Non-QM | Self-Employed Mortgage Option - Non-Qualified Mortgage Program

Income Documentation - One Month Bank Statement Program

The Income is Stated and is Not Calculated from the One-Month Bank Statement. The Bank Statement Qualifying Criteria is the Account 1) ends in a Positive Balance with no NSF's

This One-Month Bank Statement Program is Weighed Almost Entirely on the Credit History of the Borrower 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

Jumbo Non-QM Mortgage Program

Jumbo Loan Amounts: $4,000,000

Verification of Employment (VOE) Options

One Year VOE means your qualifying criteria is based only on the one, most recent year period instead of the standard two year history. via the standard income VOE which we have little or no control of.  methods of income history and standard methods of employment verification.

Qualifying in terms of income and of the One Year the method of verification can be a little inconvenient.

However 2 years history does need to be verified is often very easy and convenient. When done properly with the ideal method via any of the following:

  • Business License
  • CPA Letter
  • EA (Enrolled Agent) Letter
  • Articles of Incorporation
  • Articles of Business Organization
  • 4506-T Not Required


Purpose:
 Purchase, Rate/Term and Cash Out - | Owner-Occupied Only | 
Single Family Residence Only:


Credit Score 620:

LTV: 70% Purchase | 65% Cash-Out | $500,000


Credit Score 640:

  • LTV: 70% Purchase | 65% Cash-Out | $1,000,000


Credit Score 660:

  • LTV: 75% Purchase | 70% Cash-Out | $1,500,000


Credit Score 680:

  • LTV: 80% Purchase 75% Cash-Out | $1,500,000


Credit Score 680:

  • LTV: 85% Purchase | 70% Cash-Out | $2,000,000


Credit Score 700:

  • LTV: 85% Purchase | 80% Cash-Out | $2,500,000


Credit Score 720:

  • LTV: 85% Purchase 75% Cash-Out | $3,000,000


Credit Score 720:

  • LTV: 90% Purchase | 85% Cash-Out | $4,000,000


Credit Score 680:

  • LTV: 80% Purchase | 75% Cash-Out | $1,500,000
  • LTV: 75% Purchase 70% Cash-Out | $2,000,000


Credit Score 700:

  • LTV: 85% Purchase | 80% Cash-Out | $2,500,000
  • LTV: 80% Purchase | 75% Cash-Out | $3,000,000


Credit Score 720:

  • LTV: 90% Purchase | 85% Cash-Out | $3,500,000
  • LTV: 85% Purchase | 80% Cash-Out | $4,000,000

 
Eligible Property Types:

  • Single Family Residence - Attached (SFR)
  • Single Family Residence - Detached (SFR)


Credit:
 

  • Credit Score 620 Minimum
  • 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 1 years seasoning


Major "Housing Event" Required Seasoning: 

  • Bankruptcy
    • Chapter: 7 - 12 Months
    • Chapter: 13 - 24 Months
  • Foreclosure - 36 Months
  • Short Sale -  36 Months
  • Deed-In-Lieu - 36 Months
  • Consumer Credit Counseling 2 Years
  • Charge-offs, Collections, Tax Liens - 1 Day

 

States:


Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kentucky | Maine | Maryland | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

 

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