Niche Loan Programs

Niche loan programs are special because of unique guidelines that allow for certain efficiencies and deficiencies as it pertains to a specific loan program and loan scenario. It's where the loan scenario meets the loan program. An example of a niche loan program or niche underwriting guideline is a 55% Debt-to-Income (DTI) ratio to $750,000, cash out.

  • This program is an asset-based lender

     

    Stated Income / No Doc

     

    Currently in foreclosure OK.

     

    Currently in bankruptcy or past bankruptcies OK

     

    In probate OK

     

    Residential and commercial properties

     

    States:

     

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Maine | Massachusetts | Mississippi | Nevada | New Hampshire | New Jersey | North Carolina | Oklahoma | Oregon | South Carolina | Tennessee | Texas | Virginia | Washington

  • All Property Types (Except Land & Manufactured Homes)

    1st Trust Deeds Available

    2nd Trust Deed HELOC's from $100k - $10M 

    Bridge Loans

    Current NOD / NOS = OK

    Current Bankruptcy = OK

    Mortgage Lates = OK

    Low Fico Scores = OK

    Quick Funding

    Just Funded: $980,000 1st TD, $1,100,000 1st TD, $700,000 1st TD, $150,000 2nd HELOC, $250,000 2nd

    HELOC, $185,000 2nd HELOC, $145,000 2nd HELOC, $300,000 HELOC

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Illinois | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Nevada | New Jersey | North Carolina | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Vermont | Virginia | Washington

  • Purpose:

    • Stand-Alone Second Mortgage
    • Purchase Piggy-Back Second Mortgage
    • Refinance Piggy-Back Second Mortgage


    Maximum Loan Amount:

    • $500,000
    • Cash Out - OK


    Maximum Loan-to-Value (LTV):

    Financing 90% on this Second Mortgage Program


    Eligible Property Types:

    • Single Family Residence - Detached
    • Single Family Residence - Attached
    • Condo
    • 1-4 Unit


    Eligible     Occupancy Types:

    • Owner-Occupied / Primary Residence
    • Non-Owner Occupied / Investment Properties
    • Second / Vacation Home

    Consolidated debt figured into the end result DTI, debt to income ratio


    Credit:

    650 Minimum Mortgage Credit score


    Income Documentation:

    Full Income Documentation Only on this Program


    Eligible Employment Types:

    Salary or Self-Employed OK

     

    States:

     

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan| Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

    #654bm584

  • Max Loan Amount $550,000

    Loan Purpose:

    • 97% LTV Purchases

    • Rate/Term and Cash Out Refinance

    • Unlimited acreage I multiple parcels

    Terms:

    • Fixed & Arms available

    Property Types

    • SFR

    • Manufactured Homes (double-wide) OK

    • Property must be in a rural area

    • Gross income of subject property cannot exceed 25% of borrower total gross income

     

    States:

     

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Kansas | Kentucky | Louisiana | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Virginia | Washington | West Virginia

    Reference# - 55457

  • Manufactured Home Loan Programs

    680 Credit Score, Minimum

    50% - Maximum Debt-to-Income Ratio DTI

    No Cash Out

    All Automated Underwriting

    Owner-Occupied Only

    FHA

    Maximum LTV:

    Purchase – 96.5%Rate and Term Refinance – 97.5%

    Streamline Refinance Available 

    VA

    Maximum LTV:

    Purchase – 100%

    Rate and Term Refinance – 90%

    Streamline Refinance Available

    Conventional Financing Available to 80% LTV

     

    States:

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Louisiana | Maine | Maryland | Massachusetts | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

     

    Reference# - 225062514222ali

  • Nontraditional Credit Loan Program

    This loan is for borrowers that don't have or don't have enough traditional credit; credit that is reported to the 3 credit bureaus. The underwriter will require 3 credit accounts with a 12 month minimum history. These 3 pieces of "credit history" can be any combination of both traditional and Non-traditional credit and can come from either the borrower or co-borrower for a total of six, minimum.

