A Variety of Unique Jumbo Loan Programs

  • 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

     

     

    Major Credit Event Seasoning:

    • Bankruptcy:
      • Settled - 70% LTV
      • One Year- 80% LTV
      • Two Years- 85% LTV
      • Three Years- 90% LTV
    • Foreclosure -
      • Settled - 70% LTV
      • One Year - 80% LTV
      • Two Years - 85% LTV
      • Three Years - 90% LTV
    • Short Sale -
      • Settled - 75% LTV
      • 1 Year - 85% LTV
      • 2 Years - 90% TLV
    • Deed-In-Lieu -
      • Settled - 80% LTY
      • 1 Year - 85% LTV
      • 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

    Major Credit Event Seasoning:

     

    • Bankruptcy:
      • Settled - 70% LTV
      • One Year- 80% LTV
      • Two Years- 85% LTV
      • Three Years- 90% LTV

     

    • Foreclosure -
      • Settled - 70% LTV
      • One Year - 80% LTV
      • Two Years - 85% LTV
      • Three Years - 90% LTV

     

    • Short Sale -
      • Settled - 75% LTV
      • 1 Year - 85% LTV
      • 2 Years - 90% TLV

     

    • Deed-In-Lieu -
      • Settled - 80% LTY
      • 1 Year - 85% LTV
      • 2 Years - 80% LTV
  • Alternative Documentation: 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:

    660 Minimum Middle Score

    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:

    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

  • 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

  • Stated Income Stated Assets

    This loan is for the very qualified borrower. This is not Hard Money. This is Private Money so the rates are very reasonable.

    70% LTV on the first lien. 80% CLTV allowed with outside second

    Request Additional Information

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    Purpose:

    Purchase, Rate & Term Refinance and Cash Out refinance

    Loan Amounts:

    $100,000 minimum

    $1,000,000 maximum

    Credit Scores:

    700 minimum

    LTV:

    70% maximum financing

    Property Types:

    SFR

    Condos

    2-4 units

    Occupancies:

    Non-owner Occupied / Investment

    Stated Income also available on Primary / Owner Occupied homes

    Terms:

    3 and 5 year ARM's

    30-year amortization

    Payment Cap at Prime + 4% after fixed portion of the term

    Call for other amortization options

    Prepayment pricing options available 

    Tax and Insurance Impounds required

    First-time buyer - reduce maximum LTV 5%

    States:

    Arizona, California, Florida, Georgia, Illinois, Indiana, Kanas, Kentucky, Michigan, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

  •  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

  • Purpose:

    • Purchase
    • Rate & Term Refinance
    • Cash Out Refinance / Debt Consolidation

    Loan Amounts:

    Maximum  - $2,500,000

    Eligible Property Types:

    • SFR Single Family Residence
    • Condos - Warrantable & Non-Warrantable
    • Condotels

    Occupancies:

    • Owner Occupied
    • Non Owner/Investment
    • Second/Vacation Homes

    Available Terms:

    • ARM: 3,5 and 7 year
    • 30 year fixed (Interest Only Available)
    • 40 year fixed (Interest Only Available)

    "Housing Event" Credit Seasoning:

    • Bankruptcy - 2 years required
    • Foreclosure - 2 years required
    • Short Sale - 2 years required
    • Deed in Lieu - 2 years required

    Credit Scores:

    • 610 Minimum
    • 660 to 80% LTV - $500,000 Cash Out
    • 680 to 90% LTV - $1,500,000

    Credit Criteria:

    • Multiple foreclosures and short sales OK

    Employment Types:

    • Wage Earner
    • Self Employed

    Income Documentation:

    Full Doc Full Income Documentation:

    • Wage Earners: W-2's and paystubs
    • Self Employed: Tax returns, business and or personal
    • 1-year 1040 plus schedule C

    50% DTI Debt-to-Income ratio

    Reserves Requirements:

    3 Months (PITI/PITIA)

    3 months PITI for all REO Real Estate Owned

    First Time Home Buyers - OK

    100% gift funds from family member OK

    Rent free housing history OK

    Pre-payment penalty options

    Investors: unlimited financed REO Real Estate Owned OK

    774 3-1-12091217

  • 5% Down Payment on your Jumbo purchase or 95% LTV Jumbo financing for your Rate / Term refinance. Cash Out also available on this program & may be used for any purpose including reserve requirements.

    Non-Occupant Co-Borrowers, OK

    The purpose of the Non-Occupant Co-Borrower could be many things. But is always for a specific reason. Ultimately it is to somehow strengthen the file in the area or areas needed to rectify any sort of credit deficiency or credit profile deficiencies had by the primary borrower.

    This can be achieved with a Non-Occupant Co-Borrower by way of cash reserves; income; credit history; depth, criteria, and scores. Often it is to increase the amount of qualifying income to reduce the qualifying DTI to an acceptable percentage. A development like this could, in effect, increase the over-all "credit grade" and qualifications of the borrower possibly opening up additional options to consider in other areas of the loan such as a more flexible down payment requirement; increased loan amount, gift funds eligibility, etc. Flexibility. And let us not forget better pricing, more preferable terms, easier conditions; the makings for either a great mortgage or perfect home loan.

    Non-Qualified / Non-Prime

    3 Options: Full Doc, Lite Doc, and Alt Doc

    Full Doc - 2 Years (55% DTI)

    Full Doc - 1 Year (55% DTI)  Lite Doc / Reduced Doc) "Lite Doc" also pertains to Employment History documentation and verification i.e. Sole Prop, C Corp, S Corp, LLC. < 2 Years

    Bank Statements - 12 Months

    Bank Statements - 24 Months

    Purpose:

    • Purchase: 95% LTV Purchase or Rate & Term refinance with 720 credit score on Owner Occupied only to $1,500,000 – No Mortgage Insurance.
    • Cash-Out Refinance: 90% LTV unlimited cash-out with 760 credit score on Owner-Occupied Only to $1,500,000 – No Mortgage Insurance.

    Loan Amounts:

    • Maximum $2,500,000 – 600 Credit Score

    Terms:

    • 40 year fixed
    • 40 year fixed Interest Only
    • 30 year fixed
    • 30 year fixed Interest Only
    • 10/1 ARM
    • 10/1 ARM Interest Only

    Interest Only feature - 600 Middle Credit Score.

    This program is considered non-prime is because it does allow for past mortgage lates. Up to 120 days late.

     

    Credit Score Matrix:

    Loan-to-Value / Maximum Loan Amounts / Reserve Requirement

    Property Types - SFR, Condos and PUD's

    Bank Statements - 12 Months

     720 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 70% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
      • LTV - $5,000,000 - 12 Months Reserves

    700 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 70% LTV - $5,000,000 - 12 Months Reserves
      • 70% LTV % LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 80% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves

    Bank Statements - 24 Months

    720 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 90% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 70% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $5,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    700 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 90% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 90% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 80% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves

    720 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 95% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 80% LTV - $3,000,000 - 12 Months Reserves
      • 70% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves
      • 55% LTV - $3,000,000 - 12 Months Reserves

    700 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 90% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 75% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $4,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 90% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 75% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2.500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 90% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 80% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    Full Doc - 1 Year income and Employment History

    720 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 85% LTV - $2,500,000 - 12 Months Reserves
      • 80% LTV - $3,000,000 - 12 Months Reserves
      • 70% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 70% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $3,000,000 - 12 Months Reserves
      • 55% LTV - $3,000,000 - 12 Months Reserves

    700 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 75% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 70% LTV - $3,000,000 - 12 Months Reserves
      • 65% LTV - $5,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    • Owner-Occupied - Purchase and Rate/Term Refinance
      • 85% LTV - $1,500,000 - 6 Months Reserves
      • 80% LTV - $2,500,000 - 12 Months Reserves
      • 75% LTV - $3,000,000 - 12 Months Reserves
    • Owner-Occupied - Cash Out
      • 80% LTV - $1,500,000 - 6 Months Reserves
      • 75% LTV - $2,500,000 - 12 Months Reserves
      • 65% LTV - $3,000,000 - 12 Months Reserves
      • 60% LTV - $4,000,000 - 12 Months Reserves
      • 55% LTV - $5,000,000 - 12 Months Reserves

     

    Eligible Occupancies:

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

    Property Types:

    • Non-Warrantable Condos OK
    • Non-Occupant Co-Borrowers OK

    DTI allowed up to 50% - Unlimited Cash-Out

    Liquid Assets

    Down Payment and closing costs -  Business and Foreign Funds Acceptable

    Reserve Requirement - Business funds OK. However, if the borrower is not 100% owner of this business, will be required to obtain a CPA Letter stating the cash withdrawal would not have an adverse impact on the business. Foreign Funds acceptable, too.

