Tax Returns Not Required

  • Bank Statement Program Program Matrix

     

    Purchase and Refinance Rate & Term
    Owner Occupied
    Property Type Middle Credit Score Loan-to-Value Loan Amount
    Single Family Residence 640 90% $3,000,000
    600 80% $3,000,000
    640 90% $2,000,000
    600 85% $2,000,000
    700 95% $2,000,000
    Condo 640 85% $3,000,000
    600 80% $3,000,000
    640 90% $2,000,000
    600 85% $2,000,000
    2 - 4 Units 640 85% $3,000,000
    600 80% $3,000,000
    640 90% $2,000,000
    600 85% $2,000,000
    Cash Out Refinance
    Single Family Residence 600 75% $3,000,000
    600 80% $5,000,000
    700 85% $1,500,000
    Condo 600 75% $3,000,000
    600 80% $2,000,000
    700 85% $1,500,000
    2 - 4 Units 600 75% $3,000,000
    600 80% $2,000,000
    700 85% $1,500,000

     

  •  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 

  • 12 Months Personal Bank Statements - 90% Financing

    Purpose:

    • Purchase
    • Refinance
    • Refinance - Cash Out to $4,000,000

    LTV:

    • 90%

    Loan Amount:

    • $6,000,000
    • $4,000,000 Maximum Cash Out

    Income Documentation:

    • Bank Statements: Business - 10% - 50% Expense Factor maximum (90% - 50% deposits)
    • Bank Statements: Personal - 0% Expense Factor maximum (100% deposits)

    Self-Employment:

    • Self Employed. Any type of business entity including Independent Contractor

    Property Types:

    • SFR
    • Condo
    • 1-2 Unit

    Occupancy:

    • Owner Occupied

    Terms:

    • ARM 5/1 (5 year arm) ARM & 7/1 (7 year arm) ARM
    • 30 Year Fixed
    • Interest Only

    Credit:

    Credit Scores:

    • 660 Minimum Credit Score for 90% LTV
    • 720 Minimum Credit Score for 85% LTV

    Major Credit Event:

    Bankruptcy - 2 years

    Foreclosure - 2 years

    Foreclosure - 2 years

     

    3-9-20 333051418

  • 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

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Non-Prime Super Jumbo Bank Statement Loan

    Maximum Loan Amount - $3,000,000

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

    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

    Rate and Term Refinance Loans:

    • 80% LTV - 700 Middle Credit Score
    • 80% LTV - 650 Middle Credit Score
    • 75% LTV - 600 Middle Credit Score
    • 70% 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

     

    Reference # 554 3-9-20-1-4-5-12

  • Business Purpose Mortgage Loan Program

    "Business Purpose" Mortgage

    A business purpose loan is a primary residence stated income mortgage program. In all actuality, it's a stated income program disguised as a "business purpose" loan, as opposed to a "consumer mortgage" (a regular mortgage loan). It's done this way so lenders can offer and provide cash-out refinance loans (owner-occupied) to self-employed borrowers.

    What is a Business Purpose Mortgage

    There are specific documentation guidelines for this type of program and must be followed accordingly. One of which is we require a statement from the borrower/applicant describing the intended use of funds (hand-written is best) in great detail. Funds are supposed to be used to improve, start or expand a business.

    A minimum of 51% of cash-out must be used to improve or expand the business and  Borrower must submit a cash-out letter of explanation detailing the use of funds including remodel construction bid contracts, etc. Inventory purchase, The letter of explanation must also include an explanation regarding the anticipated economic gain that will result from loan proceeds.

    Business Mortgage Guidelines

    Cash-Out Refinance. Cash-out must be wired into borrowers' business bank account.

    Loan Amount:

    $6,000,000 Maximum

    LTV: 80% maximum

    Employment Type: Self-Employed

    • C Corporation
    • S Corporation
    • LLC
    • 1099

    Some of our lenders will allow for a business entity change (2 years employment verification). For example, if a borrower changes their company from a corporation to an LLC, they'll allow that. Even from a 1099/independant contractor business to a corporation. We know this from experience.