    Underwriting Guideline Highlights:

    640 Credit Score Required

    Purpose: Purchase & Cash Out Refinance


    Required Credit Criteria:

    • Traditional Tradelines Can Come From Either the Borrower or Co-Borrower or Both.
    • Authorized User Tradelines Do Not Qualify.


    Property Types:

    • SFR
    • Condo - Less Than 4 Stories
    • 3-4 Unit Properties Require All Traditional Tradelines/credit Accounts on the Credit Report


    Occupancy:

    • Owner-Occupied Only


    Terms:

    • 1, 3 and 5 year ARM
    • 15 and 30 year fixed

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

     

    Reference# - 245091114

  • Home Improvement or cash out up to 100% CLTV available and Credit Scores as low as 640 - Home Equity Made Easy!

    Program Highlights: 

    • 740 FICO/Credit Score up to 100% Combined-Loan-to-Value (CLTV)
    • 680 FICO Credit Score up to 90% Combined-Loan-to-Value
    • 43% DTI – OK to use Proceeds to Pay off debt to Qualify
    • $175K Line Amount or lower Requires a Drive-by Appraisal Only
    • Ok to use Existing Appraisal up to 12 Months old
    • No Pre-Payment Penalty

    States:


    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Mississippi | Missouri | Nevada | New Jersey | New Mexico | North Carolina | Oregon | South Carolina | Tennessee | Texas | Utah | Virginia | Washington 

  • Asset Depletion Income Program to 90% LTV

    Our asset depletion programs can also qualify your business as well as your personal bank (100% gross deposits) accounts on either a 6 month, 12 month, or 24 month bank statement programs.

    Service

    We can maximize your credit profile for better credit grades, more buying power to help you qualify for more options, better terms, and additional credit for lower down payment purchase loans and higher LTV's on Rate/Term and Cash Out, higher loan amounts, etc. Liquid assets can also be utilized either as a stand-alone source of qualifying "income" or in conjunction with our other flexible income documentation programs.


    75    % LTV on Investment Properties and Loan Amounts to $2,000,000 on Primary / Owner-Occupied Properties

    Income Documentation:

    • Departing Residence Rental Income - Yes

    • Projected Rental Income on Investment Property Loans - OK. NOO (60% max LTV on NOO)

    • Rental Income - We Can Utilize Your Most Recent Year of Rental Income on Schedule E instead of 24-Month History

    • Rental Income – Properties Not Showing on the 1040s, Allowed Case by Case with Proof of Lease and Canceled Checks

    Less Than 2 Year Company History Self-Employed Allowed case by case (80% or less LTV on primary). Most Prevalent Loan Scenario/funded Example has Been When the Borrower Goes from W2 to 1099 and does Not Have a Full 2 Years Tax Returns

     

    States:


    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Nevada | New Jersey | North Carolina | Oregon | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

  • Quick Close Mortgage

    Has your loan recently fallen out of escrow and therefore you are now searching for a lender that can close quickly? Do you now have an executed purchase contract in place with a scheduled close date to contend with? Do you have all of your documents in line but just need the right Loan Officer to work with? If you're a borrower and you need your mortgage loan to close quickly, we can help.

    First and foremost we will structure your loan file properly and in a way in which the lender and underwriter like's (and wants) to see it for the purpose of 1, quickest possible turn times and 2, minimal conditions. We understand your situation and this isn't our first rodeo.

    Loan Officer Program Knowledge and Escrow Process Experience

    Step One:

    Pre-qualification, a fact-finding conversation with you, the borrower. This is about a 10-15 minute conversation. Per our conversation, your Loan Officer will do the necessary preliminary research via your core Loan Scenario Criteria to ensure a good fit and smooth process before full application and credit pull.

    Step Two:

    Pre-approval; with your preliminary documentation, your LO will process your application and prepare for the pre-underwrite (second set of eyes ) department before it reaches the actual underwriting department. Typically, this process is 24 to 72 hour turn-time (sometimes same day). during which time Initial Disclosures have been sent to you for your review and approval. Once we receive your signed disclosures, one of which is the standard "Intent to Proceed" disclosure. Note: These are Initial Disclosures, you're not in any way committing yourself to loan.