     

    Ref# 022619 10-13-1-3  26-21-13-1

  • 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

  • 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

    Request Additional Information

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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.

  • This is an income documentation program for the well-qualified borrower. Asset Depletion is a feature that we can utilize to offset income ratio guidelines.

    Bank Statements can also be utilized in lieu of traditional income documentation. This can be done under any loan program within this programs core product offering including the Super Jumbo program to 5 million. This loan is for borrowers that can't or chooses not to document their income but also have a considerable amount of liquid assets. The difference between this loan and a regular Bank Statement loan is the super jumbo loan amounts and the loan program flexibility, making it all around easier to qualify for.

    In this lending market, many highly qualified borrowers with strong credit and reserves aren't getting the mortgage loans they should.

    Super Jumbo Loan Amounts to $5,000,000

    Request Additional Information

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    Credit Scores

    680 middle credit score, the middle of the 3 scores or lower of 2

    Property Types:

    Single Family Residence

    Condo < 4 stories

    2-4 Units

    Full Income Documentation pricing applies because this is considered a Full Doc loan program

    Eligible Liquid Assets:

    CD's, Monet Market, Stocks, etc.

     

    48-72 hour underwriting turn-time

     

    #55556656

  • 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

    July 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

  • Jumbo Bank Statement Loan to 3 Million

     
    Request Additional Information

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    Purpose:

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

    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 | Lousiana | Nevada | North Carolina | Pennsylvania | Lousiana | Oregon | Tennessee | Texas | Utah | Washington | Wisconsin

    reference: 255.052519

  • Non-Prime Super Jumbo Bank Statement Loan

    Maximum Loan Amount - $4,000,000

     
    Request Additional Information

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    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
       

      PQ 7-15

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    • 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

  • Business Purpose Mortgage Loan Program

    "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

  • Commercial Mortgage Stated Income

    This commercial mortgage loan program does not require Tax Returns or W-2's

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    650 middle credit score

    Loan Purpose:

    Purchase, refinance and cash out refinance. Cash out can be used for any reason and is capped at 70% LTV

    Loan Amount:

    $225,000 minimum

    Super Jumbo to $5,000,000 Maximum

    Loan to Value:

    80% LTV Maximum

    Property Types:

    Multi-Unit >5 Units

    Mixed Use

    Automotive Services

    Office Space

    Self-Storage

    Retail Store

    Mobile Home Parks

    Warehouse

    Available Terms:

    3, 5 year ARM's and 30 year fixed

    No balloon note rolls into 6-month Libor ARM

     

    States:

    All except, Illinois, Michigan, North Dakota, South Dakota, Tennessee, and Vermont

     

    778091714369

  • Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000

     

    Purchase - Owner Occupied

    Property Type Credit Score LTV Maximum Loan Amount
    SFR 720 80% $1,500,000
    SFR 720 70% $1,000,000
    SFR 720 75% $2,000,000
    SFR 720 70% $2,500,000
    1-2 Units 720 65% $1,000,000
    1-2 Units 720 60% $1,500,000

     

     

    Cash Out Refinance - Owner Occupied

    Property Type Credit Score LTV Maximum Loan Amount Maximum Cash Out
    SFR 720 70% $1,000,000 $250,000
    SFR 720 65% $1,000,000 $250,000
    SFR 720 65% $1,500,000 $500,000
    SFR 720 60% $2,000,000 $500,000
    SFR 720 50% $2,500,000 $750,000

     

    Loan Amount / Liquid Assets:

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    • 1 million / 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)
    • 1,000,000 to $1,500,000 / 9 months reserves
    • $1,500,000M to $2,000,000 / 12 months reserves
    • $2,000,000 to $2,500,000 / 18 months reserves
    • $1,000,000 maximum loan amount for first time home buyer

    Acceptable income:

    • Rental income
    • Alimony and child support income
    • Note income
    • Capital gains
    • Dividends
    • Stocks options

