months Alternative Income Documentation

  • “Income documentation” can be 1099 Only, bank statements and/or different asset depletion product enhancements. 2 year alternative income documentation programs are considered Alt Doc

Lite Doc – 12 Month Income Documentation

  • A Lite Doc program can also be a “full doc” program with traditional income documentation. There are a few worthwhile reasons to do this. The difference being 1 year less documentation verification to deal with.

Reduced Doc – 12 month employment history

Liquid Asset Requirements

Down Payment and closing costs – Business and Foreign Funds Acceptable. Reserve Requirement – Business funds OK. However, if the borrower is not 100% owner of this business, will be required to obtain a CPA Letter stating the cash withdrawal would not have an adverse impact on the business. Foreign Funds acceptable, too with 30 days seasoning in an American bank.

Available Terms: 40-Year fixed, 40-Year fixed Interest Only (40-year am, 10 year i/o), 30-Year fixed (30-year am, 10 year i/o), 30-Year fixed Interest Only, 10/1 ARM, 10/1 ARM Interest Only

Matrix – Property Type | Credit Score | LTV (Loan to Value) | Loan Amount | Reserve | Property Type:

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
72095%$2,500,0006 Months PITISFR, Condos and PUD’s
72090%$3,500,0009 Months PITISFR, Condos and PUD’s
72085%$4,000,00012 Months PITISFR, Condos and PUD’s
72080%$5,000,00012 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
72095%$1,500,0006 Months PITISFR, Condos and PUD’s
72090%$2,000,0009 Months PITISFR, Condos and PUD’s
72080%$3,500,00012 Months PITISFR, Condos and PUD’s
72070%$4,000,00012 Months PITISFR, Condos and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
70080%$2,500,0009 Months PITISFR, Condos and PUD’s
70080%$3,000,00012 Months PITISFR, Condos and PUD’s
70075%$3,500,00018 Months PITISFR, Condos and PUD’s
70070%$5,000,00012 Months PITISFR, and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
70075%$2,000,0006 Months PITISFR, Condos and PUD’s
70070%$2,500,0009 Months PITISFR, Condos and PUD’s
70065%$3,000,00012 Months PITISFR, Condos and PUD’s
70060%$5,000,00012 Months PITISFR, Condos and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
68080%$2,000,0006 Months PITISFR, Condos and PUD’s
68075%$2,500,0009 Months PITISFR, Condos and PUD’s
68070%$3,000,00012 Months PITISFR, Condos and PUD’s
68065%$4,000,00012 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
68075%$2,000,0006 Months PITISFR, and PUD’s
68070%$2,500,0009 Months PITISFR, Condos and PUD’s
68065%$3,000,00012 Months PITISFR, and PUD’s
68060%$4,000,00012 Months PITISFR, Condos and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
66075%$2,000,00012 Months PITISFR, and PUD’s
66070%$2,500,00012 Months PITISFR, Condos and PUD’s
66065%$3,000,00012 Months PITISFR, and PUD’s
66060%$4,000,00018 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
66075%$2,000,00012 Months PITISFR, and PUD’s
66070%$2,500,00012 Months PITISFR, Condos and PUD’s
66065%$3,000,00024 Months PITISFR, and PUD’s
66060%$4,000,00024 Months PITISFR, Condos and PUD’s

Alt Doc – Bank Statements – 24 Months

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
72080%$2,500,0006 Months PITISFR, and PUD’s
72075%$3,000,0009 Months PITISFR, Condos and PUD’s
72070%$3,500,00012 Months PITISFR, and PUD’s
72070%$4,500,00018 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
72075%$2,500,0006 Months PITISFR, Condos and PUD’s
72070%$3,000,0009 Months PITISFR, Condos and PUD’s
72070%$3,500,00012 Months PITISFR, and PUD’s
72065%$4,500,00018 Months PITISFR, Condos and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
70075%$2,500,00012 Months PITISFR, Condos and PUD’s
70070%$3,000,00012 Months PITISFR, Condos and PUD’s
70070%$3,000,00018 Months PITISFR, and PUD’s
70065%$4,500,00018 Months PITISFR, and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
70075%$2,500,0009 Months PITISFR, Condos and PUD’s
70070%$3,000,00012 Months PITISFR, and Condos
70070%$3,500,00018 Months PITISFR, and PUD’s
70070%$4,500,00018 Months PITISFR, and Condos

