• Home Builder Construction Loan Program

    This is a short-term construction loan for home builders for subject properties located in Arizona, California, Colorado, Idaho, Illinois, Michigan, North Carolina, South Carolina, Ohio, Oregon, Texas, Utah, and Washington.

    Stated Income goes to 1 Million

    • 70% LTV (loan-to-value)
    • 85% LTC (loan-to-cost)

    Loan Amounts:

    • Maximum Loan Amount - 1 Million
    • Minimum Loan Amount - 50K

    Available Terms:

    • 4 months
    • 6 months
    • 9 months
    • 12 months

    Shorter-term - lower cost

    Blanket Loan available

    Construction Completion

    Draw Disbursement

    Eligible Property Types:

    • Single FamilyResidence SFR
    • 2 Unit
    • 3 Unit
    • 4 Unit

    Occupancies:

    • Owner Occupied and Non Owner Occupied

    Eligible Borrowers

    • Legal Entities - Yes
    • Foreign Nationals - Yes

    Underwriting Notes:

    Lender qualifies the lowest middle credit score of both borrowers

  • 12 Months Personal Bank Statements - 90% (LTV) Financing

    Purpose:

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

    Maximum LTV: 90%

    Loan Amounts:

    • $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 1099 Independent Contractor

    Property Types:

    • Single Family Residence (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 Scores / Loan-to-Value:

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

    Major Credit Event Seasoning Requirement:

    • Bankruptcy - 2 years
    • Foreclosure - 2 years
    • Foreclosure - 2 years

     

    3-9-20 333051418

  • Non-Prime Jumbo Loan

    If you have a recent bankruptcy, foreclosure or short sale, this could be an option for you. Here are the guidelines for this lender program.

    Maximum loan amount $1,000,000

    Request Additional Information
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    Purpose:

    • Purchase to 75% LTV
    • Refinance to 75% LTV
    • Cash Out Refinance to 65% LTV

    Property Type:

    • Single Family Residence
    • Condo - less than 4 stories

    Occupancy:

    • Owner Occupied

    Terms:

    ARM's

    5/1 year and 7/1 year

    Income Documentation:

    • Full Doc only

    Credit

    Credit Scores (mortgage credit scores)

    • 580 minimum

    Credit Criteria

    Tradeline requirements:

    • 2 tradelines 24 months seasoned
    • 1 tradeline seasoned 12 with a minimum of $3,000 high credit limit credit

    Underwriting Notes:

    All installment loans must be current

    Credit card and revolving accounts must be current

    Bankruptcy, foreclosure and short sales need 6 months seasoning. Exceptions can be made with compensating factors)

    States:

    California, Arizona, and Nevada

  • 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

  • Self Employed Home Loan Program

    This loan program is for home buyers and homeowners that have recently experienced a housing event such as bankruptcy, foreclosure or short sale. Self Employed borrowers can document their income by providing bank statements in lieu of conventional to support income and if there is a wage earner borrower, too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.

    Guidelines and Highlights

    Purpose:

    • Purchase, Rate and Term refinance and Cash Out Refinance

    Income Program:

    • Alternative Documentation "Alt-Doc"

    Income Documentation:

    • Unconventional - 12 months Bank Statements for self-employed

    and or

    • Conventional - W-2 and paystub for wage earners

    Employment Types:

    • Self Employed
    • W-2 Salary Wage Earner

    Credit Criteria:

    • Mortgage History - 1 30-Day late for last 12 months
    • Bankruptcy Seasoning: - 1 Day
    • Foreclosure Seasoning - 1 Day
    • Short Sale - 1 Day

    Credit Scores:

    • 580 Minimum

    Loan to Value ratio (LTV)

    • 80%

    Debt to Income Ratio (DTI):

    • 50%

    Maximum Loan Amount:

    • $2,000,000

    Property Types:

    • Single Family Residence (SFR)
    • 1-2 Units
    • 2-4 Units

    Occupancies:

    • Owner Occupied / Primary
    • Investment

    Terms:

    • 30-Year Fixed
    • 15-Year Fixed
    • 7 Year ARM

    No Prepayment Penalty

     

    States: Arizona,California, Colorado, Florida, Georgia, Oregon, Washington

     

    Reference# 535 06131519-16-12-16

  • Manual Underwrite Super Jumbo Mortgage

    This is a manually underwritten Super Jumbo Non-Conventional home loan program.

    This loan program is similar to Hard Money because of the flexible guidelines but is not hard money. It's been described is an Alt-A loan program because of the pricing. It is also similar to an Asset Depletion loan.

    We have funded this loan program with greater than a 60% DTI Debt-to-Income ratio borrower. Why? she had a lot of equity in her newly acquired rental properties.

    We were able to utilize her rental income from properties as new income, ownership seasoning not required. Conventional lenders require 2 years ownership seasoning before they will qualify as income.

    There are always compensating factors.

