Bank Statement Jumbo to 90% LTV Financing Guidelines

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)

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:
    • 30 Year Fixed
    • 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