    Income Documentation: No income documentation (No Doc). Stated Income. No income verification. No asset verification.

    Reserves: Liquid assets not required

    Property Types
    • Single Family Residence
    • 2 Units
    • 2-4 Units

    Middle Credit Score: 660

    Occupancy Types
    • Owner-Occupied / Primary residence
    • Non-Owner Occupied. A rental survey usually is required for investment properties

    All owners/people on the title of the property must apply (be on the application). If this is conducive to the borrowers' preference, the property owner can "quitclaim" themselves off title for the time of application and escrow, then just go back on the title after the loan closes. 

    Business Purpose

    Cash-out can be used for any "business purpose"; improving the economic disposition of the company.

    One common use is to improve the physical location of the business.

    So, this would include stuff like architectural drawings: Architectural, Mechanical/Plumbing/Structural & Electrical design. Mechanical - HVAC plan, Equipment schedule, details, and specifications.

    Construction: Electrical - Lighting plan, power plan, panel schedules and single line diagram, details and specifications, Title-24 compliance documents.

    Plumbing - Sanitary waste and vent piping plan, domestic water and piping plan, details and specifications.

    Architectural - Cover sheet, general information sheet, code analysis sheet/exiting diagram site plan, ADA compliance sheet, floor plans, roof plan, storefront elevation, building sections.

    Collateral

    Appraisal: Complete original appraisal with interior/exterior photos of the subject property and sales comparables.

    Hazard insurance coverage equal to replacement or guaranteed replacement cost. Max deductible 1% of the face value of the dwelling coverage amount, but no more than $3000. 12 months of paid coverage required on purchase loans and 6 months for refinance loans.

    Sitework: Building demolition, Concrete, etc.

    States:

    Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Deleware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisana, Maryland, Maine, Michigan, Minnesota, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconson, Wyoming.

     

    Reference #: 5453-9-20-1-4-5-12

  • Commercial Mortgage Stated Income

    This commercial mortgage loan program does not require Tax Returns or W-2's

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    650 middle credit score

    Loan Purpose:

    Purchase, refinance and cash out refinance. Cash out can be used for any reason and is capped at 70% LTV

    Loan Amount:

    $225,000 minimum

    Super Jumbo to $5,000,000 Maximum

    Loan to Value:

    80% LTV Maximum

    Property Types:

    Multi-Unit >5 Units

    Mixed Use

    Automotive Services

    Office Space

    Self-Storage

    Retail Store

    Mobile Home Parks

    Warehouse

    Available Terms:

    3, 5 year ARM's and 30 year fixed

    No balloon note rolls into 6-month Libor ARM

     

    States:

    All except, Illinois, Michigan, North Dakota, South Dakota, Tennessee and Vermont

     

    778091714369

    We are not a lender. We don’t lend money. All articles on this Website are for informational purposes only. This Website refers all registrants to licensed Mortgage Brokers/Lenders that perform acts for which a real estate license is required.

  • No Income No Asset Verification

    Foreign Nationals - OK

    Unique mortgage loan program designed for the Residential Real Estate Investor.

    Income Documentation: None

    Employment Type: None

    Nationwide Private Mortgage Lender

    This is a Private Money lender that has funded thousands of loans nationwide.

    Private direct lender specializing in Single Family Residences up to 1-4 units. Multiple loans for investors in all 50 states, One of the good things about this lender is they have over 25 years of real estate investing experience; they know how to underwrite a loan because they understand the residential real estate investment market because they themselves have bought and resold nearly 15,000 homes and have originated more than 4200 loans since they were founded in 2002; loans for investors, by investors.

    This is a true No Doc hard/soft money lender with national reach. No Income-No-Assets-No Employment. Closings average 10 to 15 business days from application. Loan amounts down to $125,000 and up to $300,000, all No Doc and greater than $300,000 on a case by case basis.