    See Jumbo Loan guideline highlights below. Call us to get prequalified

    Employment:

    • No employment history OK

    Maximum loan amount:

    • $2,000,000

    Loan purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance

    Maximum LTV Loan-to-Value:

    • 75%

    Credit score:

    • 620 minimum, exceptions made with compensating factors

    Maximum DTI:

    Debt-to-Income ratio:

    60% or higher, typically derived from liquid assets

    Occupancy:

    • Owner Occupied / primary
    • Owner Occupied multi-unit
    • Non-Owner Occupied / Investment property

    Property Types:

    • Single Family Residence SFR
    • Condo
    • Duplex
    • Triplex
    • 1-4 Unit

    Available terms:

    5 Year ARM

    7 Year ARM

    10 Year ARM

    Interest Only payment option available on all terms

    Underwriter Notes:

    Can utilize rental income to strengthen file, ownership seasoning not required.

    Can use real estate equity to meet liquid reserve requirements.

    Liquid assets documented with just 2 months account statements and will be verified by third-party.

    Foreign Nationals OK:

    Foreign bank accounts for reserves- OK

    Foreign credit score / Fico accepted

    Business Legal Entity:

    OK for purchase transactions, requires corporation ID number

    No defined credit score / FICO score requirements

    Credit Criteria:

    No Seasoning requirements for foreclosure, short sale or bankruptcy

    Close in as little as 9 Days

     

    Reference # 555 10 -5 -5

  • Alt-Doc Mortgage Program

    Alt Doc: Owner-Occupied

    Credit Score Purchase Refi - Rate & Term Refi - Cash Out
    750 90% LTV 90% LTV 85% LTV
    720 80% LTV 80% LTV
    75% LTV
    680 75% LTV 70% LTV
    65% LTV

     

    Alt-Doc: Non-Owner Occupied

    Credit Score Purchase Refi - Rate & Term Refi - Cash Out
    750 80% LTV 80% LTV 75% LTV
    720 75% LTV 75% LTV
    70% LTV
    680 70% LTV 70% LTV
    65% LTV

     

    Alt-Doc: Investment Property / Second Home

    Property Types Purchase Loan Rate & Term Refinance Cash Out Refinance
    SFR Investment Property 80% LTV 80% LTV 75% LTV
    SFR Vacation Home 80% LTV 80% LTV 75% LTV
    Duplex 80% LTV 80% LTV 75% LTV
    4 Unit 75% LTV 75% LTV 70% LTV

     

    90% LTV (loan-to-value) Financing

    $1,000,000 - Maximum loan amount:

    • 3 Month Reserve Requirement for Each Property Owned

    $2,500,000 - Maximum loan amount:

    • 6 Month Reserve Requirement for Each Property Owned

    Residual Income Requirement: / DTI

    DTI Less Than 35% - $2000 Monthly Residual Income

    DTI Greater Than 35% - $3000 Monthly Residual Income

    Property Types:

    SFR Single Family Residence

    PUD Planned Urban Development

    Condo

    • Non-Warrantable

    DTI

    50% with 680 Credit Score to 80% LTV

    Interest Only payment Available - 680 Credit Score

    Gift Funds

    100% financing available with 20% gift

    Underwriting Notes:

    Super Jumbo Loan Amounts require a second appraisal

    Credit Notes:

    0 30 Day Mortgage Lates - 12 Month History

    Maximum Properties Owned:

    Owner Occupied - No Limit

    Investment Property or Second Home - 10 Maximum unless LTV

    • less than 75%, LTV, No Limit

     

    Reference # 214 554488

  • Use Bank Statements as Income Alternative

    Stated Income for Self-Employed

    Purpose:

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

    Income Documentation Programs - Self-Employed

    Income Documentation Options:

    • 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:

    • One year 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
        • IRS Form 4506-T 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 previous 30-day mortgage lates within previous 12 months OK

    Underwriting Notes:

    Short Sale, 1 day seasoned

    Foreclosure, 1 year seasoned

    Bankruptcy, 1 year seasoned

    55% max DTI 

    States: Alabama, Arizona, Colorado, California, Florida, Georgia, Maryland, Massachusetts, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

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

  • Alternative Income Documentation for Self-Employed and W2 Commission Business Professionals

    6 Months Business and/or Personal Bank Statements 

    This 6 Month Super Jumbo Bank Statement Non-Qualified Mortgage (Non-QM) Loan program is for all residential property types and occupancy types including investment properties. This lender requires a minimum credit score of 660 and goes to a maximum loan-to-value ratio (LTV) of 80% See details below:

     
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    660 Minimum Middle Credit Score

    Eligible Transactions:

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

    Eligible Occupancies:

    • Owner-Occupied / Primary Residence
    • Second Homes
    • Investment Properties - 6 Maximum

    Eligible Property Types:

    • Single Family Residence (SFR)
    • Condominiums (including non-warrantable condos)
    • Planned Urban Development (PUD's)
    • 2 - 4 Unit

    Loan-to-Value / Maximum Loan Amounts:

