Bank Statement Jumbo to 90% LTV Financing Guidelines
* 12 Months Bank Statements or One Year 1099 “1099 Only Program”
Sole proprietors can qualify for the “1099 Only Program” by submitting 12 months of bank statements. The “1099 Only Program” allows sole proprietors to use a one-year 1099 as proof of income. For sole proprietors, the “1099 Only Program” requires either 12 months of bank statements or a one-year 1099.
* Personal Account – 0% Expense Factor (100% deposit utilization)
For sole proprietors, the “Personal Account” program features a 0% expense factor, allowing for 100% deposit utilization. This setup enables sole proprietors to maximize their account balance without considering business expenses. The program is ideal for sole proprietors looking to fully leverage their personal deposits.
1 Year 1099 Only Available
The “1099 Only Program” is designed for sole proprietors, allowing them to qualify by providing either 12 months of bank statements or a one-year 1099
Form 4506-T and 4506-C Not Required
This program simplifies the income verification process without business or personal bank statements and at the same time does not require Form 4506-C to accommodate the unique financial situations of sole proprietors
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
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
Options are good. Which can you do?
Eligible Employment Types:
* C Corp
* S Corp
* Independent Contractor
* Options are good. Which can you do?
Reserves Requirements:
* * 6 Months (PITI/PITIA). Note: cash out does not qualify as reserves
Credit Criteria: “Life Event” Credit Seasoning:
* Bankruptcy – 12 Months 17
* Foreclosure – 24 Months
* Short Sale – 12 (unless included in bankruptcy counts as one event years required)
* Deed in Lieu – 2 Years Required
Non-prime mortgage loan programs don’t require the standard five or seven years credit seasoning on the “life credit events” people deal with for stuff like this.
We can accommodate folks that have a 12-month seasoning period for bankruptcy and Short sales, and 24 months for foreclosure. A short sale necessitates a 12-month wait unless included in a bankruptcy, counting as one event.
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, 30 year, and 40 year
* Fixed: 30 Year Fixed, 40 Year Fixed with Interest Only (I/O) Available
Underwriter Notes:
* First Time Home-Buyer – 85% LTV Max
* Multiple Foreclosures and Short Sales – OK
* 5% of Gift Funds must come from borrowers’ own funds. Source required.
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Louisiana, Maine, Maryland, Mississippi, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.