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