    SFR, Condos, and PUD's: Owner-Occupied / Primary Residence

    • Purchase and Rate / Term Refinance
      • 80% LTV - $1,000,000
      • 75% LTV - $3,000,00
    • Cash Out Refinance
      • 70% LTV - $1,000,000
      • 65% LTV - $3,000,000

    Second Home - Purchase and Rate/Term Refinance

      • 65% LTV - 3,000,000

    Second Home - Cash Out Refinance:

      • 65% LTV - $3,000,000

    2-4 Unit's

    Purchase/Rate and Term

    • Owner-Occupied / Second Home
      • 70% LTV - $3,000,000
    • Owner Occupied / Second Home - Cash Out Refinance
      • 65% LTV - $3,000,000

    SFR, 1-4 Units, Condos & PUD's

    Purchase and Rate/Term Refinance

    • Investment Property
      • 70% LTV - $3,000,000

    Cash Out Refinance

    • Investment Property
      • 65% LTV - $3,000,000

    Purchase/Rate and Term

    • Owner-Occupied / Second Home
      • 70% LTV - $3,000,000
    • Owner Occupied / Second Home
      • 65% LTV - $3,000,000

     

    Ref# 548 10-13-1-3 554 22-5-14

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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

  • 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

  • 12 and 24 Months Bank Statement Alternative Income Documentation 

    80% LTV Purchase R/T up to $3,000,000

    Interest Only Available

    Owner-Occupied / Primary Residence:

    • Purchase and Rate/Term Refinance
      • 680 Credit Score: 75% LTV - $2,500,000
      • 700 Credit Score: 75% LTV - $3,000,000
    • Cash Out Refinance
      • 680 Credit Score: 70% LTV - $1,500,000
      • 680 Credit Score: 65% LTV - $2,500,000

    Second Home

    • Purchase and Rate/Term Refinance
      • 700 Credit Score: 75% LTV - $1,500,000
      • 700 Credit Score: 70% LTV - $2,500,000
    • Cash Out Refinance
      • 700 Credit Score: 65% LTV - $1,500,000
      • 700 Credit Score: 60% LTV - $2,500,000

    Non Owner Occupied / Investment Property

    • Purchase and Rate/Term Refinance
      • 700 Credit Score: 70% LTV - $1,500,000
      • 720 Credit Score: 60% LTV - $2,000,000

    Cash Out Refinance Notes:

    • Maximun Cash Out - 45% of total loan amount up to 75% LTV
    • < 55% Loan-to-Value (LTV): Unlimited
    • Florida Condos: 55% Maximum

    Interest Only payment feature available to 80% LTV

    Documentation:

    • Credit report: <90 Days old at closing
    • Income and assets: <90 Days old at closing

    Liquid Assets

    • Full assets required for both down payment and closing costs
    • Business bank account funds can be used for "reserves" if borrower is 100% owner of business

    Asset Utilization

    • Socks, bonds, mutual funds: 75%
    • Retirement funds amount invested, 65%
    • Gift of equity not allowe

    Reference - c111t10l1117

  • Second Mortgage Bank Statement Mortgage Loan Program

     
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    Stand-Alone Second Mortgage Program

    Required Credit Score - 700

    CLTV (Combined Loan-to-Value) / Loan Amount:

    • 85% CLTV / $250,000
    • 80% CLTV / $350,000
    • 75% CLTV / $500,000

    Property Types

    • Single Family Residence
    • Townhomes
    • Condos
    • PUD's

    Occupancy:

    • Owner-Occupied Only

    Cash Reserves:

    • 3 Months PITI - Principle, Interest, Tax, and Insurance

    Credit Criteria:

    Credit Criteria Credit Accounts/Tradelines:

    This second mortgage bank statement mortgage loan requires the borrower's credit report to show a minimum of 3 open or closed tradelines with a minimum of 12 months of activity history or 2 tradelines with a 24-month history that also requires activity within the previous 12 months, not including Authorized User-Accounts. Alternative tradelines are acceptable such as a 12 months housing payment history. Credit accounts to which the borrower is not required to make payments is not considered an acceptable tradeline such as deferred loans, derogatory items such as collections, charge-offs, including accounts that were discharged in a bankruptcy.

     

    reference# 225-7-18-5-5-14

  • Purpose: Purchase, Refinance Rate & Term and Cash Out

     
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    Cash Out - 6 Months Purchase Seasoning Required to use Current Market Value for LTV purpose

    Loan Amounts: Jumbo and Super Jumbo Loan Amounts:$6,000,000

    Eligible Employment Types:

    • Self Employed (defined as >25% ownership)
    • Wage Earner - Co-Borrower)

    Verification of Employment: (VOE)

    Self-Employment Documentation: (VOE)

    • Evidence of Ownership 2 years
      • Business Entity 2 Years: Articles of Incorporation
      • Evidence of Ownership: 2 Years: Business License, CPA Letter

    Wage Earner | Lite Doc:

    • One (1) Year Employment Verification
    • Previous Year W2 and YTD Paycheck Stub
    • Verbal Verification of Employment
    • 4506-T Signed and Executed

    Self Employed Income Documentation:

    • 24 Months Business Bank Statements
    • 24 Months Personal Bank Statements
    • 12 Months Business Bank Statements
    • 12 Months Personal Bank Statements
    • 6 Months Personal Bank Statements

    Wage Earner:

    • One Year W2
    • Previous One Year Tax Returns

    Liquid Assets Requirements:

    • 80% LTV - 6 Months PITI
    • 80% LTV - 3 Months PITI

    Separate Sources of Funds Must be Documented and Verified.

    Property Types:

    • SFR - Detached
    • SFR - Attached
    • Warrantable Condominiums
    • PUD's

    Occupancies:

    • Owner Occupied
    • Non Owner Occupied / SFR Investment

    Credit:

    Credit Scores

    • 600 Minimum

    Credit Criteria Notes:

    • Mortgage – 12 Months, 0X30 Days Late. 24 Months, 0X60 Days
    • Back Taxes, Judgments, Charge-Offs, Tax Liens, Title Liens. All Must Be Paid Before the Closing Table

    Credit Seasoning:

    • Bankruptcy
      • Chapter 7: 3 years
      • Chapter 13: 2 years
    • Foreclosure: 3 years

    Separate sources of income must be documented and verified.

    410.09.17o11r45i

  • 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

  • Jumbo Bank Statement Loan to $3,500,000

     
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    Purpose: Purchase Rate & Term Refinance - Rate & Term and Cash Out

    • Maximum Cash Out - $2,000,000

    Available Loan Amounts:

    • $3,000,000 Maximum

    Eligible Employment Types:

    • Self Employed  (Defined as =/> 25% Owner)
    • Wage Earner / W2 Co-Borrower - OK

    Eligible Employment History:

    • One Year Employment History - OK "Lite Doc"

    Employment Verification:

    Acceptable (VOE) Verification of Employment lender guideline options:

    • Business License
    • Business Organization Paperwork or regulatory equivalent.
    • CPA Letter or equivalent

    Income Documentation: (No 4506-T)

    • 12 Months or 24 Months Business Bank Statements
    • 12 Months or 24 months Personal Bank Statements
    • "Borrower Prepared" & Unaudited Profit & Loss Statement -No 4506T Form or CPA Letter Required..yes!

    Liquid Reserves Requirements:

    6 For self-employed borrowers, liquid reserve requirements - business bank account OK - percentage utilization allowed is equal to the percentage of ownership. - for example, 60% owner of the business can utilize 60% of the business bank account balance.

    Utilize Liquid Assets for Additional Qualifying Income

     Eligible Liquid Assets Examples:

    • Checking & Savings Accounts
    • Stocks
    • Bonds
    • Mutual funds
    • Certificates of Deposit
    • Money Market Funds
    • Trust Accounts
    • Retirement Accounts "amount invested"
    • Trade Equity
    • Savings Bonds
    • Trust Accounts
    • Sale of Real Estate

    Eligible Business Entities:

    • C Corporation
    • S Corporation
    • LLC
    • Sole Proprietor

    Eligible Property Types:

    • SFR - Single Family Residence - Detached
    • SFR - Single Family Residence - Attached
    • 1 - 2  Units
    • 2 - 4 Units
    • Condominiums
    • PUD's

    Eligible Occupancies:

    • Owner-Occupied
    • Investment
    • Second Home (Vacation)

    Credit:

    Credit Scores - 620 Minimum

    720 Score - Max LTV 85%

    Housing / Life Event Credit Seasoning:

    • Bankruptcy: 4 years, 3 Years with Compensating Factors
    • Foreclosure: 4 years, 3 Years with Compensating Factors
    • Short Sale: 4 years, 2 Years with Compensating Factors
    • Loan Modification: 4 Years, 3 Years with Compensating Factors

    Compensating factor examples: Low LTV. Low DTI. Credit depth and over-all seasoning

    DTI - 50% Max

    States:

    Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin

    reference: 255.052519

    Rate & Term 

  • Business Purpose Mortgage Loan Program

     
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    "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

  • First Time Homebuyer

     
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    580 credit score - Primary borrower

    The co-borrower must have at least a 560 credit score and also must not have more than 42% of total income.

    Income documentation type: Full Doc

    Maximum LTV:

    • Purchase loan - 80% LTV
    • Rate & Term refinance - 80%
    • Cash Out refinance - 75%

    Owner Occupied:

    Maximum Loan Amounts:

    • $800,000

    Cash Out

    • $300,000 to 75% LTV
    • $200,000 to 80% LTV

    Maximum DTI - 45%

    Reserves Requirement

    • Owner occupied - 3 months' principle tax and property insurance PITI plus an additional 3 months' PITI for every other real estate owned.

