Non-QM Alternative Mortgages

  • Jumbo Bank Statement Loan to $3,500,000

     
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    Purpose: Purchase Rate & Term Refinance - Rate & Term and Cash Out

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

    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, Louisiana, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin

    reference: 255.052519

    Rate & Term 

  • 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

  • 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

  • Non-Prime Super Jumbo Bank Statement Loan

     Mortgage Pre Qualification Form - Credit Check Not Required

    24 Consecutive Months Personal or Business Bank Statements

    Jumbo Maximum Loan Amount - $4,000,000

    Alternative Income Documentation Options

    • Alternative Documentation for Self Employed:

      • Bank Statements
      • Form 4506-T Not Required (no 4506-T Form or tax returns before, during or after Close of Escrow)

    • Purchase Loans LTV - Credit Score:
      • 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  LTV - Credit Score:
      • 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
    • Major Derogatory Credit Seasoning Requirements:
      • Bankruptcy- 3 years seasoned
      • Foreclosure - 3 years seasoned
    • Property Types:
      • Single Family Residence
      • Condo
      • Non-Warrantable Condos
      • Townhouse
      • 2-4 Unit
      • Condotels case specific
    • Eligible Occupancy Types
      • Owner Occupied
      • Non Owner Occupies
      • Second Home

    Debt-to-Income Ratio - 50%

    Full Doc for Salary Employee - W-2's and 30 days paycheck stubs

    Full Doc for Commission Professional - 2 years 1040's and Profit and Loss Statement

    Liquid Assets not required

    No mortgage lates

    Be advised, the following Credit Scores are Mortgage Credit Scores - Consult a Mortgage Professional to be properly pre-qualified without having your credit checked

    No Liquid reserve requirement - $0

    For this program, Underwriter will utilize 100% of Personal Bank Statement deposits and as much as 90%  of Business Bank Statement deposits along with either a "Borrower Prepared Unaudited Profit and Loss" or an expense Letter from CPA or Tax Preparer Professional.

    -Let a Mortgage Professional qualify your debt ratio

    Rural properties OK for A through B- credit grades 

     

    R 3-9-20-1-4-5-12

  • 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