Reduced Employment Documentation Program
This 12-Month Bank Statement Jumbo Loan Program is tailored for self-employed borrowers and individuals with alternative income sources. It offers flexible qualification options for high-value properties through reduced documentation requirements.
Program Highlights include:
- Purchase & Rate/Term Refinance
- Cash-Out Refinance
- Up to 85% LTV, minimum 660 credit score, with a maximum of $1,500,000 cash-in-hand
- Maximum Loan Amount: $3,500,000
- Maximum Debt-to-Income Ratio (DTI): 55%
- Asset Depletion Income Calculation: Available for both self-employed and W-2 borrowers
- Credit Flexibility:
- Minimum middle credit score: 600
- Up to two 30-day mortgage lates within the past 12 months are permitted
Income Documentation Options for Self-Employed Borrowers:
Cash-Out Refinance
Up to 85% LTV, minimum 660 credit score, with a maximum of $1,500,000 cash-in-hand
Maximum Loan Amount: $3,500,000
- 12-Month Bank Statements
- Includes an expense factor (based on business scope/operations), determined by the loan officer and approved by underwriting, outlined in a required Business Narrative Form.
- Profit & Loss Statement (P&L)
- Borrower-prepared, unaudited summary showing clear business income.
- CPA Letter
- Signed statement from a CPA, Enrolled Agent, or licensed tax preparer—verifies business ownership percentage and attests to the borrower’s tax filing history (minimum two years required).
For W-2 co-borrowers (optional): Wage earners may be added as co-borrowers to strengthen the file.
Reduced Employment Documentation Program
Flexible Financing for Self-Employed Borrowers and Non-Traditional Income Profiles
This 12-Month Bank Statement Jumbo Loan Program is tailored for self-employed borrowers and individuals with alternative income sources. It offers flexible qualification options for high-value properties through reduced documentation requirements.
12-Month Unconventional Bank Statement Jumbo Program
Program Highlights:
* Purchase & Rate/Term Refinance:
* Up to 90% LTV with a minimum 680 credit score
* Cash-Out Refinance:
* Up to 85% LTV, 660 minimum credit score, and a maximum of $1,500,000 cash-in-hand
* Maximum Loan Amount: $3,500,000
* Maximum Debt-to-Income Ratio (DTI): 55%
* Asset Depletion Income Calculation: Available for both self-employed and W-2 borrowers
* Credit Flexibility:
* * Minimum Middle Credit Score: 600
* * Up to two 30-day mortgage lates within the past 12 months are permitted
Income Documentation Options For Self-Employed Borrowers:
* 12-Month Bank Statements
* An expense factor is applied, determined by the loan officer and approved by underwriting. The factor is based on the business’s scope and operations, outlined in the required Business Narrative Form.
* Profit & Loss Statement (P&L):
* A borrower-prepared, unaudited summary presenting a clear overview of business income.
* CPA Letter: A signed statement from a CPA, Enrolled Agent, or licensed tax preparer verifying business ownership percentage and attesting to the borrower’s self-employed tax filing history (minimum two years required).
For W-2 Co-Borrowers (Optional): Wage earners may be added as co-borrowers to strengthen the file.
Documentation Required:
* Previous year’s W-2
* Recent pay stubs covering the past 30 days
* Written Verification of Employment (WVOE): Completed by the employer’s HR department or direct supervisor using a standard form
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington, and Wisconsin.