    Credit Notes

    • Bankruptcy history: 1 year seasoned
    • Foreclosure history: 1 day
    • Short Sale history: 1 day
    • Loan Modification history: 1 day

    Credit Depth:

    • Active Tradelines - 3
    • Total Tradelines - 6
    • Credit History - 6 years
    • Judgments and collections may be required to be paid-off before the closing date including tax liens and back-child support.

    Permanent resident aliens OK

  • True Stated Income 2019

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

    Loan Scenario Form - Credit Check Not Required

    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 is 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

  • 12 Months and 24 Months Bank Statements Alt Doc Home Loan

     
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    700 Credit Score:

    • $1,500,000 Loan Amount | 4 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $2,000,000 Loan Amount | 6 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $2,500,000 Loan Amount | 6 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $3,000,000 Loan Amount | 9 Months Reserves
      • LTV 85% - Purchase
      • LTV 80% - Cash Out Refinance
    • $4,000,000 Loan Amount | 12 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $4,500,000 Loan Amount | 6 Months Reserves
      • LTV 85% - Purchase
      • LTV 80% - Cash Out Refinance

     

    680 Credit Score:

     

    • $1,500,000 Loan Amount | 4 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $2,000,000 Loan Amount | 6 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $2,500,000 Loan Amount | 6 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $3,000,000 Loan Amount | 9 Months Reserves
      • LTV 85% - Purchase
      • LTV 80% - Cash Out Refinance
    • $4,000,000 Loan Amount | 12 Months Reserves
      • LTV 90% - Purchase
      • LTV 85% - Cash Out Refinance
    • $4,500,000 Loan Amount | 18 Months Reserves
      • LTV 85% - Purchase
      • LTV 80% - Cash Out Refinance

    Maximum Loan Amount: $4,500,000

    Credit Notes:

    • Minimum credit score: 580
    • No mortgage lates allowed previous 24 months
    • Housing Credit Event Seasoning 36 Months (Bankruptcy, Foreclosure, Short Sale, Loan Modification)
    • Minimum tradelines 2 open and active minimum of 12 months

    Cash-Out (Cash in Hand) Limit:

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

    Eligible Property Types:

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

    DTI (Debt-to-Income Ratio):

    • 55%

    Terms Available

    • ARM's
      • 5/1 LIBOR
      • 7/1 LIBOR
    • Fixed Rate
      • 30 Year Fixed
      • 15 Year Fixed
    • Interest Only - 120 Month Term

     This particular loan program is available in the following states:

    Alabama, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming. We have dozens of bank statement loans that cover all states.

     

    Reference # 541 052218 10-13-1-3 

  • Self-Employed Home Loan Program

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

     
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    This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along 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 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 are OK if 100% ownership
    • W2  (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

  • 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

  • Hard Money Super Jumbo

    Residential Hard Money

    Purpose:

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    Purchase, Rate&Term Refinance

    Cash Out Refinance

    Bridge loans

    Blanket loans

    Rehab

    Foreclosure Avoidance OK

    Eligible Occupancies:

    Non-Owner only

    Super Jumbo Loan Amount:

    $3,000,000

    Eligible Property Types:

    Condo

    High Rise Condos

    Non-warrantable Condos

    1-4 Units

    Eligible borrowers:

    Foreign Nationals

    Foreign corporations

    Non-resident alien

    Legal Entities:

    Corporations

    LLC's

    Trusts

    States:

    Florida only

    Underwriting notes:

    Purchase seasoning not required for cash out refinance

     

    Ref #155524012115

  • Bank Statement Loan for Self Employed Borrowers

     
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    July 2019

    Bank Statement Income Loan

    Self Employed Only - Person6al or Business Bank Statements.

    Bank Statement loan means to utilize 12 or 24 months of borrower personal and or business bank statements to show income in lieu of traditional income documents. This income documentation option is for the owner-occupied purchase, refinance and or cash out loan.

    This lender requires 24 months and will utilize gross monthly deposit amounts to represent gross income. Personal bank statements can be used as business bank statements. All pages required (except processed checks) for all months.

    Asset Depletion Income Loan

    For the investment property buyer, including non-owner occupied and Second Home as well asmulti-unit business loans, this lender has an additional income documentation program, the "asset depletion" program. Borrowers with verifiable cash or other liquid assets may use those assets to qualify with a Letter of Explanation defining the source and contemplated depletion of these assets over the course of the loan term to pay obligations.

    This lender will go down to a 500 credit score. Also allows for previous bankruptcies, foreclosures,and short sales.

