Alternative Income Documentation: Bank Statement Mortgage Loans give both the Self Employed and Salary/W-2 Wage Earner employee a way to buy a home or refinance their mortgage without producing their tax returns, W-2's, paycheck stubs, award letters, rental agreements, Schedule C's, 1040's, Corporate tax returns, etc.

  • Alternative Income Documentation | Bank Statements

    One-Month, Two-Month, Six-Month, Twelve-Months and Twenty Four-Months | Business or Personal

    • Interest Only Available

    Purchase / Refinance Rate/Term & Cash Out

    Owner-Occupied

    • Single Family Residence

    Credit Score / LTV / Loan Amount | Matrix:

    • 500 - 65% - $1,000,000
    • 550 - 75% - $1,500,000
    • 600 - 80% - $2,000,000
    • 660 - 85% - $3,000,000
    • 680 - 90% - $3,000,000 

    Refinance - Cash-Out:

    • 550 - 65% - $1,500,000
    • 600 - 70% - $2,000,000
    • 660 - 75% - $2,500,00
    • 720 - 80% - $3,000,000 

    Investment Property Non-Owner-Occupied

    • Single Family Residence

    Credit Score / LTV / Loan Amount | Matrix:

    • 550 - 65% - $1,000,000
    • 600 - 70% - $1,500,000
    • 600 - 75% - $2,000,000
    • 660 - 80% - $2,500,000
    • 680 - 80% - $3,000,000 

    Purchase / Refinance Rate/Term

    Owner-Occupied

    • Condo

    Credit Score / LTV / Loan Amount | Matrix

    • 500 - 60% - $1,000,000
    • 550 - 70% - $1,500,000
    • 600 - 75% - $2,000,000
    • 660 - 75% - $3,000,000
    • 680 - 85% - $3,000,000 

    Major Credit Event Seasoning:

    • Bankruptcy - Settled - 65% LTV
    • Bankruptcy - One year- 75% LTV
    • Bankruptcy - Two years- 85% LTV
    • Bankruptcy - Three years- 90% LTV
    • Foreclosure - Settled - 65% LTV
    • Foreclosure - One year- 75% LTV
    • Foreclosure - Two years- 85% LTV
    • Foreclosure - Three years- 90% LTV
    • Short SaleSettled - 80% LTV
    • Short Sale - 1 year- 85% LTV
    • Short Sale - 2 years- 80% LV
    • Deed-In-Lieu - Settled - 80% LTV
    • Deed-In-Lieu - 1 year- 85% LTV
    • Deed-In-Lieu - 2 years- 80% LTV

    Documentation:

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

    Liquid Assets Not Required

    • Asset Utilization
    • Socks, bonds, mutual funds: 75%

    Retirement funds amount invested, 65%

    Gift of equity not allowed

    Interest Only payment feature available to 80% LTV

     

    c1-11t-10l1-117

  • 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:

    Alternative Income Documentation: 6 Months Business Bank Account Statements or Personal Bank Account Statements

    Minimum Credit Score - 660

    Eligible Transactions:

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

    Eligible Occupancies:

    • Owner-Occupied / Primary Residence
    • Second Homes
    • Investment

    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:

    Property Types - SFR, Condos and PUD's

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


    Property Types - 2-4 Unit's

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


    Property Types - SFR, 1-4 Units, Condos & PUD's

    • Investment Property - Purchase and Rate/Term Refinance
      • 70% LTV - $3,000,000
    • Investment Property - Cash Out Refinance
      • 65% LTV - $3,000,000

     

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

  •  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% (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

  • 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

     

    80% LTV 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

  • 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

  • Bank Statement Loan for Self Employed Borrowers

    January 2019

    Bank Statement Income Loan

    Self Employed Only - Personal 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

  • Non-Prime Super Jumbo Bank Statement Loan

    Maximum Loan Amount - $4,000,000

    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

    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

    LTV / Credit Score

    • 90% - 700
    • 85% LTV - 650
    • 80% LTV - 600
    • 75% LTV - 550
    • 65% LTV - 500

     

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

  • Purpose:

    • Purchase; Refinance
    • Cash Out

    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, Ect.

    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 80%

    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

  • 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

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

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

    90% Financing Available

    Name
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    Loan Purpose / LTV:

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

    Cash Out Refinance to $400,000 - 75% LTV

    - $100,000 max cash out

    Credit Notes:

    Credit Score 660 minimum middle for all borrowers

    Bankruptcy discharged - 2 years seasoning required

    Foreclosure discharged - 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 credit check

     

    Refrence# - 74512

  • 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

    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 within previous 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

    Income Documentation: 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

  • 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

    Income Documentation - One Month Bank Statement Program. The income is stated and is not calculated fromthe one-month bank statement. The bank statement is to merely see if the account ends in a positive balance and with 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.

    Verification of Employment Options (VOE):

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

    Non-Prime Mortgage Program - This loan program is considered "Non-Prime" simply because the guidelines allow for seasoned derogatory credit report tradelines (accounts).

    Non-Qualified (Non-QM) Mortgage Program

    Purpose:

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

    Occupancy:

    • Owner-Occupied Only

    Single Family Residence Only

    Loan-to-Value (LTV):

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

    Maximum Loan Amount:

    • $5,000,000

    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 3 years seasoning
    • Major "Credit 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

  • Jumbo Second Mortgage

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

    710 Credit Score

    85% LTV

    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% LTV

    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% LTV

    Mortgage History - One 60-day late maximum for previous 12 months

    Bankruptcy - 2 Years seasoning

    Foreclosure - 2 Years seasoning

    Short Sale - No Seasoning 

    550 Credit Score

    65% LTV

    Mortgage History - One 90-day late maximum for previous 12 months

    Bankruptcy - 1 years seasoning

    Foreclosure - 1 years seasoning

    Short Sale - no seasoning

     

    Required Income Documentation:

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    Conventional Full Doc - Wage Earner - W-2's and paycheck stubs

    Unconventional Full Doc - Self Employed or commission employees - 1040's and Profit and Loss statement

    Or

    24 months Personal or Business bank statements

    Loan Amounts:

    • $50,000 Minimum
    • $350,000 Maximum

    Credit Score: 550 minimum

    50% Debt to Income (DTI)

    Occupancy:

    • Owner Occupied Only

    Property Types:

    • Single Family Residence (SFR)
    • Condos
    • Townhomes

    Terms:

    ARM and Fixed rates available

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

     

    Reference# - 545221

  • Second Mortgage Bank Statement Mortgage Loan Program

    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

  • 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

  • Purchase, Cash Out - 6 Months Purchase Seasoning Required to Use Market Value

    Loan Amounts:$6,000,000

    Employment Types:

    • Self Employed (Defined as >25% Ownership)
    • Wage Earner

    Verification of Employment Documentation: Self Employed:

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

    Wage Earner:

    • 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