Alternative Income Documentation - Bank Statement Month Options

Business or Personal (Co-Mingled) Account Statements

Bank Statement Terms by Month

  • One Month - Business Account

  • Two Month - Personal Account

  • Six Month - Personal Account

  • Twelve Month - Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)

  • Twenty-Four Month - Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)

  • Interest Only Available - 40 Year Amortization

  • Co-Mingled Account Considered

Eligible Purpose Transactions:

  • Purchase
  • Refinance - Rate/Term & Cash Out

Primary Residence / Owner-Occupied:

  • Single Family Residence

  • 1-2 Unit

  • 1-4 Unit

Matrix: Credit Score / LTV / Loan Amount

  • Purchase and Rate & Term

    • 550 - 65% - $1,000,000

    • 580 - 75% - $1,500,000

    • 640 - 80% - $2,000,000

    • 680 - 85% - $3,000,000

    • 700 - 90% - $3,000,000

  • Refinance - Cash-Out:

    • 580 - 65% - $1,000,000

    • 640 - 70% - $1,500,000

    • 680 - 75% - $1,500,000

    • 720 - 80% - $2,000,000

Investment / Non-Owner-Occupied:

  • Single Family Residence

  • Condo

  • 1-2 Unit

  • 1-4 Unit

Matrix: Credit Score / LTV / Loan Amount

  • Purchase and Rate & Term:

    • 620 - 70% - $1,000,000

    • 640 - 70% - $1,500,000

    • 660 - 75% - $2,000,000

    • 680 - 80% - $2,500,000

    • 700 - 80% - $3,000,000 

  • Refinance - Cash-Out:

    • 620 - 65% - $500,000

    • 640 - 65% - $1,000,000

    • 680 - 75% - $1,500,000

    • 720 - 75% - $2,000,000

Major Credit / Housing Event Seasoning Requirements:

  • Bankruptcy

    • Settled - 70% LTV

    • One Year - 80% LTV

    • Two Years - 85% LTV

    • Three Years - 90% LTV

  • Foreclosure

    • Settled - 75% LTV

    • One Year - 80% LTV

    • Two Years - 85% LTV

    • Three Years - 90% LTV

  • Short-Sale

    • Settled - 75% LTV

    • One Year - 85% LTV

    • Two Years - 90% LTV

  • Deed-in-Lieu

    • Settled - 75% LTV

    • One Year - 8% LTV

    • Two Years - 85% LTV

Documentation:

  • Credit Report: <90 Days old at closing

  • Income and Assets: <90 Days old at Closing

Eligible Liquid Assets Account Types

  • Socks, bonds, mutual funds: 75%

  • Retirement funds amount invested, 65%

  • Gift of equity not allowed

Interest Only payment feature available to 80% LTV

 

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington, and Wisconsin.

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