    Purpose:

    Purchase, Rate & Term and Cash Out Refinance

    700 Credit Score

    Purchase to 90% LTV

    Rate & Term Refinance to 85% LTV

    Cash Out Refinance to 80% LTV

    Previous one year- no mortgage lates allowed

    Bankruptcy, Foreclosure and Short Sale OK

     

     

     

     

     

     

     

     

    650 Credit Score

    Purchase to 85% LTV

    Rate & Term Refinance to 85% LTV

    Cash Out Refinance to 80% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - one 30 day mortgage late allowed

     

     

     

     

     

     

     

     

    600 Credit Score

    Purchase to 80% LTV

    Rate & Term Refinance to 75% LTV

    Cash Out Refinance to 70% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - 30 day mortgage lates allowed. No 60 day lates

     

     

     

     

     

     

     

     

    550 Credit Score

    Purchase to 70% LTV

    Rate & Term Refinance to 70% LTV

    Cash Out Refinance to 65% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - 60 day mortgage lates allowed. No 90 day lates

     

     

     

     

     

     

     

     

    500 Credit Score

    Purchase to 80% LTV

    Rate & Term Refinance to 75% LTV

    Cash Out Refinance to 75% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - 90-day mortgage lates allowed. No 120-day lates

     

     

     

     

     

     

     

    Underwriting Notes:

    Non Owner and Second Home OK

    Maximum Loan Amount $2,000,000

    2-4 Units, Condos, Townhouses, rural and condotels OK

    First Time Homebuyer OK

    Non-Occupant Co-Borrower OK (case by case basis

     

    States: Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington State

     

    Reference - 139 526020315

  • Super Jumbo Bank Statement loan

    Tax Returns Not Required

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

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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

  • Asset Depletion Jumbo Loan

    Income Documentation Alternative:

    Asset Depletion

    Self Employed and W-2 Wage Earner Co-Borrower

    660 Mortgage Credit Score - 80% LTV to 2 million

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    640 Mortgage Credit Score - 75% LTV to 2 million

    Credit Notes:

    2 years seasoning required from bankruptcy discharge date

    2 years seasoning required for short sales and foreclosures

    Purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance - $500,000 Maximum Cash Out

    Property Types:

    • Single Family ResidenceSFR

    Occupancies:

    • Owner Occupied
    • Second / Vacation Home – 80% maximum LTV

    Debt to Income ratio:

    • 43% maximum DTI 

    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 # - 124 527030515 PS

     

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

  • Non-Prime Investor Program

     
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    Real Estate Investor can own up to 20 financed properties

    Credit Score Requirements 

    • 720 Credit Score - 75% LTV
    • 560 Credit Score - 60% LTV

    Maximum Loan amount - $750,000

    Loan purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance - $300,000 maximum

    Property Types:

    • SFR Single Family Residence
    • 1-2 Units
    • 1-4 Units

    Occupancy:

    • Investment Property / Non Owner Occupied 

    Credit Notes:

    • 2 years seasoning required from bankruptcy discharge date
    • No seasoning required for short sales and foreclosures
    • 50% maximum DTI Debt to Income ratio

     

    Reference # - 125 527030515 

  • Asset Based Qualification Program

      {reform 119}  

    High Net Worth Borrowers

    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 / 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- Single Family Residence
    • 1-4 Units

    Occupancy:

    • Owner Occupied Only

    Terms:

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

    States

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

     

    Reference# 535 06131519-9-22-1

  • One Day Out of a Short Sale or Foreclosure

     
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    This loan is for people that have recently either foreclosed or short sold their property. If you have a recent short sale or foreclosure, this loan option could help you get into a home. No seasoning requirement for these housing events

    Income Documentation Options:

    Full Income documentation required

    Salary Employee - previous 2 years W-2's and full tax return

    Self Employed - previous 2 years full tax returns and current year profit and loss statement

    50% maximum DTI Debt to Income ratio

    Credit Scores:

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

    Maximum Loan Amount

    • $1,000,000

    Loan Purpose:

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

    Property Type:

    • SFR Single Family Residence

    Occupancy:

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

    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 # - 123 527030515 HE

  • Qualify 12 Months Bank Statements - 12 Month Average Balance for Income Documentation

    August 2019 Update: Maximum Loan Amount: $3,500,000

     
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    Bank statements, in this case, are used as a traditional income documentation alternative. However, in addition to bank statements,1099's can be used without the 1040 or schedule C in conjunction with the bank statements can be accepted and considered more like a full income documentation program which will produce full income documentation pricing.

    90% Financing Available. For purchase transactions, 5% gifts allowed leaving only a 5% borrower contribution.

    Loan Purpose / Loan-to-Value:

    Purchase or Rate and Term refinance 90% LTV to $450,000

    Cash Out Refinance to 85% LTV

    - $500,000 Maximum Cash Out (cash-in-hand), not including proceeds applied to consolidate debt, "debt consolidation mortgage program"

    Credit Notes:

    Credit Score 660 minimum middle for all borrowers

    Bankruptcy discharge seasoning requirements - 2 years seasoning required for chapter 7. No seasoning required for chapter 13 bankruptcy

    Foreclosure discharge seasoning requirement - 4 Years seasoning required

    Loan Modification complete (yeah, right. Lose your paperwork, did they?)- 3 Years seasoning required

    Available Terms:

    5, 7 and 10 year ARM's and 15 year fix

    Balloon note at ARM maturity or option to roll into an equity line

    Owner Occupied Only

    1-4 Unit properties OK

     

    Get pre-qualified without a credit check

     

    Refrence# - 74512

  • Jumbo Second Mortgage | Form 4506-T Not Required

    80% LTV 2nd mortgage to $350,000 Alt-Doc for Self-Employed Borrowers and Full Doc for everyone.

