Jumbo Bank Statement Mortgage – Up to $5 Million

This flexible mortgage program allows borrowers to secure financing up to $5,000,000 using bank statements for income verification. Ideal for high-net-worth individuals, it accommodates both traditional and self-employed applicants.

Who Qualifies for this Jumbo Alt Doc Loan?

Eligible borrowers include wage earners (as co-borrowers) and self-employed professionals, such as C Corp and S Corp owners, LLC members, partners, and 1099 sole proprietors. This program is tailored for those with non-traditional income streams.:

Purpose / Loan-to-Value %

• Purchase – 10% Down Payment
• Rate & Term Refinance – 90% LTV Loan-to-Value
• Cash Out Refinance – 85% LTV Loan-to-Value

Required Credit Scores, LTVs, and Loan Amounts

• 720 – 90% LTV – $5,000,000
• 700 – 85% LTV – $4,500,000
• 680 – 85% LTV – $4,000,000
• 660 – 85% LTV – $3,500,000
• 640 – 80% LTV – $3,000,000
• 620 – 80% LTV – $2,000,000

Self-Employed Income Documentation

• 12 or 24 Months Bank Statements
• Asset Depletion OK
• Form 4506-C Not Required

W2 Wage Earner Income Documentations

• W-2’s and paystubs (30 days)
• Tax Returns
• Form 4506-C Required

Credit Criteria – Scores and Seasoning

Required Credit Scores

• 620 Minimum
• 660 to 80% LTV – $500,000 Cash Out
• 680 to 90% LTV – $1,500,000

Credit Criteria Requirements

• “Housing Event” Credit Seasoning:
  • Bankruptcy – 12 Months
  • Foreclosure – 2 years required
  • Short Sale – 2 years required
  • Deed in Lieu – 2 years required
  • Multiple foreclosures and short sales OK

Required Cash Reserves

• 3 Months (PITI/PITIA)
• 3 months PITI for all REO Real Estate Owned

Eligible Property Types

• SFR Single Family Residence
• Condos – Warrantable & Non-Warrantable
• Condotels

Eligible Occupancies

• Owner-Occupied
• Non-Owner/Investment
• Second/Vacation Homes

Available Terms

• ARM: 3, 5 and 7 Year
• 30-Year Fixed (Interest Only Available)
• 40 Year Fixed (Interest Only Available)

Program Highlights

• 50% DTI Debt-to-Income ratio
• First Time Home Buyers – OK
• 100% Gift Funds from Family Member – OK
• Rent-free housing history OK
• Prepayment penalty options
• Investors: unlimited financed REO Real Estate Owned OK
• Non-Occupant Co-Borrower – OK

Get Prequalified Now before Credit Check

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nevada, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.

Last Updated on 1 month ago by Broker Mortgages