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24 Months Bank Statements – Business or Personal/ Co-Mingle

12 or 24 Months Business or Personal Bank Statements

More and more Self-Employed Americans are finding it much easier to obtain reasonable mortgage financing. Without the alternative income documentation programs, we offer to Self-Employed borrowers, it would be very difficult to qualify for a mortgage.

Employment: Self-Employed Only 25% or > Company Ownership

For 90+% of Self-Employed Borrowers, trying to qualify for any Owner-Occupied property financing is a difficult and frustrating experience.

Alternative Income Documentation – 600 Credit Score

Alt Doc programs such as: Bank Statements, 1099(s) Only, Asset Utilization and Asset Depletion programs. Stated Income also available for owner-Occupied and non-owner-occupied properties would be far more. This large market segment and an underserved market demographic.

Interest Only available with a 40-year fixed, with 10-year Interest Only (I/O) period. to LTVs to 95% including 5% Gift Money. + 5% Borrower Contribution) with a 620 middle credit score.

Bank Statements and Terms, by Month

* One Month – Business Account

* Two Month – Business and/or Personal Account

* Six Month – Personal Account

* Twelve Month – Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)

* Twenty-Four Month – Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)

Loan Purposes: Purchase, Refinance – Rate/Term & Cash Out

– Maximum Cash-in-Hand – $1,500,000

* Bridge Financing Available

Loan Program Matrix – Purchase and Rate/Term Refinance

Loan AmountLoan to ValueCredit Score
$1,500,00065% LTV550 FICO
$2,000,00075% LTV580 FICO
$3,000,00080% LTV640 FICO
$3,000,00085% LTV680 FICO
$3,000,00090% LTV700 FICO

Loan Program Matrix – Cash Out Refinance

Loan AmountLoan to ValueCredit Score
$1,500,00070% LTV580 FICO
$2,000,00075% LTV640 FICO
$2,500,00080% LTV660 FICO
$3,000,00085% LTV680 FICO
$3,000,00090% LTV700 FICO

Eligible Occupancies:

* Primary

* Second Home

* Non-Owner-Occupied: Investment Property, Owner-Occupied / Non-Owner-Occupied, Investment Property

Eligible Property Types:

* Single Family Residence (SFR) – Attached and Detached

* Condominiums

* Unwarrantable Condos – Not Allowed

* 2-Unit Duplex

* 3-Unit Triplex

* 4-Unit

Available Terms:

* 30-Year Fixed

* 40-Year Fixed with optional Interest Only

Credit:

  • Major Credit / Housing Event Seasoning Requirements:

Bankruptcy:

* Settled – 70% LTV

* One Year Seasoned – 80% LTV

* Two Years Seasoned – 85% LTV

* Three Years Seasoned – 90% LTV

Foreclosure:

* Settled – 75% LTV

* One Year – 80% LTV

* Two Years – 85% LTV

* Three Years – 90% LTV

Short-Sale:

* Settled – 75% LTV

* One Year – 85% LTV

* Two Years – 90% LTV

Deed-in-Lieu:

* Settled – 75% LTV

* One Year – 8% LTV

* Two Years – 85% LTV

Documentation Expiration:

* Credit Report: <90 Days old at closing

* Income and Assets: <90 Days old at Closing

Eligible Liquid Assets Account Types:

* Socks, Bonds, Mutual Funds: 75%

* Retirement Funds Amount Invested, 65%

* Gift of Equity OK

Mortgage Pre-qualification Form – No Credit Check

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington, and Wisconsin.

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Alternative Income Documentation

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