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.