Self-Employed Home Loan | 1-Year Lite Doc - Purchase / Rate & Term | 90% LTV - 680 Credit Score
Cash-Out Refinance | 85% LTV - 660 Credit Score $1,500,000 Maximum Cash-in-Hand
Maximum Jumbo Loan Amount - $7,500,000
Self-Employed Borrower Income | Lite Doc Income Documentation:
- 12 Months or 24 Months Personal Bank Statements - OK
- Profit and Loss Statement: Borrower Prepared and Unaudited P&L Options
- Expense Factor "expense ratio": A percentage determined by the Loan Officer and signed off on by the underwriter. The criteria for the underwriter to consider is the Scope (Business Narrative Form) of the company
- Asset Depletion
Self-Employed Borrower Verification of Employment Documentation | VOE
- CPA, Enroll Agent, or Professional Tax Preparer to state percentage of business ownership. Have been filing Self-Employed tax returns for previous X number of years (>2years)
- W2 Wage Earner Co-Borrower - OK-
Wage Earner Docs:
- Previous Year W2 and Recent Paycheck Stubs for the previous 30 days
- Written Verification of Employment | WVOE. Standard VOE form sent to borrowers' employer to be signed by the Human Resource Department or Direct Supervisor. Borrower advised before sent to employer.
50% Maximum Debt-to-Income Ratio | DTI - exceptions made to 55% with compensating factors
- One Mortgage Late in Previous 12 Months, OK.
- Asset Depletion Available for W2 Wage Earner and Self-employed
- 600 Minimum Middle Credit Score
Real Estate Investor - Can Own up to 20 Financed Properties
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington, and Wisconsin.