Sole Proprietor Super Jumbo Loan Program – $7,500,000
This particular 1099 Only income documentation mortgage loan can accommodate Sole Proprietors, Independent Contractors, and Freelance Professionals with a high DTI by utilizing a Non-Occupying Co-Borrowers. Also regarding a high DTI on Cash Out Refinance loans, you have the option of paying off debt to reduce your DTI and reserve requirements.
1099 Only Lite Doc and Reduced Doc Loans – 1 or 2 Years
Independent Contractor borrowers can qualify for home purchase and rate/term refinance up to 95% Loan-to-Value (LTV) using your 1099s with a credit score of 680 and Cash Out Refinance up to 90% Loan-to-Value (LTV) with a credit score 0f 720.
See additional Lite Doc and Reduced Doc programs
Loan Purpose: Purchase or Rate/Term Refinance:
| Minimum Credit Score | Loan-to-Value |
|---|---|
| 720 | 95% LTV |
| 700 | 90% LTV |
| 720 | 85% LTV |
| 700 | 80% LTV |
| 680 | 75% LTV |
| 660 | 70% LTV |
| 640 | 65% LTV |
Loan Purpose: Cash Out Refinance
| Minimum Credit Score | Loan-to-Value |
|---|---|
| 720 | 90% LTV |
| 680 | 85% LTV |
| 660 | 80% LTV |
| 640 | 75% LTV |
| 620 | 70% LTV |
| 600 | 65% LTV |
| 580 | 60% LTV |
Jumbo and Super Jumbo Highlights:
| Minimum Credit Score | Max Loan Amount |
|---|---|
| 720 | $7,500,000 |
| 680 | $5,500,000 |
| 660 | $4,000,000 |
| 640 | $3,500,000 |
| 620 | $2,000,000 |
| 600 | $1,500,000 |
| 580 | $1,000,000 |
Liquid Reserve Requirements:
| Reserves | Max Loan Amount |
|---|---|
| 24 Months | $7,500,000 |
| 24 Months | $6,500,000 |
| 18 Months | $4,000,000 |
| 18 Months | $3,500,000 |
| 12 Months | $2,000,000 |
| 12 Months | $1,500,000 |
| 12 Months | $1,000,000 |
* Contact a Loan Officer for additional details (800) 718-8906.
Quick Close Underwriting Turn Time Typically 24-48 Hours or Same Day.
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin