3 Month Business or Personal Bank Statements
Our 3 Month Program is the alternative to the 6-month, 12-month, and 24-month programs. We also have 1-month and 2-month options for credit scores >700. Income combinations OK including asset depletion.
Co-Borrower W2’s + 30 days most recent paycheck stubs. Asset Depletion, etc. Minimum 620 credit score required. First Time Home Buyers to 80% LTV with 640 credit score OK.
Loan Scenario Form – Credit Check Not Required
Asset Depletion Supplement OK
Asset Depletion is also available for borrowers with significant liquid reserves with good to excellent credit. Eligible liquid asset sources: Checking Accounts, Savings Accounts, Stocks, Bonds, Mutual Funds, Certificates of Deposit, Trust Accounts, Retirement, Pending Sale of Real Estate, Money Market, etc.
Mortgage Origination Technique
We qualify borrowers using techniques for both income documentation and employment documentation to favorably determine the borrowers’ actual qualifications. This unique 3 month loan program is for any self-employed borrower (including Sole Proprietors) that cannot qualify with the typical full 12 or 24 months of bank statements, for whatever reason. Details below:
Loan Amount / Reserve Requirements
* 250,000 to $1,500,000 – 6 Months Subject Property PITIA
* $1,500,000 to $3,000,000 – 12 Months Subject Property PITIA + 3 Months for each additional REO
* $3,000,000 to $5,000,000 – 24 Months Subject Property PITIA + 6 Months for each additional REO
Loan Amounts and Cash Out
* $250,000 – $5,000,000
* $2,500,000
Self-Employed Income and Employment Documentation
* 3 Months Bank Statements – 620 FICO
* Liquid Assets for Asset Depletion (does not require re-location
* Profit and Loss Statement Not Required
* New IRS Form 4506-C (previously 4506-T) Not Required
Eligible Employment Types: Self-Employed +
* W2 Wage Earner Co-Borrower OK
* Real Estate Investors
Employment Verification (VOE):
* Business License or Business Certificate If Applicable (equivalent)
* RCPA Letter or Equivalent Tax Professional
* Internet Company Listings, etc.
* Business Operating Agreement
Credit Event Seasoning Requirements and FICO’s:
FICO Score 700:
* Housing Event Seasoning: 1+ Years
* Mortgage/Rent Lates Allowed: One 30-day Lates – Previous 12 Month
FICO Score 680:
* Housing Event Seasoning: 2+ Years
* Mortgage/Rent Lates Allowed: Two 30-day Lates – Previous 24 Months
FICO Score 660:
* Housing Event Seasoning: 3+ Years
* Re* Recent Mortgage Delinquency: Two 30-day Lates – Previous 36 Months
FICO Score 640
* Housing Event Seasoning: 4+ Years
* Recent Mortgage Delinquency: Two 30-day Lates – Previous 48 Month
FICO Score 620
* Housing Event Seasoning: 5+ Years
* Recent Mortgage Delinquency: One 90-day Late
Eligible Occupancies
* Owner Occupied, Owner Occupied/Investment (including Airbnb), Non-Owner Occupied
Eligible Property Types
* SFR – Attached and Detached, 2 Units, 3 Units, 4 Units, Condominiums, PUD’ss
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.