     Cash Out available for Second Home

    Available terms:

    • 15 year fixed
    • 30 year fixed
    • 5 year ARM
    • 7 year Arm
    • 10 year ARM

    Underwriting Notes:

    • No mortgage insurance needed
    • 6% maximum gift funds ok
    • Down payment Sourced:
    • Equity Gift ok
    • Seller contributions ok
    • Gift funds ok

    Credit Notes:

    • No bankruptcy, foreclosure or short sale
    • Minimum 2 open tradelines
    • Construction to permanent ok
    • Broker credit report ok (no extra credit check)
    • Detached Condos OK
    •  All 50 states

     

    Ref# 147 525012215

  • This hard money lender will do primary residential loans which are somewhat rare.

    Purpose:

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    • Purchase
    • Refinance, Rate & Term and Cash out
    • Refinance - Cash Out. $750,000 Maximum
    • Construction
    • Bridge Loan
    • Blanket Loan

    Loan Amounts:

    $125,000 to $5,000,000

    Eligible Property Types:

    • Single Family Residence SFR
    • 1-4 Unit residential and commercial
    • Condos
    • Townhomes
    • Non-warrantable condominiums
    • Mixed-use

    Eligible Occupancies:

    • Owner Occupied
    • Non Owner Occupied
    • Non-Occupant c-borrower OK

    Eligible Borrowers:

    • Foreign Nationals
    • Foreign legal entities
    • Probate OK

    Underwriter Notes:

    No seasoning requirements for Foreclosure, Bankruptcy, Short Sale, Notice of Default, Notice of Sale

     

    Reference# - 44154

  • Hard Money Lending

    Our Hard Money mortgage loan department is a network of 39 individual Equity-Based lenders; Hard Money lenders/ Private Money lenders that will fund any reasonable loan scenario.

    We have equity-based portfolio lenders, direct money lenders, and banks that offer soft money, sub-prime and non-prime loan programs including Small Business Loans and alternative-equity-financing options; our Hard Money division is on pace to do over 160 hard money loans this year.

    Our mission is to help individuals, investors, builders, developers, foreign nationals and all legal entities including foreign legal entities obtain alternative real estate financing options to assist in a diverse real estate marker (usually understood as Hard Money loans). We are a unique Hard Money Loan service for a variety of real estate transactions, including investor purchase loans; refinance cash out option; new construction; second trust deeds; third trust deeds (Hard Money); refinance loans for primary and investment properties; fix and flips; rehab projects; probate properties; rental properties' non-warrantable condos; mixed-use; mobile manufactured homes; rural area properties and unconventional properties such as what are called ultra modern properties that lack traditional 'comparables'. We also have programs for other types of properties including 'log' and 'dome' homes.

    There are many advantages of working with an extraordinary Mortgage Broker as Hard Money Mortgage Broker's can provide special services: a fast and efficient funding experience with easy terms and limited conditions.

    Some additional benefits of working with a Hard Money broker include a wide range of loan programs that come with the lowest pricing the market can offer. If a borrower is in the market for a hard money loan, they might get approved for a Soft Money loan program with a lower rate with a 5-year interest-only feature without a pre-payment penalty, as one example.

    Ongoing relationships in this cutting-edge industry are developed over time and with funded loans. We have lenders that will look at almost any loan scenario and we also have lenders that specialize in various loan scenarios, many that are Hard Money and as well, traditional financing.

    These Hard Money lenders are driven by private investor money, typically referred to as Hard Money or Private Money loans. This borrowing capital comes from special interest segments of the market that are pursuing specific criteria loan scenarios. Loans that meet specified criteria can receive discounted pricing from the lender. For example, if a Hard Money lender has an 11% standard interest rate, that rate will go down for every loan scenario criteria that meets their desired guideline structure. These variables vary from geo-targeted areas of the country, states, regions, and specific zip codes, as well as specific property types, loan purposes, occupancy type, credit criteria, credit scores and employment for soft money lenders (differing from Hard Money investors'), Subprime and Non-prime lenders, as well as other types of specific loan characteristics. Some examples would include: 580+ credit score blanket loans for the northeast region of the country; 1-4 unit purchase loans with loan amounts greater than 5 million; bridge loans that meet specific exit strategy criteria; state-specific rehab loans that feature a progressive Loan-to-Cost (LTC) ratios up to 85% for an investor with greater than 3 closed transactions experience within the last 4 years. Another example would be: "unseasoned cash-out refinance" for newly (unseasoned) purchase for a limited zip code area in Southern California, unconventional income documentation program for owner-occupied Single Family residential properties; these origination lenders will typically have their own pre-determined guideline criteria matrix to ensure that brokers stay within their guideline matrix. These revolutionary loan programs (usually Hard Money) can make it easier for an experienced Broker to quickly facilitate Hard Money loans for consumers. This is ideal because when the loan fits the lender's pre-determined guidelines, the complex loan scenario becomes an easy, consistent and clean loan process which in turn will provide pricing that is the best the market can offer because we, the Mortgage Broker are in effect, filling an order.