    Step Three:

    Approval with conditions. Application has been submitted into underwriting, underwriter produces your approval or what is called a CLA, Conditional Loan Approval. CLA will show all approval conditions, conditions your LO have already anticipated (Loan Officer Non-QM experience), that fit your loan scenario.

    These CLA conditions are also called PTD Prior to Doc (closing documents) conditions. We gather all conditions while the appraisal is being scheduled with you. After we receive the appraisal, we should have all CLA conditions in line and ready to re-submit back into underwriting as a full package. 24-72 hours later, we have one of two things, a CTC Clear-to-Close or PTF Prior to Funding conditions. These are very minor admin conditions, during which time, your CD Closing Disclosure has been sent to you for review and approval. Then we have the "3 day rule" (if owner-occupied), during which time the close date and time have been scheduled with your local title company.

  • First Time Homebuyer

    580 credit score - Primary borrower

    The co-borrower must have at least a 560 credit score and also must not have more than 42% of total income.

    Income documentation type: Full Doc

    Maximum LTV:

    • Purchase loan - 80% LTV
    • Rate & Term refinance - 80%
    • Cash Out refinance - 75%

    Owner Occupied:

    Maximum Loan Amounts:

    • $800,000

    Cash Out

    • $300,000 to 75% LTV
    • $200,000 to 80% LTV

    Maximum DTI - 45%

    Reserves Requirement

    • Owner occupied - 3 months' principle tax and property insurance PITI plus an additional 3 months' PITI for every other real estate owned.

    Credit Notes

    • Bankruptcy history: 1 year seasoned
    • Foreclosure history: 1 day
    • Short Sale history: 1 day
    • Loan Modification history: 1 day

    Credit Depth:

    • Active Tradelines - 3
    • Total Tradelines - 6
    • Credit History - 6 years
    • Judgments and collections may be required to be paid-off before the closing date including tax liens and back-child support.

    Permanent resident aliens OK

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Louisiana | Maine | Maryland | Nevada | New Hampshire | New Jersey | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Utah | Virginia | Washington

  • Real Estate Investor Program

    SFR, Condos, 2-4 Units

    Investors,1-10 Financed Properties allowed even if non-owner occupied

    Full Doc

    10, 25 and 40 Day Locks Available on All Loans from this Lender upon Loan Approval.

    Loan Amounts from $100,000 to $2,000,000

    Owner Occupied and Investment Properties are OK

    620 credit score required

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Massachusettes | Michagin | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

     

  • 96.5% LTV with 620 Credit Score

    Purchase and Rate and Term Refinance Only. No Cash Out

    55% maximum Debt Ratio DTI

    • Owner Occupied Only
    • Property Types: SFR, Condos (<4 Stories), 4 Units


    Assets: 2 Months Reserves required


    Eligible Borrowers:

    • Military Personnel
    • Permanent Resident Aliens
    • Non-Permanent Resident Aliens


    Credit Notes:

    • Need a minimum of two tradelines with a 24-month history
    • Bankruptcy requires 2 years seasoning
    • Foreclosure requires 3 years seasoning
    • Mortgage or rent history, no 30-day lates for the last 12 months
    • Installment Loans and Revolving Accounts, no 30-day lates for last 12 months
    • No open judgments for the last 24 months
    • No Tax liens for previous 12 months
    • Medical Collections and Charge-offs OK
    • No Car repossessions in previous 24 months 

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming

    Reference# 784528091614841amld

  • Hard Money Lending

    Our Hard Money mortgage loan department is a network of 39 individual Equity-Based lenders; Hard Money lenders/ Private Money lenders that will fund any reasonable loan scenario.

    We have equity-based portfolio lenders, direct money lenders, and banks that offer soft money, sub-prime and non-prime loan programs including Small Business Loans and alternative-equity-financing options; our Hard Money division is on pace to do over 160 hard money loans this year.

