Purpose: Purchase, Refinance Rate & Term and Cash Out

 

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Cash Out - 6 Months Purchase Seasoning Required to use Current Market Value for LTV purpose

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

Eligible Employment Types:

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

Verification of Employment: (VOE)

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.

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