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
68075%$2,000,0009 Months PITISFR, and PUD’s
68070%$2,500,0009 Months PITISFR, and PUD’s
68070%$3,000,00012 Months PITISFR, and PUD’s
68070%$4,000,00012 Months PITISFR, and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
68075%$2,000,0006 Months PITISFR, Condos and PUD’s
68070%$2,500,0009 Months PITISFR, Condos and PUD’s
68070%$2,000,00012 Months PITISFR, and PUD’s
68065%$3,000,00018 Months PITISFR, Condos and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
66070%$2,000,0009 Months PITISFR, Condos and PUD’s
66070%$2,500,00012 Months PITISFR, Condos and PUD’s
66070%$2,000,00018 Months PITISFR, and PUD’s
66065%$3,000,00018 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
66070%$1,500,0009 Months PITISFR, Condos and PUD’s
66070%$2,000,00012 Months PITISFR, Condos and PUD’s
66070%$1,500,00018 Months PITISFR, and PUD’s
66065%$2,000,00018 Months PITISFR, Condos and PUD’s

Lite Doc – Bank Statements – 12 Months

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
72080%$2,500,0006 Months PITISFR, Condos and PUD’s
72075%$3,000,0009 Months PITISFR, Condos and PUD’s
72070%$3,500,00012 Months PITISFR, Condos and PUD’s
72070%$4,500,00018 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
72075%$2,500,0006 Months PITISFR, and PUD’s
72070%$3,000,0006 Months PITISFR, and PUD’s
72070%$3,500,00012 Months PITISFR, and PUD’s
72065%$4,500,00012 Months PITISFR, and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
70080%$2,000,0006 Months PITISFR, Condos and PUD’s
70075%$2,500,0009 Months PITISFR, Condos and PUD’s
70070%$3,000,00012 Months PITISFR, Condos and PUD’s
70065%$3,000,00012 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
70075%$2,000,0009 Months PITISFR, and PUD’s
70075%$2,500,00012 Months PITISFR, and PUD’s
70070%$3,000,0009 Months PITISFR, and PUD’s
70070%$3,500,00012 Months PITISFR, and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
68075%$2,000,0009 Months PITISFR, Condos and PUD’s
68075%$2,500,00012 Months PITISFR, Condos and PUD’s
68070%$3,000,00018 Months PITISFR, Condos and PUD’s
68070%$3,500,00024 Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
68070%$2,000,0009 Months PITISFR, and PUD’s
68070%$2,500,00012 Months PITISFR, and PUD’s
68065%$3,000,00012 Months PITISFR, and PUD’s
68065%$3,000,00012 Months PITISFR, and PUD’s

Purchase and Rate/Term Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
66075%$2,000,000Months PITISFR, Condos and PUD’s
66075%$2,500,000Months PITISFR, Condos and PUD’s
66070%$2,000,000Months PITISFR, Condos and PUD’s
66070%$2,500,000Months PITISFR, Condos and PUD’s

Cash Out Refinance (Owner-Occupied):

Credit ScoreLTVLoan AmountReserves (REO)Property Type
66075%$1,500,0006 Months PITISFR, and PUD’s
66070%$2,000,0009 Months PITISFR, and PUD’s
66065%$2,000,0006 Months PITISFR, and PUD’s
66060%$2,000,0009 Months PITISFR, and PUD’s

Eligible Occupancies:

Owner-Occupied / Primary

Second Homes

Investment

Ineligible Property Types:

Non-Warrantable Condos

Underwriter Notes:

Non-Occupant Co-Borrowers OK *

DTI allowed up to 55% – $1,000,000 Cash-Out

This loan program is considered a “non-prime” loan product because it will allow for past mortgage late payments up to 90 days late.

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

 

 

 

Bank Statement Loans are considered alternative income documentation and therefore fall into the Non-QM mortgage category and Alt Doc sub-category. These are documents that serve as paperwork to help a reasonable underwriter substantiate the approval while at the same time meeting the standard requirements of what is the Ability-to-Repay Rule.

Bank Statement Mortgages provides self-employed borrowers (C corporations, S corporations, LLC, 1099 sole proprietors) and W-2 commission business professionals) a practical means to buy a home or refinance an existing mortgage without producing the traditional income documents. Documents that include personal tax returns, business tax returns, profit & loss statements, W-2’s, paycheck stubs, award letters, rental agreements, Schedule C’s, etc.

Bank statement purchase loans are designed to increase the buying power of the under-served, self-employed borrower by utilizing multiple business and or personal account statements to reflect your TRUE business “income”/revenue. Alt Doc provide a solution to the real estate finance dilemma and the answer to the impracticable Full Doc expectations put upon self-employed people.

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Alt Doc Purchase Loans

Alt Doc Refinance Loans

Category - Non-QM Lenders