    Seasoned Real Estate Investor niche: some Hard Money/Private Lenders like working specifically with seasoned real estate investors. These guideline criteria can be quantified or qualified by the number of years or number of transactions undertaken by the borrower. For example, some lenders want to lend only to real estate investors that have completed more than 3 transactions and some won't touch a real estate investor with less than 3. A further example is that some Hard Money lenders won't lend in an urban area and some won't lend in rural areas. When a lender requires a niche, they also, in turn, will provide discounted pricing, thus benefitting the consumer.

    Two Examples:

    No asset or income verification that comes with 6-30 year terms and requires sub 500 or no credit scores for residential investors. Discounts 620+ credit score. ?

    ARV 85% Loan-to-Cost (LTC) No Pre Payment Penalty options; loans made to LLC with a personal guaranty.

    • All Income Programs
    • Stated Income / Stated Assets
    • Stated Income / Verified Assets
    • Bank Statement Loans
    • Asset Depletion Loans
    • No Doc Loans

    Hard Money Loans

    • Private Money 70% LTV
    • Hard Money 5 Million Owner Occupied
    • Jumbo Hard Money to 3 Million 80% LTV
    • Hard Money Super Jumbo Florida
    • California Hard Money 30 Million

    Latest Loan Programs

    • Investor Loan - No Doc

    • Bank Statement Loan 600 Credit Score

    • Asset Depletion Super Jumbo Mortgage

    • Bank Statement Loan 580 Credit Score

    • Stated Income Verified Assets to 70% LTV Owner Occupied

     

    Reference# - 55452

  • Hard Money Super Jumbo

    Residential Hard Money

    Purpose:

    Request Additional Information

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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

  • Interest-Only Jumbo Mortgage Program

    Non-QM Mortgage Product

    Purpose

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

    Single Family Residence (SFR) - 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 (SFR) - Second Home:

    Credit Score / LTV / Loan Amoun

    • 680 - 80% - $2,000,000
    • 720 - 65% - $3,000,000

    2-4 Unit:

    • 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 had)
    • 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)

    • 6 Months - $1,000,000
    • 9 Months - $2,000,000
    • 12 Months - $3,500,000

    Acceptable Sources

    • 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 (home-owners) 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 

    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)
        • 1 Active Tradelines - 24 Months History
        • 3 Active Tradelines -12 Months History
        • 1 Active Tradeline - Installment 
        • Non-Traditional Traxdeline - No
        • Collections OK to $1,000,000 (Payoff accounts not required)
        • All Liens must be paid off

    Properties Not Allowed

    • > 10 Acres
    • Unwarrantable Condos
    • Condos in Litigation
    • Condotel
    • Co-Ops
    • Hobby Farms
    • Commercial
    • Manufactured
    • Modular
    • Log Homes
    • Mixed Use

    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 Name
    • Inherited Properties - No

    First Time Home Buyer - Yes

    Gift Funds OK - 5%

    Seller Contribution OK - 6%

    Subordinate Financing - Institutional finance  OK

     

    123 11-21-18_10-13-1-3

  • Real Estate Investor Program

    Home Investors

    1-10 Financed properties allowed even if non-owner occupied

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    Full Doc

    10, 25 and 40 day locks available on all loans from this lender upon loan approval.

    Loan amounts from $100,000 to $2,000,000

    Owner Occupied and Investment properties are OK

    620 credit score required

     

     

    #6454bm6658

  • Real Estate Investor Loan

    Up to 10 Financed Properties OK

    Request Additional Information

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    Borrower can own unlimited properties, but only 10 can have a mortgage lien

    75% Maximum LTV Financing

    720 Middle Credit Score

    Loan Amounts:

    $100,000 Minimum

    $2,000,000 Maximum

    Property Types:

    Single family residence

    Non-warrantable condo

    2 Units

    PUD

    Occupancy:

    Non Owner Occupied

    Second Home

    Income documentation:

    Six months Reserves required for the subject property plus 6 months liquid reserves for every property that is currently being financed

    Underwriter Notes:

    In order to utilize rental income, tax returns are required. Lease agreements accepted too

    Bankruptcy or Foreclosure 7 years seasoning required

    Interested parties Contribution OK for Second Home and Non-Owner Occupied investment property

    Reference #254528091614am

  • This Jumbo Loan Program is for Borrowers with Less Than Perfect Credit

    $1,200,000 maximum loan amount

    Purpose:

    Request Additional Information

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    • Purchase
    • Refinance

    Cash Out Refinance

    Credit Score Requirements:

    660 minimum middle credit score

    Occupancy: 

    • Owner Occupied:

    Property Types:

    • Single Family and duplexes - 85% max LTV financing

    Occupancy:

    • Owner-occupied
    • Investment Properties:
    • 1-2 unit and 3-4 unit to 70% LTV to $750,000
    • Second home:

    $700,000 Max loan amount

    • 80% max financing

    Underwriting notes:

    • Gift/unseasoned funds for down payment OK
    • Private mortgage insurance not required

     

    Reference # 145u093014s

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

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

    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 junction 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.

    Request Additional Information

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    Loan Purpose / LTV:

    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 consolidating 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 credit check

     

    Refrence# - 74512

  • Jumbo Cash Out to $2,500,000

     
    Request Additional Information

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    Purpose:

    • Purchase
    • Refinance Rate and Term
    • Refinance Cash Out - no maximum on the cash to the borrower 

    Loan Amounts:

    $2,500,000 Maximum

    LTV - 85% Maximum

    Occupancies:

    • Owner Occupied
    • Vacation Home / Second Home

    Property Types:

    • SFR
    • Condo - less than 4 stories 

    Terms:

    • 5 year ARM
    • 7 Year ARM

    No Pre-payment Penalty. Pay the loan off at any time without incurring a penalty or early termination fee.

    Minimum Required Credit Score: 640 Minimum

    Credit Notes:

    Bankruptcy - 2 years seasoning required.

    Foreclosure- 2 years seasoning required

    Short Sale- 2 years seasoning required

    Loan Modification- 2 years seasoning required

    4581006142o2k

  • 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.

    Request Additional Information

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    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

  • Non-Prime Investor Program

    Real Estate Investor can own up to 20 financed properties

    Request Additional Information

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    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 

  • One Day Out of a Short Sale or Foreclosure

    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

    Request Additional Information

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    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

  • 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)

  • 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 1 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

  • True Stated Income 2018

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

    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

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

    This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along a 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 Loan

    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 is OK if 100% ownership

    W‐2 (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

  • Portfolio Mortgage Program Highlights

    October 2016

    FHLMC Super-Conforming

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    FNMA unpermitted space ok if documented per guidelines

    Transferred appraisals ok on most programs-

    5-10 Financed Properties w/ 720 FICO

    FHA Flips Less than 90 Days

    EEM (Energy Efficient Mortgages)

    Non-Conforming (Jumbo) to $ 5 Million

    HUD $ 100 Down

    Repair Escrow to $5,000 on HUD REO

    Delay financing & stated income

    Asset depletion / Pledge assets

  • Soft Money Mortgage Program

    This means that the pricing is less than the traditional Hard Money type loan program. Discounted pricing with qualifying Credit Score / FICO.

