Niche Programs We Offer

  • Self Employed Mortgage Option - Non-Qualified (Non-QM) Mortgage Program

     
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    Income Documentation - One Month Bank Statement Program.

    The income is stated and is not calculated fromthe one-month bank statement. The bank statement qualifying criteria is the account ends in a positive balance and no NSF's.

    This one-month bank statement program is weighed almost entirely on the credit history of theborrower and again is stated with a 50% Debt-to-Income (DTI) ratio and cash reserves are not required. No 4506-T form means no tax transcripts. Non-QM Mortgage Program.

    Verification of Employment Options (VOE):

    • Business License
    • CPA Letter
    • EA (Enrolled Agent) Letter
    • Articles of Incorporation
    • Articles of Business Organization
    • 4506-T not required

    Purpose:

    • Second Mortgage

    Eligible OccupancyOwner-Occupied Only

    • Single Family Residence Only

    Loan-to-Value (LTV):

    • 80% Purchase
    • 75% Refinance (Rate&Term)
    • 70% Refinance (Cash-Out)

    Maximum Loan Amount:

    • $3,000,000

    Eligible Property Types:

    • Single Family Residence - Attached (SFR)
    • Single Family Residence - Detached (SFR)
    • Townhome
    • Condo

    Credit:

    Clean mortgage history - 5 years seasoned (24-month history verification)

     

    Depth (criteria):

    • One open account tradeline with at least 3 years seasoning
    • Two open account tradelines with at least 1 years seasoning

    Major "Housing Event" Required Seasoning: 

    • Bankruptcy - 4 years
    • Foreclosure - 4 years
    • Short Sale - 4 years
    • Deed-In-Lieu - 4 years
    • Consumer Credit
      • Charge-offs, Collections, Tax Liens - 3 years seasoned

     

    157-3-9-21