Bank Statement Loan to 3 Million

Purpose

  • Purchase; Refinance and Cash Out

Loan Amounts

  • $3,000,000 Maximum

Employment Types:

  • Self Employed:
  • Wage Earner / W2 Co-Borrower - OK

Employment History:

  • 1 Year Employment History Required
  • Employment Verification: Business License or CPA Letter or Equivalent

Eligible Business Entities:

  • Corporation
  • LLC,
  • Sole Proprietor

Income Documentation

12 or 24 Months Bank Statements

Business (with P&L Profit and Loss) bank account or Personal bank account OK

Utilize Liquid Assets for Additional Income

Liquid Assets examples: checking accounts, savings accounts, stocks, bonds, mutual funds, Certificates of deposit, money market funds, trust accounts, retiremen

"amount invested", trade equity, savings bonds, trust accounts, sale of real estate.

Property Types

SFR Single family Residence - Detached

SFR Single family Residence - Attached

2-4 Units

Condominiums

PUD's

OccupanciesOwner-Occupied, Investment, and second Home

Credit

Credit Scores

620 Minimum

720 Score: Max LTV 80%

Max Cash Out 2,000,000

Credit seasoning:

Bankruptcy: 4 years, 2 years with compensating factors

Foreclosure: 4 years, 2 years with compensating factors

Short Sale: 4 years, 2 years with compensating factors

Loan Modification: 4 years, 2 years with compensating factors

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

Employment Types

Self Employed

Wage earner / W2 co-borrower OK

Employment History - 2 year employment history required

Employment Verification: business license or CPA letter

Business Entities

Corporation, LLC, Sole Proprietor

Income Documentation

12 months bank Statements

Business (with P&L Profit and Loss) bank account or Personal bank account OK

Utilize Liquid assets for additional income

Liquid Assets examples: checking accounts, savings accounts, stocks, bonds, mutual funds, Certificates of deposit, money market funds, trust accounts, retirement

"amount invested", trade equity, savings bonds, trust accounts, sale of real estate.

DTI – 50