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Bank Statements – Jumbo Mortgage – Interest Only

2-Month & 24-Month Bank Statement Loan Program

Loan Program Highlights

* Up to 80% LTV

* Purchase Loans: $3,000,000 (660+ Credit Score, 6 Months Reserves)

* Cash-Out Refinance: $2,500,000 (680+ Credit Score, 6 Months Reserves)

* Interest-Only Available for Owner-Occupied / Primary Residences

Purchase & Rate/Term Refinance Requirements

Owner-Occupied / Primary Residence

* 640 Credit Score: 75% LTV – $1,500,000

* 660 Credit Score: 80% LTV – $2,000,000

* 680 Credit Score: 85% LTV – $2,500,000

* 700 Credit Score: 90% LTV – $3,000,000

Cash Out Refinance

* 640 Credit Score: 70% LTV – $1,000,000

* 660 Credit Score: 75% LTV – $2,000,000

* 680 Credit Score: 75% LTV – $1,500,000

* 700 Credit Score: 70% LTV – $2,500,000


Second Home Loan Requirements

Purchase & Rate/Term Refinance

* 660 Credit Score: 75% LTV – $1,500,000

* 680 Credit Score: 75% LTV – $2,000,000

* 700 Credit Score: 85% LTV – $1,500,000

* 700 Credit Score: 90% LTV – $2,500,000

Cash-Out Refinance

* 700 Credit Score: 65% LTV – $1,500,000

* 720 Credit Score: 60% LTV – $2,500,000


Non-Owner Occupied / Investment Property

Purchase & Rate/Term Refinance

* 660 Credit Score: 65% LTV – $1,500,000

* 680 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 Total Loan Amount (up to 75% LTV)

* LTV < 55%: Unlimited cash-out

* Florida Condos: 55% LTV Maximum

* Interest-Only Payment Feature: Available up to 80% LTV


Documentation Requirements

* Credit Report: Must be less than 90 days old at closing)

* Income & Assets: Must be less than 90 days old at closing


Liquid Asset Requirements

* Full assets required for both down payment and closing costs)

* Business bank account funds can be used as reserves if the borrower is 100% owner


Asset Utilization

* Stocks, Bonds, Mutual Funds: 75% considered)

* Retirement Funds (Invested): 65% considered

* Gift of Equity: Not allowed


Available 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.

Alternative Income Documentation

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