    No Doc on Investment / Non-owner occupied

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    Residential or Commercial

    LTV:

    • 70% - maximum

    Loan Purpose:

    • Purchase or Cash-out refinance

    Loan Amounts:

    • Minimum - $100,000
    • Maximum - $10,000,000

    Property Types:

    • Single Family Residence SFR - Attached
    • Single Family Residence SFR - Detached
    • 1-2 Units
    • 1-4 Units
    • 5+ Units

    Occupancy:

    • Owner-Occupied/Primary
    • Non-Owner Occupied

    Credit Scores:

    Owner-Occupied - case-by-case

    Terms available:

    • 1 year ARM
    • 3 Year ARM
    • 5 year ARM
    • Interest Only payment terms available

    Income Documentation:

    • No Doc

    Underwriting notes:

    Must have a valid social security number

    Foreign Nationals allowed:

    Appraisal

    Appraisal paid for up front by borrower upon loan approval

    Appraisal ordered by the lender

    States - nationwide

  • 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
       
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    • 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

  • Asset Based Qualification Program

    High Net Worth Borrowers

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    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 and 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
    • 1-4 Units

    Occupancy:

    • Owner Occupied Only

    Terms:

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

     

    States:

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

     

    Reference# 535 06131519-9-22-1

  • Income Documentation Alternative for the Well Qualified Self Employed Borrower

    July 2019

    Stated Income Mortgage | Tax Returns Not Required | Form 4506T Not Required

    Stated Income Mortgage loan program will be supported by the cash flow of bank statements and is for the Self Employed borrower only.

    Pre Qualification Form

     

    Stated Income / Verified Assets SIVA

    Primary Residence

    Loan Purpose

    Units

    LTV

    Maximum Loan Amount

    Maximum Cash Out

    Credit Score

    Purchase

    Rate and Term Refinance

    Single Family Residence 70% $1,000,000 N/A 700
    60% $2,000,000 700
    50% $3,000,000 700
    Cash Out 70% $1,000,000 $400,000 700

    Second Home

    Loan Purpose

    Units

    LTV

    Maximum Loan Amount

    Maximum Cash Out

    Credit Score

    Purchase

    Rate and Term Refinance

    Single Family Residence 60% $750,000 N/A 700

     

     

    Underwriting Guideline Summary

    Credit Notes:

    7-year credit history - No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling

    2 years clean credit history on mortgage and rent

    No consumer debt lates - 1 year

    Credit report must show a2-year history of 2 or more open and active trade line accounts

    Unlimited real estate properties owned, but 3 financed properties maximum

    Employment Type:

    Self Employed only - 25% ownership minimum

    Employment verification:

    Business license and or CPA letter depending on business industry showing 2-year minimum same line of business verifying the name of the business, the percentage of ownership business phone number will be verified by both 411 and or the internet

    Asset Documentation

     

    Stated Income / Verified Assets

    Tax Returns not required

    Required Asset Documentation:

    Income is being "stated" on the 1003 Uniform Residential Application, but not verified by traditional income documents

    2 months bank statements to verify liquid assets

    If using rental income to qualify, must provide leases for all rental properties

    All fixed income including retirement, annuities, dividends, Social Security, child support, alimony can be utilized to qualify

    Liquidity requirements:

    Verified assets must support the amount of income we are stating. Stated income amount should be proportionate to the cash flow of the bank statements

    Loan Amount between $400,000 and $650,000 - Minimum liquid asset requirement: $100,000

    Loan Amount between $650,000 and $1,000,000 - Minimum liquid asset requirement: $250,000

    Loan Amount between $1,000,000 and $1,500,000 - Minimum liquid asset requirement: $500,000

    Loan Amount between $1,500,000 and $3,000,000 - Minimum liquid asset requirement: $1,000,000

     

    Additional Underwriting Guideline Summary

    Property Types:

    • Single Family Residence
    • PUD
    • 12 acres maximum

    Eligible Borrowers:

    • Permanent Resident Aliens
    • Non-Permanent Resident Aliens

    6 months title seasoning required for the subject property

    Gift of equity not allowed

     

    Reference #124 528alnexsiva041415 

  • Stated Income to $1,500,000 740 Credit Score

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    Loan Amounts:

    • $500,000 Minimum
    • $2,500,000 Maximum

    Acceptable Liquid Assets: (Verification of Deposit form or 2 months consecutive bank statements)

    • Checking
    • Savings
    • CD's
    • Money Market
    • Stocks/bonds
    • Retirement
    • Residual income

    Property Types:

    • Single Family Residence -SFR
    • Townhomes
    • PUDS
    • Condos - 4 stories max

    Available Terms:

