Alternative Income Documentation - Bank Statement Month Options
Business or Personal (co-mingled) Account Statements
Bank Statement Terms by Month
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One Month - Business Account
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Two Month - Personal Account
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Six Month - Personal Account
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Twelve Month - Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)
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Twenty Four Month - Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)
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Interest Only Available - 40 Year Amortization
Eligible Purpose Transactions:
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Purchase
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Refinance - Rate/Term
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Refinance - Cash Out
Primary Residence / Owner-Occupied:
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Single Family Residence
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1-2 Unit
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1-4 Unit
Matrix: Credit Score / LTV / Loan Amount
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Purchase and Rate & Term
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550 - 65% - $1,000,000
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-
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580 - 75% - $1,500,000
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-
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640 - 80% - $2,000,000
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-
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680 - 85% - $3,000,000
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-
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700 - 90% - $3,000,000
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Refinance - Cash-Out:
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580 - 65% - $1,000,000
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-
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640 - 70% - $1,500,000
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-
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680 - 75% - $1,500,000
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-
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720 - 80% - $2,000,000
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Investment / Non-Owner-Occupied:
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Single Family Residence
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Condo
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1-2 Unit
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1-4 Unit
Matrix: Credit Score / LTV / Loan Amount
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Purchase and Rate & Term:
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620 - 70% - $1,000,000
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-
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640 - 70% - $1,500,000
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-
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660 - 75% - $2,000,000
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-
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680 - 80% - $2,500,000
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-
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700 - 80% - $3,000,000
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Refinance - Cash-Out:
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620 - 65% - $500,000
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-
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640 - 65% - $1,000,000
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-
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680 - 75% - $1,500,000
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-
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720 - 75% - $2,000,000
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Major Credit / Housing Event Seasoning Requirements:
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Bankruptcy
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Settled - 70% LTV
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-
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One Year - 80% LTV
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-
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Two Years - 85% LTV
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-
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Three Years - 90% LTV
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Foreclosure
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Settled - 75% LTV
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-
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One Year - 80% LTV
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-
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Two Years - 85% LTV
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-
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Three Years - 90% LTV
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Short-Sale
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Settled - 75% LTV
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-
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One Year - 85% LTV
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-
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Two Years - 90% LTV
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Deed-in-Lieu
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Settled - 75% LTV
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-
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One Year - 8% LTV
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-
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Two Years - 85% LTV
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Documentation:
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Credit report: <90 Days old at Closing
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Income and assets: <90 Days old at Closing
Eligible Liquid Assets Account Types
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Socks, bonds, mutual funds: 75%
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Retirement funds amount invested, 65%
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Giift of equity not allowed
Interest Only payment feature available to 80% LTV
States:
Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Mississippi | Missouri | Nevada | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia | Washington | Wisconsin
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