     
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    This program is a Non-QM (non-qualified mortgage) with some Non-Prime qualities.

    Below are some specific underwriting guidelines and credit notes:

    • 710 Credit Score
      • 85% Loan-to-Value
      • Mortgage History: No 30-day Lates for Previous 12 Months
      • Bankruptcy - 3 Years Seasoning
      • Foreclosure - 3 Years Seasoning
      • Short Sale - 2 Years Seasoning
    • 660 Credit Score
      • 80% Loan-to-Value
      • Mortgage History: One 30-Day Late Maximum for Previous 12 Months
      • Bankruptcy - 2 Years seasoning
      • Foreclosure - 2 Years seasoning
      • Short Sale - 1 Year seasoning
    • 610 Credit Score
      • 70% Loan-to-Value
      • Mortgage History - One 60-Day Late Maximum for Previous 12 Months
      • Bankruptcy - 2 Year Seasoning
      • Foreclosure - 2 Year Seasoning
      • Short Sale - No Seasoning
    • 550 Credit Score
      • 65% LTV
      • Mortgage History - One 90-Day Late Maximum for Previous 12 Months
      • Bankruptcy - One Year Seasoning
      • Foreclosure - One Year Seasoning
      • Short Sale - No Seasoning

    Typically, lenders will require conventional income documentation to qualify for their mortgage programs, examples include:

    Conventional "Full Doc"

    • Wage Earner
      • W-2's
      • Paycheck Stubs
      • Tax Returns
    • Self-Employed
      • Tax Returns
      • CPA Letter

    This lender and program do not require traditional income documentation. Furthermore, 4506-T Not Required.

    Unconventional "Alt Doc"

    Required Alternative Income Documentation:

    Bank Statements Only with a "Borrower Prepared" and Unaudited Profit & Loss Statement

    24 Months Personal or Business Bank Statements

    Available Loan Amounts:

    • $100,000 Minimum
    • $350,000 Maximum

    Credit Score: 550 minimum

    50% Debt to Income (DTI)

    Occupancy:

    • Owner Occupied Only

    Property Types:

    • Single Family Residence
    • Condominiums - Warrantable
    • Town Homes

    Terms:

    • ARM
      • 5/1
      • 7/1
      • 10/1
    • Fixed
      • 15 Year
      • 20 Year

    States: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, and Washington

     

    Reference# - 545221

  • Primary residences up to $5,000,000. > $5000,000 Loan Amount considered on a case-by-case basis

    1 day out bankruptcy seasoning from 540+ FICO

    Bank statement documentation from 580+ FICO to 90% LTV

    Full documentation to 95% LTV

    Unlimited consumer lates

    SFR/Condos/Townhomes/Multi-Units

    Interest only options to 90%

    Unlimited 30 day lates to $2M

    Second homes to $2M

    Unlimited cash back when property owned free & clear OR under 50%

  • Home Improvement or cash out up to 100% CLTV available and Credit Scores as low as 640 - Home Equity Made Easy!

    Program Highlights: 

    • 740 FICO/Credit Score up to 100% Combined-Loan-to-Value (CLTV)
    • 680 FICOCredit Score up to 90% Combined-Loan-to-Value
    • 6 month teaser rate
    • 43% DTI – ok to use proceeds to pay off debt to qualify
    • $175K line amount or lower requires a Drive-by appraisal only
    • Ok to use existing appraisal up to 12 months old
    • No pre-payment penalty
  • High LTV Hard Money Jumbo Loan

    This hard money residential loan has a very high Loan-to-Value (LTV) ratio of 80%. Most hard money lenders max out at 65%, sometimes 70%. So 80% is huge. It can be used as a Fix and Flip, Blanket loan, Bridge loan, Construction Loan and can also bail a borrower out of any housing event; short sale, foreclosure, bankruptcy, Notice of Default (NOD), Notice of Sale (NOS). Below you'll see some underwriting highlights.