    • 5 and 7 Year ARMs
    • 15 year fixed

    Underwriting Notes:

    Property Value:

    If subject property exceeds $3,500,000 value - 2 appraisals required

    "Mortgage Credit Scores" - middle of 3 or lower of 2

    No bankruptcies or foreclosures or consumer credit counseling allowed

    All collections, liens, judgments, and charge-offs

    Consumer debt - 2 30-day lates ok in last 12 months and no lates on installment debt in the last 12 months

    No mortgage lates for last 2 years

    Minimum of 4 open credit accounts required and 2 open and active with a 2-year history

    If borrowers' current property is going to be rented out / turned into an investment property, rental income can be qualified as additional income.

    No REO's

    The property must be in good and livable condition

    Refinance - must pay off existing mortgage liens

    No Cash Out (1% or $1000 max)

    For refinance - 6 months seasoning from purchase date and ownership cannot be transferred via transaction

    6 months seasoning required from the time of purchase if the subject property value has increased more than 10%

    Gift equity not allowed

    If the property is currently listed on the MLS, must be removed from the MLS prior to application date

    Permanent Resident Aliens OK

    No Mortgage / Real Estate, Construction, Property Management or Real Estate Investors allowed

    No Non-Occupant Borrowers allowed

    Max 4 financed properties allowed

    "Gift" down payment is OK if at least 5% is coming from the borrower.

    W-2 employee borrowers must have the same line of work job history for 2 years, no exception 

    Self Employed borrowers must have the same line of work job history for 2 years, no exceptions.

    The business phone will be verified via 411 directories or internet

    Fraud Alert report

  • 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

  • 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

  • Jumbo Bank Loan

    Portfolio Loan

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    This bank loan Super Jumbo is a good alternative to a conventional home loan product.

    Property Types: Residential, Commercial, Industrial, Apartments, Residential, Schools, Special Purpose.

    Loan sizes: $500,000 - $30,000,000

    States served: All 50 States

    Trust Deed position: 1st only

    Rates: Extremely competitive, 5,7,10 YR IO'sand 30 year terms

    Term: 20 - 30 yr

  • 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

  • True No Doc - No Income or Asset Documentation

    Direct lender- Lender makes the final decision and has over $100,000,000 to lend

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    Income Documentation - No Doc

    No Income, No Assets, No Employment

    Foreign National OK

    National Program - all 50 states

    Loan Amounts:

    Loans down to $25,000 and up to $3,000,000 all No Documentation

    Quick Close:

    Closings average 10-15 business days from application to closing

    Credit:

    Credit scores down to 500 or No Score OK

    Loan purpose:

    Purchase and refinance- 30-day seasoning for cash out using new appraised value

    Terms:

    3-year loans for borrowers with longer-term exit strategy as well as traditional bridge funding for Investors

    Closing in natural person name OR business entity

    We have many alternative income documentation loan programs available. Don't pre-qualify yourself, consult a Mortgage Professional. 858-222-7534

     

    Reference# - 5542

  • This Loan Program is for Corporations, LLC's, Partnerships.

    This gives the "borrower" the option to vest the title of their property into a trust, corporation, LLC or Partnership. This unique option provides the sophisticated borrower their preferred legal structure as to how they would like to retain the title and legal protection for which these legal entities were intended.

    The qualifying criteria is based on the credentials of the actual borrower whom will appear on the standard 1003 loan application, middle credit score of the 3 major credit reporting agencies, income documentation, bank statements/liquid assets and requires signatures on all of the standard documents including the Loan Note, Good Faith Estimate, Truth in Lending and all disclosures, addendums, HUD and settlement statements.

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    Benefits to the borrower:

    • Legal protection
    • All trusts are eligible, LLC's, Sub S Corporations, Partnerships
    • Up to 90% LTV
    • Tax benefit goes to the borrower
    • No underwriter guideline adjustments
    • No price or rate adjustments
    • Fast turn times and less paperwork

    Loan Purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance

    Super Jumbo Loan Amounts:

    • Maximum loan amount $2,500,000

    Occupancies:

    • Owner-Occupied
    • Non-owner occupied

    Terms

    • Fixed and adjustable

     

    Reference # - 245 528032615

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

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

    Employment Types:

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

    Employment Verification:

    Verification of 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