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 with a minimum 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.
Self-Employed Borrower Income: 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.