    Credit Scores and Hard Money

    Credit scores down to 580 or no score ok. Foreign Nationals also qualify. An investor can utilize this loan program for either a purchase or refinance. 30-day seasoning for cash out using new appraised value. This is a direct lender and they make all decisions in-house with over $200,000,000 to lend. They also offer 3-year terms for borrowers with longer-term projects as well as traditional bridge funding. An investor can close in a natural person name or business entity.

    This loan program only requires an application, payment for the appraisal, 2 forms of ID and or corporate documents if applicable, title commitment and homeowners insurance.

    Loan Program Guideline Overview and Highlights:

    No prepayment penalties 

    Loan Purpose

    Flip Only Flip or Rent Flip or Rent Rent Only Rent Only

    Terms

    6 Months 60 Months 36 Months 36 Months 36 Months
    6 Months Interest Only 5 Years Fully Amortized 10 Years Due in 3 Years 15 Years Due in 3 Years 30 Years

    Amortization

    Interest Only 5 Years 10 Years 15 Years 30 Years

    Loan-to-Value (LTV)

    70% of market value - Purchase - 55% of market value - Refinance $90,000 $90,000

    Minimum Property Value

    $40,000 - Purchase - $50,000 $90,000 $90,000

     Property Condition

    C1 - C5 C1 - C4 C1 - C4 C1 - C4 C1 - C4 

     

    Information on "C" property rating:

    http://www.freddiemac.com/singlefamily/sell/docs/uadreqs.pdf

    Loan Purpose

    Purchase

    Cash out refinance - 30 days seasoning required

    Credit Scores

    580 or no score OK

    Pricing is Credit Score driven

    Credit Criteria:

    • Bankruptcy OK
    • Foreclosure OK
    • Short Sale OK
    • Loan Modification OK

    Loan Amounts:

    • Minimum Loan Amount: $125,000
    • Maximum Loan Amount: $300,000

    Greater than $300,000 on a case-by-case basis 

    Maximum LTV

    • 70%

    LTV guidelines are based on the After-Repair-Value (ARV) 

    Property Types:

    • SFR
    • 1-2 Units
    • 1-4 Units 

     

    Reference # 540 061715 21-9-19

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Income and Asset Documentation Not Required

    December 2015

    No Tax Return Needed for Self Employed or W-2 Employees

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    Loan purpose:

    Purchase, Refinance and Cash Out Refinance

    Cash Out refinance requires 90 day purchase seasoning in order to use "market value". Less than 90 days, "purchase price" is used for LTV purposes.

    Property Types:

    SFR and PUDS only

    Occupancy:

    Owner Occupied and Second Homes Only

     

    700 minimum Credit Score required

     

    70% Maximum LTV (loan to value)

     

    $420,000 minimum loan amount

     

    Reference # am090214776

  • Use Bank Statements as Income Alternative

    Stated Income for Self-Employed

    Purpose:

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

    Income Documentation Programs | Self-Employed

    Questions? 858-222-7534

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    Income Documentation Programs

    • 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:

    • 1 Year W-2 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
        • 4506T 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 x 30 day previous mortgage lates with in last 12 months OK

    Underwriting Notes:

    Short Sale, 1 day seasoned

    Foreclosure, 1 year seasoned

    Bankruptcy, 1 year seasoned

    55% max DTI 

     

    Western Region CA, AZ, OR, ID, CO, UT and TX for Owner Occupied

     

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

     

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

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

    This loan program is designed for borrowers who fall just outside (Non-Prime) Prime Jumbo

    Income Documentation for self-employed borrowers

    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

  • True Stated Income 2018

    Stated Income / Verified Asset mortgage program for borrowers that own their own business. Business entity types: c corporation, s corporation, LLC, partnerships.

    Self-Employed Home Loan: An alternative to the "bank statement loan" program for the well-qualified self-employed borrower. You could say this is an equity-based loan program in that the max LTV would be 65%. You could also call it a "portfolio loan" or "Non-QM" mortgage.

    On a refinance transaction, the purpose of a program like this is to improve the borrowers existing mortgage; Rate & Term refinance.

    With a substantial down payment purchase or good equity-position refinance, excellent credit with liquid assets in the amount of at least 12 months housing expense reserves. It can be an alternative to a "bank statement loan" program for the well-qualified borrower.

    Alternative income documentation for well-qualified self-employed borrowers

    Self-Employed mortgage loans

    California Only

    Product Term: 7/1. Interest-Only payment available.

    Property Types:

    • Single Family Residence SFR 
    • PUD
    • Condos
    • 2-4 Units

    Loan Amount / Credit Score / LTV Matrix

    SFR

    720 Credit Score

    • $1,000,000 - 65% LTV
    • $1,500,000 - 60% LTV
    • $2,500,000 - 55% LTV Condo

    700 Credit Score

    • $750,000 - 60% LTV

    2-4 Units

    720 Credit Score

    • $1,500,000 - 55% LTV

    Reserves Requirement

    All Stated Income Loans require 12 Months P&I Principle & Interest for each property financed; exceptions are common with compensating factors

    Stated Income / Asset Based (whichever is lower):

    Stated Income on 1003 (reasonable for job position/job title) or

    Verified Assets including down payment + / 6 = Income

    Employment Verification Documentation

    Self Employed

    Proof of ownership - Business License, CTP CPA Letter verifying 2yrs+ ownership, etc.

    Description ‐ Business, Industry, and Borrower's Title on 1003

    W-2 Employee

    VVOE Verbal Verification of Employment / Current Employment (1003 application) must show on credit report

    Non-Owner Occupied Investment OK

    2-4 Unites OK

    Exception down to 700 Credit Score

    Loan Amounts to $2,500,000

    Loan Amount exceptions made to 11,500,000

    Interest Only not available

    No 4506T not required

    Tax returns not required

    Paycheck stubs not required

    2 month Bank Statements

    Liquid assets from the businessis OK if 100% ownership

    DTI Max 45%

    Foreign Nationals OK

    100% Gift funds OK and 60% Foreign National

    Credit Notes

    Previous housing payment history, 1 30-day late Maximum

    3 open accounts on credit at minimum 1 year seasoned

    "Housing event" seasoning

    Bankruptcy - 3 years

    Short Sale - 2 years

    Foreclosure - 5 years

     

    Reference # 123-34c52-100717

  • Portfolio Jumbo ‐ 1 Year P&L (Profit and Loss Statement)

    This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along a with a letter from their tax professional verifying 2+ years of self-employment history in lieu of traditional tax returns and also can be an alternative to a "bank statement loan" for the well-qualified borrower.

    Self-Employed Home Loan

    Self-Employed Home Loans

    California Only

    Product Term: 7/1

    Income Documentation

    Low Doc: Income documentation type: 1-year profit and loss statement

    Self Employed

    • YTD and prior year P&L completed by unverified independent third‐party
    • Business License or CPA Letter verifying 2 years 25% ownership
    • 4506-T not required
    • Tax returns not required
    • Paycheck stubs not required
    • 2 month Bank Statements
    • Liquid assets from the business is OK if 100% ownership

    W‐2 (co) borrower: Written Verification of Employment

    680 Credit Score

    • $1,000,000 | 70% LTV

    700 Credit Score

    • $1,500,000 | 65% LTV

    720 Credit Score

    • $2,500,000 - 60% LTV

    680 Credit Score

    • $1,000,000 | 65% LTV

    700 Credit Score

    • $1,500,000 | 60% LTV

    670 Credit Score

    • $1,500,000 | 60% LTV
    • $1,000,000 - 60% LTV
    • $1,500,000 - 55% LTV
    • $2,500,000 - 50% LTV
    • Up to $2,500,000 - 60 LTV%

    LTV <60% Loan amount to $1,000,000 – 6 months Principal and Interest payment

    LTV >60% - 12 months Principal and Interest payment

    Passport, I‐94 & valid VISA (F‐1 and F‐2 type not allowed)

