Purpose: Purchase Rate & Term Refinance – Rate & Term and Cash Out
* Jumbo Bank Statement Loan to $5,000,000
* Maximum Loan Amounts: $5,000,000
* Maximum Cash Out – $2,500,000
Bank Statement Income Documentation: (No 4506-T or 4506-C)
* 12 Months or 24 Months Business Bank Statements
* 12 Months or 24 Months Personal Bank Statements
* “Borrower Prepared” & Unaudited Profit & Loss Statement – No 4506-T Form or CPA Letter Required
* Asset Depletion: Utilize Liquid Assets for Additional Qualifying Income
* DTI – 55%
Eligible Employment Types
* Self Employed (Defined as > 25% Ownership)
* Wage Earner / W2 Co-Borrower – OK
Eligible Employment History
* One Year Employment History – OK “Lite Doc”
Acceptable Employment Verification
* Acceptable (VOE) Verification of Employment Lender Guideline Options
* Business License
* Business Organization Paperwork or Regulatory Equivalent.
* CPA Letter or Equivalent
Liquid Reserves Requirements
Six months For self-employed borrowers, liquid reserve requirements – business bank account OK – percentage
utilization allowed is equal to the percentage of ownership. – for example, 60% owner of the business can utilize 60% of the business bank account balance. >25% ownership required.
Eligible Liquid Assets Reference Examples: Checking & Savings Accounts, Stocks, Bonds, Mutual funds, Certificates of Deposit, Money Market Funds, Trust Accounts, Retirement Accounts “amount invested”, Trade Equity, Savings Bonds, Trust Accounts, and Sale of Real Estate
Eligible Business Entities
* C Corporation
* S Corporation
* LLC
* Sole Proprietor
Eligible Property Types:
* Single Family Residence (SFR) – Attached and Detached
* 2 Units
* 4 Units
* Condominiums
* PUD’s
Eligible Occupancies:
* Owner-Occupied
* Investment
* Second Home (Vacation)
Credit: Criteria and Scores
* Credit Scores – 620 Minimum
* 720 Score – Max LTV 85%
Housing / Life Event Credit Seasoning:
* Bankruptcy: 3 Years, 2 Years with Compensating Factors
* Foreclosure: 3 Years, 2 Years with Compensating Factors
* Short Sale: 3 Years, 1 Years with Compensating Factors
* Loan Modification: 3 Years, 2 Years with Compensating Factors
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, and Washington.