Bank Statement Jumbo to 90% LTV Financing Guidelines
Alternative Bank Statement Income Documentation
- 12 Months Bank Statements or One Year 1099 "1099 Only Program"
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- Business Account - 15% (service industry) - 50% Maximum Expense Factor
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- Personal Account - 0% Expense Factor (100% deposit utilization)
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
- 660 to 80% LTV - $1,000,000 Maximum Cash Out
- 680 to 90% LTV - $1,500,000
Eligible Property Types
- SFR Single Family Residence
- Condos - Warrantable Only
Eligible Occupancies
- Owner Occupied
- Non-Owner/Investment
- Second/Vacation Homes
Available Terms
- ARM 5/1 & 7/1
- Fixed:
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- 30 Year Fixed
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- 40 Year Fixed with Interest Only (I/O) Available
Notes:
First Time Homer-Buyer - 85% LTV
Multiple Foreclosures and Short Sales - OK
5% of Gift Funds must come from borrowers own funds. Source required.
Available in the Following States:
Arizona, Alabama, California, Colorado, Florida, Georgia, Illinois, Louisiana, Maine, Maryland, Mississippi, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington