12-Months and 24-Months Bank Statement 80% LTV
Purchase up to $3,000,000 – 660 Credit Score with Six Months Reserves
Cash Out Refinance up to $2,500,000 – 680 Credit Score with Six Months Reserves
Interest Only Available on Owner-Occupied / Primary Residence
** Purchase and Rate/Term Refinance:
640 Credit Score: 75% LTV – $1,500,000
660 Credit Score: 75% LTV – $2,000,000
680 Credit Score: 75% LTV – $2,500,000
700 Credit Score: 75% LTV – $3,000,000
** Cash Out Refinance:
* 640 Credit Score: 70% LTV – $1,000,000
* 660 Credit Score: 65% LTV – $2,000,000
* 680 Credit Score: 70% LTV – $1,500,000
* 680 Credit Score: 65% LTV – $2,500,000
Second Home
Purchase and Rate/Term Refinance:
* 660 Credit Score: 75% LTV – $1,000,000
* 680 Credit Score: 70% LTV – $2,000,000
* 700 Credit Score: 75% LTV – $1,500,000
* 700 Credit Score: 70% LTV – $2,500,000
** Cash Out Refinance:
* 700 Credit Score: 65% LTV – $1,500,000
* 700 Credit Score: 60% LTV – $2,500,000
Non-Owner Occupied / Investment Property
Purchase and Rate/Term Refinance:
* 700 Credit Score: 65% LTV – $1,500,000
* 700 Credit Score: 70% LTV – $1,500,000
* 700 Credit Score: 65% LTV – $1,500,000
* 720 Credit Score: 70% LTV – $2,000,000
Cash Out Refinance Notes:
Maximum Cash Out – 55% of the Total Loan Amount up to 75% LTV.
* < 55% Loan-to-Value (LTV): Unlimited
* Florida Condos: 55% Maximum
* Interest-Only payment feature available to 80% LTV
Documentation:
* Credit report: <90 Days old at closing
* Income and assets: <90 Days old at closing
Liquid Assets:
* Full assets required for both down payment and closing costs.
* Business bank account funds can be used for “reserves” if the Borrower is 100% owner of the business.
Asset Utilization:
* Stocks, bonds, mutual funds: 75%
* Retirement funds amount invested, 65%
* Gift of equity not allowed.
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Kansas, Maine, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.