    {rsform 119}

    Loan purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance and Construction

    Blanket, Bridge and Fix and Flip

    Loan limits:

    80% LTV

    Maximum loan amount - $3,000,000

    Term: 12 months

    Property types:

    • Single Family Residence (SFR)
    • 2-4 Unit
    • Condos and Townhomes

    Non-Warrantable Condos

    Manufactured homes

    Mixed Use  

    Unconventional Property Types:

    • Dome homes
    • Modern style
    • Historical
    • Log homes

     Non Owner Occupied only

    1-4 units 

    States available:

    Alabama, Arkansas, Arizona, California, Connecticut, Florida, Georgia, Iowa, Illinois, Kansas, Massachusetts, Maryland, Maine, Michigan, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, Wisconsin

     

    Reference# - 55214

  • Alternative Income Documentation - Bank Statement Month Options

    Business or Personal (co-mingled) Account Statements

    Bank Statement Terms by Month:

    • One Month - Business Account
    • Two Month - Personal Account
    • Six Month - Personal Account
    • Twelve Month - Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)
    • Twenty Four Month - Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)
    • Interest Only Available - 40 Year Amortization

    Eligible Purpose Transactions:

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

    Primary Residence / Owner-Occupied:

    • Single Family Residence
    • 1-2 Unit
    • 1-4 Unit

    Matrix: Credit Score / LTV / Loan Amount

    • Purchase and Rate & Term
      • 550 - 65% - $1,000,000
      • 580 - 75% -$1,500,000
      • 640 - 80% - $2,000,000
      • 680 - 85% - $3,000,000
      • 700 - 90% - $3,000,000
    • Refinance - Cash-Out:
      • 580 - 65% - $1,000,000
      • 640 - 70% - $1,500,000
      • 680 - 75% - $1,500,000
      • 720 - 80% - $2,000,000

    Investment / Non-Owner-Occupied:

    • Single Family Residence
    • Condo
    • 1-2 Unit
    • 1-4 Unit

    Matrix: Credit Score/ LTV / Loan Amount

    • Purchase and Rate & Term:
      • 620 - 70% - $1,000,000
      • 640 - 70% - $1,500,000
      • 660 - 75% - $2,000,000
      • 680 - 80% - $2,500,000
      • 700 - 80% - $3,000,000 
    • Refinance - Cash-Out:
      • 620 - 65% - $500,000
      • 640 - 65% - $1,000,000
      • 680 - 75% - $1,500,000
      • 720 - 75% - $2,000,000

    Major Credit / Housing Event Seasoning Requirements:

    • Bankruptcy
      • Settled - 70% LTV
      • One Year - 80% LTV
      • Two Years - 85% LTV
      • Three Years - 90% LTV
    • Foreclosure
      • Settled - 75% LTV
      • One Year - 80% LTV
      • Two Years - 85% LTV
      • Three Years - 90% LTV
    • Short-Sale
      • Settled - 75% LTV
      • One Year - 85% LTV
      • Two Years - 90% LTV
    • Deed-in-Lieu
      • Settled - 75% LTV
      • One Year - 8% LTV
      • Two Years - 85% LTV

    Documentation:

    • Credit report: <90 Days old at Closing
    • Income and assets: <90 Days old at Closing

    Eligible Liquid Assets Account Types

    • Socks, bonds, mutual funds: 75%
    • Retirement funds amount invested, 65%
    • Giift of equity not allowed

    Interest Only payment feature available to 80% LTV

    c1-11t-10l1-117

  • 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

  • Non-Prime Super Jumbo Bank Statement Loan

     Mortgage Pre Qualification Form - Credit Check Not Required

    24 Consecutive Months Personal or Business Bank Statements

    Jumbo Maximum Loan Amount - $4,000,000

    Alternative Income Documentation Options

    • Alternative Documentation for Self Employed:

      • Bank Statements
      • Form 4506-T Not Required (no 4506-T Form or tax returns before, during or after Close of Escrow)

    • Purchase Loans LTV - Credit Score:
      • 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
    • Cash Out Refinance  LTV - Credit Score:
      • 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
    • Major Derogatory Credit Seasoning Requirements:
      • Bankruptcy- 3 years seasoned
      • Foreclosure - 3 years seasoned
    • Property Types:
      • Single Family Residence
      • Condo
      • Non-Warrantable Condos
      • Townhouse
      • 2-4 Unit
      • Condotels case specific
    • Eligible Occupancy Types
      • Owner Occupied
      • Non Owner Occupies
      • Second Home

    Debt-to-Income Ratio - 50%

    Full Doc for Salary Employee - W-2's and 30 days paycheck stubs

    Full Doc for Commission Professional - 2 years 1040's and Profit and Loss Statement

    Liquid Assets not required

    No mortgage lates

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

    No Liquid reserve requirement - $0

    For this program, Underwriter will utilize 100% of Personal Bank Statement deposits and as much as 90%  of Business Bank Statement deposits along with either a "Borrower Prepared Unaudited Profit and Loss" or an expense Letter from CPA or Tax Preparer Professional.

    -Let a Mortgage Professional qualify your debt ratio

    Rural properties OK for A through B- credit grades 

     

    R 3-9-20-1-4-5-12

  • Maximum Loan Amount - $350,000

    [rsform 119)

     

    Available Terms - 15 or 20 year fixed rate 2nds available for refinancing or purchase

     

    Heloc's available on refinances (except texas)

     

    $10,000 minimum loan amount on Heloc's

     

    Stand Alone or combo (1st and 2nd ) loan packages available

     

    Property Types

     

    Single Family Residence

    1-2 Units

    Condos (<4 stories)

     

    Owner Occupied Only

     

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