Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Non-QM Interest-Only Jumbo Program

Interest-Only Non-QM Jumbo Mortgage Product

Interest Only – $2,000,000

Eligible Transactions: Purchase; Refinance – Rate/Term; Refinance – Cash Out

Non-QM Mortgage Loans /”Interest-Only” Payment Option

Single Family Residence – Owner-Occupied /Primary Residence

Credit Score /LTV /Loan Amount:

* 720 – 90% – $1,500,000

* 680 – 80% – $2,000,000

* 740 – 90% – $2,000,000

* 720 – 70% – $2,500,000

* 720 – 70% – $3,000,000

Single Family Residence – Second Home

Credit Score / LTV / Loan Amount:

* 680 – 80% – $2,000,000

* 720 – 65% – $3,000,000

2-4 Units:

* 700 – 75% – $2,000,000

* 720 – 70% – $2,000,000

Second Home:

* 720 – 75% – $1,000,000 – Maximum Cash-Out – $500,000 (cash in hand

* 720 – 65% – $1,500,000 – Maximum Cash-Out – $350,000 (cash in hand

* 720 – 50% – $2,000,000 – Maximum Cash-Out – $350,000 (cash in hand)

Refinance – Cash-Out – Owner-Occupied

$500,000 Max Cash-Out (cash in hand)

Eligible Occupancy:

* Owner-Occupied

* 700 – 75% – $2,000,000 – Maximum Cash-Out (cash in hand)

* Listed Properties Require 6 Months Seasoning for Market Value LTV

Purchase Properties (<6 months) Require 6 Months Seasoning for Market Value LTV

Texas – No

Liquid Assets / Reserves Requirement – Owner-Occupied

Single Family Residence (SFR)

Liquid Assets Acceptable Sources

* 6 Months – $1,000,000

* 9 Months – $2,000,000

* 12 Months – $3,500,000

* Bank Account – Personal

* Bank Account – Business

* Stocks, Bonds, Mutual Funds

* REO Sale (HUD/Settlement Statement)

* Personal Property Liquidation

* Trust Fund Disbursement

* IRA (Percentage Qualified Based on Age of Borrower)

* Insurance Policy – Cash Value

* Business Funds

* Qualified Cash Value – Percentage of Company Ownership

Income Documentation

All Income Documentation will be Verified Via Form 4506-T

* Tax Returns

* W-2’s

* Paycheck Stubs

* Rental Income – Signed leases

* Retirement Income – Award Letter

* Pension Income – Award Letter

Debt-to-Income Ratio (DTI)

Based on Proposed (subject property) Principle, Interest, Tax and (homeowners) Insurance/PITI (all REO properties owned), Installment Loans, Revolving Accounts (minimum payments), Alimony, Child Support.
Co-Signed Debt can be excluded from qualifying DTI with supporting (payment transaction history) documentation from the payer of the Note

Debt Consolidation to reduce qualifying DTI – OK

Eligible Property Types:

* SFR – Attached

* SFR – Detached

* 1-4 – Attached.

* 1-4 – Detached.

Credit:

* Credit Criteria (Ability to Repay is based on over-all file)

* Credit Scores (mortgage credit scores)

* 2 Scores Minimum

Tradeline Requirements (exceptions available based on all credit criteria)

* One Active Tradelines – 24 Months History

* Three Active Tradelines -12 Months History

* One Active Tradeline – Installment

* Non-Traditional Tradeline – No

* Collections OK to $1,000,000 (Payoff accounts not required)

* All Subject Property Liens must be paid off.

Ineligible Properties

* 10 Acres

* Unwarrantable Condos

* Condos in Litigation

* Condotel

* Co-Ops

* Hobby Farms

* Commercial

* Manufactured

* Modular

* Log Homes

* Mixed-Use

Eligible Borrowers

* Permanent Resident Aliens

* Non-Permanent Resident Aliens

* Valid Visa A Series, E 1-3, G Series 1-5, H Series 1-4, L Series L a-b

* Valid Social Security Number

2-Year Employment History

* Primary Residence

* Written Verification of Employment (WVOE)

* 2 Year Credit History

* Revocable Trust

Title:

* Not in Business Entity Name

* Inherited Properties – No

First Time Home Buyer – Yes

Gift Funds OK – 5%

Seller Contribution OK – 6%

Subordinate Financing – Institutional finance OK

Available in the Following States:

Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Louisiana, Maine, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.

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Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Alt Doc Purchase Loans

Alt Doc Refinance Loans

Category - Non-QM Lenders