    Passport & either I‐94W or proof of ESTA Approval on VISA Waiver Program

    Borrower must have U.S. address at the time of application

    Foreign down payment, closing costs, and/or reserves must be transferred to U.S. institution

    Automatic Debit payment from U.S. institution

    24-month P&I Principle and Interest Reserves for Subject Property only

    12-month P&I reserves deposited prior to funding

    100% Gift funds OK and 60% Foreign National

    SFR Single Family Residence and PUD

    Condos

    2-4 Units

    Foreign Nationals

    Cash Out

    6 Months Purchase Seasoning required for Cash Out Refinance

    12 Months P&I in US Financial Institution

    Non-Owner Occupied OK

    Reserves Requirement

    Foreign Nationals

    Credit Notes

    Previous housing payment history, 1 30 day late Maximum

    3 open accounts on credit at minimum 1 year seasoned

    "Housing event" seasoning

    BK - 3 years

    Short Sale - 2 years

    Foreclosure - 5 years

     

    545 c277 12041

  • Soft Money Mortgage Program

    This means that the pricing is less than the traditional Hard Money type loan program. Discounted pricing with qualifying Credit Score / FICO.

    No Doc on Investment / Non-owner occupied

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    Residential or Commercial

    LTV:

    • 70% - maximum

    Loan Purpose:

    • Purchase or Cash-out refinance

    Loan Amounts:

    • Minimum - $100,000
    • Maximum - $10,000,000

    Property Types:

    • Single Family Residence SFR - Attached
    • Single Family Residence SFR - Detached
    • 1-2 Units
    • 1-4 Units
    • 5+ Units

    Occupancy:

    • Owner-Occupied/Primary
    • Non-Owner Occupied

    Credit Scores:

    Owner-Occupied - case-by-case

    Terms available:

    • 1 year ARM
    • 3 Year ARM
    • 5 year ARM
    • Interest Only payment terms available

    Income Documentation:

    • No Doc

    Underwriting notes:

    Must have a valid social security number

    Foreign Nationals allowed:

    Appraisal

    Appraisal paid for up front by borrower upon loan approval

    Appraisal ordered by the lender

    States - nationwide

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Asset Based Qualification Program

    High Net Worth Borrowers

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    This is both a Stated Income and Asset Depletion loan program and it is designed for the high net worth borrower that is looking to purchase a primary home or Rate & Term refinance or Cash out refinance their primary home. The applicant must demonstrate their ability to save by providing proof of cash reserves that will support their existing and proposed debt, front and back-end debt ratio.

    Guidelines and Highlights

    Purpose:

    • Purchase, Rate & Term Refinance and Cash Out Refinance

    Income Programs:

    • Stated Income and Verified Assets SIVA
    • Asset Depletion
    • Tax Returns - Not Required
    • Form 4506-T - Not Required

    Income Documentation:

    • Bank Statements
    • Retirement Accounts
    • Investment Statements
    • Money Market Accounts

    Employment Type:

    • Self Employed

    Credit Criteria:

    • Mortgage history - no 30-Day lates for previous 25 months
    • Bankruptcy Seasoning: - 24 months
    • Foreclosure Seasoning - 24 months
    • Short Sale - 24 Months

    Credit Scores:

    • 680 Middle score for each borrower

    Loan to Value ratio (LTV)

    • 70% Maximum
    • Combined (piggyback Second Mortgage) Loan to Value ratio (CLTV)
    • 80% Maximum

    Debt to Income Ratio (DTI):

    • 50% maximum

    Maximum Loan amount:

    • $2,000,000

    Property Types:

    • SFR
    • 1-4 Units

    Occupancy:

    • Owner Occupied Only

    Terms:

    • 5 Year ARM
    • 7 Year ARM
    • 10 Year ARM

     

    States:

    Arizona, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, Maryland, Minnesota, Nevada, Oklahoma, Oregon, Texas, Utah, Washington

     

    Reference# 535 06131519-9-22-1

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Income Documentation Alternative for the Well Qualified Self Employed Borrower

    June 2018

    Tax Returns Not Required

    Form 4506T Not Required

    Stated Income loan program will be supported by the cash flow of bank statements and is for the Self Employed borrower only.

