Self-Employed Home Loan Program

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 with a letter from their tax professional verifying 2+ years of self-employment history in lieu of traditional tax returns and also can be an alternative to a "bank statement loan" for the well-qualified borrower.

Self-Employed Home Loans

California Only

Product Term: 7/1

Income Documentation

Low Doc: Income documentation type: 1-year profit and loss statement

Self Employed

  • YTD and prior year P&L completed by unverified independent third‐party
  • Business License or CPA Letter verifying 2 years 25% ownership
  • 4506-T not required
  • Tax returns not required
  • Paycheck stubs not required
  • 2 month Bank Statements
  • Liquid assets from the business are OK if 100% ownership
  • W2  (co) borrower: Written Verification of Employment

680 Credit Score

  • $1,000,000 | 70% LTV

700 Credit Score

  • $1,500,000 | 65% LTV

720 Credit Score

  • $2,500,000 - 60% LTV

680 Credit Score

  • $1,000,000 | 65% LTV

700 Credit Score

  • $1,500,000 | 60% LTV

670 Credit Score

  • $1,500,000 | 60% LTV
  • $1,000,000 - 60% LTV
  • $1,500,000 - 55% LTV
  • $2,500,000 - 50% LTV

Up to $2,500,000 - 60 LTV%

LTV <60% Loan amount to $1,000,000 – 6 months Principal and Interest payment

LTV >60% - 12 months Principal and Interest payment

Passport, I‐94 & valid VISA (F‐1 and F‐2 type not allowed)

Passport & either I‐94W or proof of ESTA Approval on VISA Waiver Program

Borrower must have U.S. address at the time of application

Foreign down payment, closing costs, and/or reserves must be transferred to U.S. institution

Automatic Debit payment from U.S. institution

24-month P&I Principle and Interest Reserves for Subject Property only

12-month P&I reserves deposited prior to funding

100% Gift funds OK and 60% Foreign National

SFR Single Family Residence and PUD

Condos

2-4 Units

Foreign Nationals

Cash Out

6 Months Purchase Seasoning required for Cash Out Refinance

12 Months P&I in US Financial Institution

Non-Owner Occupied OK

Reserves Requirement

Foreign Nationals

Credit Notes

Previous housing payment history, 1 30 day late Maximum

3 open accounts on credit at minimum 1 year seasoned

"Housing event" seasoning

BK - 3 years

Short Sale - 2 years

Foreclosure - 5 years

 

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