    Our mission is to help individuals, investors, builders, developers, foreign nationals and all legal entities including foreign legal entities obtain alternative real estate financing options to assist in a diverse real estate market (usually understood as Hard Money loans). We are a unique Hard Money Loan service for a variety of real estate transactions, including investor purchase loans; refinance cash out option; new construction; second trust deeds; third trust deeds (Hard Money); refinance loans for primary and investment properties; fix and flips; rehab projects; probate properties; rental properties' non-warrantable condos; mixed-use; mobile manufactured homes; rural area properties and unconventional properties such as what are called ultra-modern properties that lack traditional 'comparables'. We also have programs for other types of properties including 'log' and 'dome' homes.

    There are many advantages of working with an extraordinary Mortgage Broker as Hard Money Mortgage Broker's can provide special services: a fast and efficient funding experience with easy terms and limited conditions.

    Some additional benefits of working with a Hard Money broker include a wide range of loan programs that come with the lowest pricing the market can offer. If a borrower is in the market for a hard money loan, they might get approved for a Soft Money loan program with a lower rate with a 5-year interest-only feature without a pre-payment penalty, as one example.

    Ongoing relationships in this cutting-edge industry are developed over time and with funded loans. We have lenders that will look at almost any loan scenario and we also have lenders that specialize in various loan scenarios, many that are Hard Money and as well, traditional financing.

    These Hard Money lenders are driven by private investor money, typically referred to as Hard Money or Private Money loans. This borrowing capital comes from special interest segments of the market that are pursuing specific criteria loan scenarios. Loans that meet specified criteria can receive discounted pricing from the lender. For example, if a Hard Money lender has an 11% standard interest rate, that rate will go down for every loan scenario criteria that meets their desired guideline structure. These variables vary from geo-targeted areas of the country, states, regions, and specific zip codes, as well as specific property types, loan purposes, occupancy type, credit criteria, credit scores and employment for soft money lenders (differing from Hard Money investors'), Subprime and Non-prime lenders, as well as other types of specific loan characteristics. Some examples would include: 580+ credit score blanket loans for the northeast region of the country; 1-4 unit purchase loans with loan amounts greater than 5 million; bridge loans that meet specific exit strategy criteria; state-specific rehab loans that feature a progressive Loan-to-Cost (LTC) ratios up to 85% for an investor with greater than 3 closed transactions experience within the last 4 years. Another example would be: "unseasoned cash-out refinance" for newly (unseasoned) purchase for a limited zip code area in Southern California, unconventional income documentation program for owner-occupied Single Family residential properties; these origination lenders will typically have their own pre-determined guideline criteria matrix to ensure that brokers stay within their guideline matrix. These revolutionary loan programs (usually Hard Money) can make it easier for an experienced Broker to quickly facilitate Hard Money loans for consumers. This is ideal because when the loan fits the lender's pre-determined guidelines, the complex loan scenario becomes an easy, consistent and clean loan process which in turn will provide pricing that is the best the market can offer because we, the Mortgage Broker are in effect, filling an order.

    Seasoned Real Estate Investor niche: some Hard Money/Private Lenders like working specifically with seasoned real estate investors. These guideline criteria can be quantified or qualified by the number of years or number of transactions undertaken by the borrower. For example, some lenders want to lend only to real estate investors that have completed more than 3 transactions and some won't touch a real estate investor with less than 3. A further example is that some Hard Money lenders won't lend in an urban area and some won't lend in rural areas. When a lender requires a niche, they also, in turn, will provide discounted pricing, thus benefitting the consumer.

    Two Examples:

    No asset or income verification that comes with 6-30 year terms and requires sub 500 or no credit scores for residential investors. Discounts 620+ credit score. ?

    ARV 85% Loan-to-Cost (LTC) No Pre Payment Penalty options; loans made to LLC with a personal guaranty.