    Pre Qualification Form

     

    Stated Income / Verified Assets SIVA

    Primary Residence

    Loan Purpose

    Units

    LTV

    Maximum Loan Amount

    Maximum Cash Out

    Credit Score

    Purchase

    Rate and Term Refinance

    Single Family Residence 70% $1,000,000 N/A 700
    60% $2,000,000 700
    50% $3,000,000 700
    Cash Out 70% $1,000,000 $400,000 700

    Second Home

    Loan Purpose

    Units

    LTV

    Maximum Loan Amount

    Maximum Cash Out

    Credit Score

    Purchase

    Rate and Term Refinance

    Single Family Residence 60% $750,000 N/A 700

     

     

    Underwriting Guideline Summary

    Credit Notes:

    7-year credit history - No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling

    2 years clean credit history on mortgage and rent

    No consumer debt lates - 1 year

    Credit report must show a2-year history of 2 or more open and active trade line accounts

    Unlimited real estate properties owned, but 3 financed properties maximum

    Employment Type:

    Self Employed only - 25% ownership minimum

    Employment verification:

    Business license and or CPA letter depending on business industry showing2-year minimum same line of business verifyingthe name ofthe business,the percentage of ownership

    Business phone number will be verified by both 411 and or the internet

     

    Asset Documentation

     

    Stated Income / Verified Assets

    Tax Returns not required

     

    Required Asset Documentation:

    Income is being "stated" on the 1003 Uniform Residential Application, but not verified by traditional income documents

    2 months bank statements to verify liquid assets

    If using rental income to qualify, must provide leases for all rental properties

    All fixed income including retirement, annuities, dividends, Social Security, child support, alimony can be utilized to qualify

    Liquidity requirements:

    Verified assets must support the amount of income we are stating. Stated income amount should be proportionate to the cash flow of the bank statements

    Loan Amount between $400,000 and $650,000 - Minimum liquid asset requirement: $100,000

    Loan Amount between $650,000 and $1,000,000 - Minimum liquid asset requirement: $250,000

    Loan Amount between $1,000,000 and $1,500,000 - Minimum liquid asset requirement: $500,000

    Loan Amount between $1,500,000 and $3,000,000 - Minimum liquid asset requirement: $1,000,000

     

    Additional Underwriting Guideline Summary

    Property Types:

    • Single Family Residence
    • PUD
    • 12 acres maximum

    Eligible Borrowers:

    • Permanent Resident Aliens
    • Non-Permanent Resident Aliens

    6 months title seasoning required for the subject property

    Gift of equity not allowed

     

    Reference #124 528alnexsiva041415

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Super Jumbo Bank Statement loan

    Tax Returns Not Required

    Utilize personal or business bank statements in lieu of traditional income documents

    Questions? 858-222-7534

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    Income Documentation Alternative:

    24 Months Business or Personal Bank Statement Program to $2,000,000

    Employment Types:

    • Self Employed with W-2 Wage Earner Co-Borrower OK

    Loan to Value:

    • 80% LTV to 1 Million 580 Credit Score
    • 70% LTV to 1 Million 500 Credit Score

    Credit notes:

    • 1 year seasoning required from bankruptcy discharge date
    • 2 years seasoning required for short sales and foreclosures

    Loan Purpose:

    • Purchase
    • RefinanceCash Out Refinance - $500,000 maximum

    Property Types:

    • SFR Single Family Residence

    Occupancies:

    • Owner Occupied
    • Second / Vacation Home – 75% maximum LTV

    Debt-to-Income Ratio "DTI"

    • 50% maximum

    States:

    Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

     

     

    Reference # - 125 527030515 NP

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.