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
- 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
- 6 Months (PITI/PITIA). Note: cash out does qualify as reserves
"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
- 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
- Owner-Occupied / Primary Residence
- Non-Owner Occupied / Investment Property
- Second Home / Vacation Home
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).
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.