Self-Employed Borrowers: Purchase 90% LTV, and Cash Out – 85% LTV ~
Self-employed borrowers can now take advantage of alternative income documentation with options to purchase at 90% LTV and cash out at 85% LTV. By using your 1099(s) as a sole proprietor, you can qualify with additional income, demonstrating your ability to repay.
Super Jumbo Loan Amounts
* $15,000,000 Maximum
* Unlimited Cash Out
Credit Scores (middle mortgage score) and LTV’s
* 620 Score – 75% LTV – $1,500,000
* 660 Score – 80% LTV – $2,000,000
* 680 Score – 85% LTV – $2,500,000
* 700 Score – 90% LTV – $3,000,000
Eligible Employment Types
* Self Employed Documentation – One Year VOE
* Wage Earner / W2 Co-Borrower OK
Employment Verification
* Business License or Business Certificate If Applicable
* CPA Letter or Equivalent
Income, Asset and Employment Documentation
* 12 Months Bank Statements
* Borrower Prepared and Unaudited Profit and Loss Statement
* Business Bank Account or Personal Bank Account – OK
* Utilize Liquid Assets for Additional Income
* Checking Accounts, Savings Accounts, Stocks, Bonds, Mutual Funds, Certificates of Deposit
* Market Funds, Retirement “dollar amount invested”, Trade Equity, Savings Bonds, trust accounts, sale of real estate, etc.
Eligible Business Entities:
* Corporation, LLC, Sole Proprietor
Eligible Property Types:
Single Family Residence – Detached, Single Family Residence – Attached, 2-4 Units, Condominiums, PUD’s
Eligible Occupancies:
* Owner-Occupied
* Investment
* Second Home
Underwriter Notes:
* First Time Homebuyer – OK
* Compensating Factor examples: Low LTV. Low DTI. equity position, credit depth and over-all seasoning
* Terms: 30 and 40-Year Fixed Rates and Interest-Only Available
Credit Seasoning:
Bankruptcy: 2 Years, 1 year with compensating factors, Foreclosure: 2 Years, 1 years with compensating factors, Short Sale: 1 Year, Loan Modification: 1 Year
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Louisiana, Maine, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, and Washington.