Non-QM Alternative Mortgages

  • Alternative Income Documentation | Bank Statements

    One-Month, Two-Month, Six-Month, Twelve-Months and Twenty Four-Months | Business or Personal

    • Interest Only Available

    Purchase / Refinance Rate/Term & Cash Out

    Owner-Occupied

    • Single Family Residence

    Credit Score / LTV / Loan Amount | Matrix:

    • 500 - 65% - $1,000,000
    • 550 - 75% - $1,500,000
    • 600 - 80% - $2,000,000
    • 660 - 85% - $3,000,000
    • 680 - 90% - $3,000,000 

    Refinance - Cash-Out:

    • 550 - 65% - $1,500,000
    • 600 - 70% - $2,000,000
    • 660 - 75% - $2,500,00
    • 720 - 80% - $3,000,000 

    Investment Property Non-Owner-Occupied

    • Single Family Residence

    Credit Score / LTV / Loan Amount | Matrix:

    • 550 - 65% - $1,000,000
    • 600 - 70% - $1,500,000
    • 600 - 75% - $2,000,000
    • 660 - 80% - $2,500,000
    • 680 - 80% - $3,000,000 

    Purchase / Refinance Rate/Term

    Owner-Occupied

    • Condo

    Credit Score / LTV / Loan Amount | Matrix

    • 500 - 60% - $1,000,000
    • 550 - 70% - $1,500,000
    • 600 - 75% - $2,000,000
    • 660 - 75% - $3,000,000
    • 680 - 85% - $3,000,000 

    Major Credit Event Seasoning:

    • Bankruptcy - Settled - 65% LTV
    • Bankruptcy - One year- 75% LTV
    • Bankruptcy - Two years- 85% LTV
    • Bankruptcy - Three years- 90% LTV
    • Foreclosure - Settled - 65% LTV
    • Foreclosure - One year- 75% LTV
    • Foreclosure - Two years- 85% LTV
    • Foreclosure - Three years- 90% LTV
    • Short SaleSettled - 80% LTV
    • Short Sale - 1 year- 85% LTV
    • Short Sale - 2 years- 80% LV
    • Deed-In-Lieu - Settled - 80% LTV
    • Deed-In-Lieu - 1 year- 85% LTV
    • Deed-In-Lieu - 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

  •  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

  • 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

  • Purpose:

    • Purchase; Refinance
    • 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

  • FHA (Federal Housing Administration)

    Not all FHA Loans are Created Equally.

    A government loan is an FHA  USDA Nearly all FHA lenders require a minimum 600 middle credit score, this program does not. This program does not have a Tradeline (credit report accounts) overlay or Debt-to-Income (DTI) overlay and does require Form 4506-T (IRS Transcripts) for W-2 Wage Earners. Cash Out OK to 85% Loan-to-Value (LTV)

    • Credit Scores:
      • Minimum credit scores
        • 500 with Automated Approval - 1 Credit Score OK for Primary Borrower
        • 560 with Manual Underwrite - 1 Credit Score OK for Primary Borrower
    • Property Types:
      • Single Family Residence (SFR)
      • Manufactured Homes OK
      • Non-traditional credit (Rent, Utility Bills, etc) for Streamline Refinance OK
    • Gift funds allowed
    • Escrow holdback OK
      • Down payment
      • Closing cost
    • HUD REO OK
    • Manual underwrites & Blended RatiosOK

     

    Conventional

    • Fannie Mae Home Ready
    • Freddie Mac Home Possible
    • Fannie Mae DU Refi Plus
    • Freddie Mac Relief Refinance
    • Open access.
    • Escrow holdback allowed

    Jumbo

    • $2,500,000 Maximum Loan Amount
    • 700 Credit Score Required
    • Terms:
      • 30 Fixed Rate, Fully Amortized
      • ARM's
      • 5/1 ARM, Fully Amortized
      • 7/1 ARM, Fully Amortized
      • 3/1 ARM, Fully Amortized
    • Maximum LTV - 80%

    VA

    • Cash out to 100%
    • Manufactured Homes OK
    • Credit:
      • 500 Minimum credit score with Automated Approval
      • 560 Minimum credit score with Manual Underwrite Approval
      • Foreclosures - 2 Years Seasoned
      • Short Sales - 2 Years Seasoned
      • Bankruptcy - 2 Years Seasoned

    Non-Agency

    • Credit:
      • 560 Minimum Credit Score
      • Foreclosures - 1 Year Seasoned
      • Short Sales - 1 Year Seasoned
      • Bankruptcy - 1 Year Seasoned
      • Loan Modification - 1 Year Seasoned
    • Alternative income documentation OK
    • Terms:
      • 30 Fixed Rate, Fully Amortized -10 year Interest-Only Available
      • ARM's
        • 5/1 ARM, Fully Amortized
        • 7/1 ARM, Fully Amortized
        • 3/1 ARM, Fully Amortized
    • Cash Out:
      • Owner Occupied
      • Second home
      • Non-Owner Occupied / Investment property

    Mortgage Pre Qualification Form - Credit Check Not Required

    USDA.

    • Minimum Credit Score 580
    • 100% Maximum LTV
    • Manual Underwrites Available
    • No Maximum Loan Amount
    • USDA Streamlined Streamlined - assist
    • Cash Out Available
    • Manufactured Homes OK

    Mortgage Pre Qualification Form - Credit Check Not Required

     

    We are not in any way affiliated with FHA, VA, Fannie Mae, Freddie Mac, etc. However, If you need help with your down payment, here is a link to the official HUD (Housing of Urban Development) website for a list of downpayment assistance programs for each and all states

  • 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

    Property Types:

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

    Non-Occupant c-borrower OK

    Occupancy:

    • Owner Occupied
    • Non Owner Occupied

    Eligible Borrower

    • 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

  • 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

    Questions? 858-222-7534

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    Income Documentation Programs

    • 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:

    • 1 Year W-2 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
        • 4506T 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 x 30 day previous 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 

     

    Western Region CA, AZ, OR, ID, CO, UT and TX for Owner Occupied

     

    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 3 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

  • 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

  • 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

  • True No Doc - No Income or Asset Documentation

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

    Questions? 858-222-7534

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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

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

    Loan Amounts:$6,000,000

    Employment Types:

    • Self Employed (Defined as >25% Ownership)
    • Wage Earner

    Verification of Employment Documentation: Self Employed:

    • Evidence of Ownership 2 years
    • Business Entity 2 Years: Articles of Incorporation
    • Evidence of Ownership: 2 Years: Business License, CPA Letter

    Wage Earner:

    • 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