    • All Income Programs

    • Stated Income / Stated Assets

    • Stated Income / Verified Assets

    • Bank Statement Loans

    • Asset Depletion Loans

    • No Doc Loans

    Hard Money Loans

    • Private Money 70% LTV

    • Hard Money 5 Million Owner Occupied

    • Jumbo Hard Money to 3 Million 80% LTV

    • Hard Money Super Jumbo Florida

    • California Hard Money 30 Million

    Latest Loan Programs

    • Investor Loan - No Doc

    • Bank Statement Loan 600 Credit Score

    • Asset Depletion Super Jumbo Mortgage

    • Bank Statement Loan 580 Credit Score

    • Stated Income Verified Assets to 70% LTV Owner Occupied

     

    States:

     Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Rhode Island | South Carolina | Tennessee | Texas | Virginia | Washington

    Reference# - 55452

  • Jumbo Cash-Out Loan

    Jumbo Mortgage Cash-Out Refinance - 680 Credit Score

    Eligible Property Types:

    Single Family Residence

    Condos

    Purpose:

    Purchase and Refinance

    85% Loan to Value

    All 50 States

    Loan terms available

    Interest-only available

    Arm's and Fixed Terms Available

    Highlights:

    No Add to Rate or Fee for Cash Out

    No MLS Seasoning Requirement (multiple listing service), OK!

    No Price Add to Waive/Elect Impounds

    Credit Decisions in Less Than 24 Hours

    Quick to Close

    No MI (mortgage insurance)

    States:

    Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Florida | Georgia | Hawaii | Illinois | Kansas | Michagin | Mississippi | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Utah | Virginia | Washington

  • Jumbo Second Mortgage | Alt Doc  +

     

    Available Terms - 15 or 20 Year Fixed Rate Second Mortgages. Available for Refinance or Purchase

     

    Heloc's available on Refinances (except Texas)

     

    $100,000 minimum Loan Amount on HELOC's

     

    Maximum Loan Amount $350,000

    Stand Alone or Combo (1st and 2nd ) Loan Packages Available

     

    Property Types: - Single Family Residence , 1-2 Units, Condos (<4 stories)

    Owner Occupied Only

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Florida | Georgia | Hawaii | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Rhode Island | South Carolina | Texas | Utah | Virginia | Washington | Wisconsin

  • 1st, 2nd, and 3rd Stand-Alone Mortgage

    LTV - 60 to 65%

    Occupancy - Owner and Non-Owner Occupied

    Property Type - Residential & Commercial Properties

    Term - Short Term Bridge or Longer Term Loans No Prepayment Penalties

    Credit Score - No FICO Minimums, No Tax Returns Required and in Most Cases, No Appraisal Required

    Purpose - Purchase, Refinance, Foreclosures, Bankruptcy, Probate..Construction Completion....etc.

    Multiple Properties Owned OK, use as Cross Collateral

    This program is available in the following California counties:

    Sacramento CA, San Francisco CA, Los Angeles CA, San Diego CA, Orange CA, San Jose CA

  • Jumbo Mortgage Portfolio Bank Loan

    This bank loan Super Jumbo is a good alternative to a conventional home loan product.

    Property Types: Residential, Commercial, Industrial, Apartments, Residential, Schools, Special Purpose.

    Loan sizes: $500,000 - $30,000,000

    States served: All 50 States

    Trust Deed position: 1st only

    Rates: Extremely competitive, 5,7,10 YR IO'sand 30 year terms

    Term: 20 - 30 yr

    States:

    Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

     

  • Super Jumbo Loan Program

    Minimum Loan Amount - $10,000,000

    Borrower Minimum Net Worth-$12,000,000 - $39,000,000

    Loan Purpose: Purchase; Rate/Term and Cash Out Refinance; Construction; Commercial; Acquisition

     

    This loan is for any purpose; invest in a project, buy stocks, pay for your kids education, buy whatever you want with the cash out.

