Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Stated Income Jumbo – 740 Credit Score

Stated Income to $4,000,000 – 740 Credit Score

Forms 4506-T and 4506-C Not Required

Jumbo Loan Amounts:

* $500,000 Minimum

* $4,000,000 Maximum

Verification of Deposit form or 2 months of consecutive bank statements

Acceptable Liquid Assets:

* Checking Account(s)

* Savings Account(s)

* CD’s

* Money Market Funds

* Stocks/Bonds

* Retirement (unseasoned distribution payments allowed for DTI qualification)

* Residual income

Eligible Property Types

* Single Family Residence -SFR

* Townhomes

* PUDS

* Condos – 4 stories max

Available Terms

* 5- and 7- Year ARMs

* 15-Year fixed

* 40-Year Amortization

* Interest-Only Available

Credit Requirements

* Property Value: If the subject property exceeds $3,500,000 value – 2 appraisals required.

* Mortgage Credit Scores – Middle of 3 or Lower of 2

* No bankruptcies or foreclosures or consumer credit counseling allowed.

* All collections, liens, judgments, and charge-offs

* Consumer debt – 2 30-day lates ok in last 12 months and no lates on installment debt in the last 12 months

* No mortgage lates for previous 2 years

* Minimum of 4 open credit accounts required and 2 open and active with a 2-year history.

Underwriter Notes and Highlights:

If borrowers’ current property is going to be rented out / turned into an investment property, rental income can be qualified as additional income.

* No REO’s

* The property must be in good and livable condition.

* Refinance – must pay off existing mortgage liens.

* No Cash Out (1% or $1000 max)

* For refinance – 6 months seasoning from purchase date and ownership cannot be transferred via transaction

* 6 months seasoning required from the time of purchase if the subject property value has increased more than 10%

Market Value Seasoning: If the property is currently listed on the MLS, must be removed from the MLS prior to the application date.

* Permanent Resident Aliens OK

* No Mortgage / Real Estate, Construction, Property Management or Real Estate Investors allowed.

* No Non-Occupant Borrowers allowed

* Max 4 financed properties allowed

* “Gift” down payment is OK if at least 5% is coming from the borrower.

* W-2 employee borrowers must have the same line of work job history for 2 years, no exception

* Self Employed borrowers must have the same line of work job history for 2 years, no exceptions.

* The business phone will be verified via 411 directories or internet

Fraud Alert report

Available in the Following States:

Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending