Self-Employed borrower Income: This 12-Month Bank Statement Jumbo Program is designed for self-employed borrowers and those with non-traditional income sources, providing flexible financing options for high-value properties.
Purchase & Rate/Term: Up to 90% LTV – 680 credit score
Cash-Out Refinance: Up to 85% LTV with a 660 credit score and $1,500,000 maximum cash-in-hand * Maximum Loan Amount: $3,500,000
Bank Statement Income Expense Factor: A custom percentage determined by the loan officer, reviewed and approved by the underwriter. Factors include the company’s scope, as outlined in the Business Narrative Form.
Lite Documentation Program
Income Documentation Options:
* Profit and Loss Statement: Borrower-prepared, unaudited P&L, providing a clear snapshot of your business income.
* CPA Letter: CPA, Enroll Agent or Professional Tax Preparer to state percentage of business ownership. Have been filing Self-Employed tax returns for previous X number of years (>2years)
Our Lite Documentation Program simplifies the loan process for self-employed borrowers by focusing on alternative income verification methods tailored to your unique financial profile.
*W2 Wage Earner Co-Borrower – OK-
Wage Earner Docs:
* Previous Year W2 and Recent Paycheck Stubs for the previous 30 days
* Written Verification of Employment | WVOE: Standard form sent to and to be completed by Employer Human Resource Department or Direct Supervisor
50% Maximum Debt-to-Income Ratio | DTI.
Asset Depletion Available for W2 Wage Earner and Self-employed
Credit Criteria:
Two Mortgage Late in Previous 12 Months – OK.
600 Minimum Middle Credit Score
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.