90% LTV - Bank Statement Mortgage

Bank Statement Jumbo to 90% LTV Financing Guidelines

We still have 90% LTV bank statement loan programs. 15 day turn time, application to close.

Alternative Bank Statement Income Documentation

  • 12 Months Bank Statements or One Year 1099 "1099 Only Program"
  • Business Account - 15% (service industry) - 50% Maximum Expense Factor
  • Personal Account - 0% Expense Factor (100% deposit utilization)
  • Form 4506-T and 4505-C Not Required *

Eligible Employment Types:

  • Self Employed including 1099 and Real Estate Investors

Verification of Employment | VOE

  • Business Organization Paperwork ex: Articles of Incorporation
  • CPA/Tax Professional Letter stating Percentage of Ownership and number of years business existence
  • Business License
  • Sellers License
  • Internet Business Listings

Eligible Transactions:

  • Purchase - 10% Down Payment
  • Rate & Term Refinance - 90% LTV
  • Cash Out Refinance - 80% LTV: $1,500,000 Maximum Cash Out 
  • Super Jumbo Loan Amounts to $4,000,000

Reserves Requirements:

  • 6 Months (PITI/PITIA). Note: cash out does qualify as reserves

Credit Criteria:

"Life Event" Credit Seasoning:

  • Bankruptcy - 12 Months
  • Foreclosure - 24 Months
  • Short Sale - 12 (unless included in bankruptcy counts as one event years required)
  • Deed in Lieu - 2 Years Required

Credit Scores

  • 600 Minimum
  • 680 to 80% LTV - $1,000,000 Maximum Cash Out
  • 720 to 90% LTV - $1,500,000

Eligible Property Types:

  • SFR Single Family Residence
  • Condos - Warrantable Only

Eligible Occupancies:

  • Owner-Occupied / Primary Residence
  • Non-Owner Occupied / Investment Property
  • Second Home / Vacation Home

Available Terms:

ARM 5/1 & 7/1

30-Year Fixed; 40-Year Fixed. Interest Only (I/O) available for both the 30-year as well as the 40-year term (lowest payment possible).

Notes:

First Time Homer-Buyer - 80% LTV

Multiple Foreclosures and Short Sales - OK with >3 years seasoning.

5% of Gift Funds must come from borrowers' own funds. Source required.

Available in the Following States:

Alabama - Arizona - Arkansas - California - Colorado - Florida - Georgia - Idaho - Illinois - Kansas - Kentucky - Louisiana - Maine - Maryland - Michigan - Mississippi - Montana - Nevada - North - Carolina - Ohio - Oregon - Pennsylvania - South Carolina - Tennessee - Texas - Utah - Virginia - and Washington.