     

    States:

    Alabama | Arizona | California | Colorado | Connecticut | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Kentucky | Louisiana | Maine | Massachusetts | Minnesota | Mississippi | Missouri | Montana | Nevada | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Rhode Island | South Carolina | Tennessee | Texas | Utah | Virginia | Washington | West Virginia | Wisconsin | Wyoming

     

  • Jumbo Cash Out to $2,500,000

    Purpose: Purchase and Cash Out - no maximum on the cash to the borrower 


    Jumbo Loan Amounts:     $2,500,000 Maximum

    LTV - 85% Maximum


    Occupancies:

    • Owner Occupied
    • Vacation Home / Second Home


    Property Types:

    • SFR
    • Condo - less than 4 stories 


    Terms:

    • 5 year ARM
    • 7 Year ARM

    No Pre-payment Penalty. Pay the loan off at any time without incurring a penalty or early termination fee.

    Minimum Required Credit Score: 640 Minimum


    Credit Notes:

    Bankruptcy - 2 years seasoning required.

    Foreclosure- 2 years seasoning required

    Short Sale- 2 years seasoning required

    Loan Modification- 2 years seasoning required

     

    States:

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Massachusetts | Michigan | Mississippi | Missouri | Montana | Nebraska | Nevada | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Virginia | Washington | West Virginia | Wisconsin | Wyoming

    4581006142o2k

  • Loan Purpose:

    • Purchase
    • Rate and Term Refinance
    • Cash-out refinance

    IRS 1031 Exchange for any borrower.

    Tax and insurance impounds required

    12 Month Mortgage Credit

    Subject property and the borrower's primary residence. The rest of the properties on the schedule of real estate will be checked via 3rd party sources to ensure there are no Notices of Default (NOD).

    Mortgages not rated on the credit report require canceled checks. The following is our delinquency tolerance on mortgages:

    • No delinquencies in the past 90 days
    • All must be current
    • One 30-day late maximum in the past 12 months
    • Two 30-day lates maximum in the past 24 months

    Bankruptcy - Must be seasoned 24 months from discharge or Sale.

    Foreclosure- Must be seasoned 24 months from discharge or Sale.

    Loan Submission Requirements

    1003 Application

    Full and complete only

    Credit Report

    650 middle score or lower of two. A one score report is a decline.

    600 case-by-case. LTV reduced to 50%

    Preliminary

    Title Report

    Refinance transactions only

    Appraisal

    1-4 unit properties are ordered through a 3rd party. Commercial appraisals require a Good Faith Deposit of $995. Our real estate department bids out the order and selects the appraiser weighing cost, estimated time of completion, and appraiser's credentials.

    Lease Agreements

    Rent roll and P&L for the property. These reflect the income the property generates. Rent rolls and operating income statements are not required on the investor 1-4 program. On our Traditional program, they are required and we will not order the appraisal unless we have these items.

    Executed Purchase Contract

    • Required for any submission of a purchase transaction.

    Funds to Close

    90 days sourced and seasoned for purchases or refinances that are short to close. Funds from outside of the United States must be deposited into a bank within the United States before close. Funds can be seasoned in a foreign account.

    Environmental

    3rd party environmental insurer is utilized.

    Eligible Vesting

    • Natural persons
    • Trusts
    • Limited liability companies
    • Partnerships
    • Corporations

    The mortgagor must sign Mortgage/Deed of Trust and any related Riders. The guarantor is the natural person whose social security number, employment, assets, and credit are used to guarantee the loan. The mortgagor will sign the Note and any related Addenda, HUD1, and all other closing documents.

    Entity Review

    Entity docs will be reviewed immediately upon receiving all the necessary forms.

    • Trusts should only require the trust certification. We do not want to see the trust documents
    • LLCs, partnerships, and corporations must submit an Operating Agreement, making sure it breaks down the percentages of ownership, the EIN, and the Certificate of Good Standing.
    • Not for Profits are doable but very tricky and difficult. My suggestion is to do the loan to one of their members as an individual, where they can grant deed it back to the entity after the close.

    When vesting as a corporation or partnership we have a 3rd party review the entity docs to ensure we are allowing a valid vesting. It is a good practice to include entity docs with the initial loan submission to get the borrower's signature block sooner rather than later.

    All Eligible Loans must have a natural person as the guarantor.

    Closing costs must be 90 days source and seasoned

    Gift Funds

    Purchase transactions OK. Gift letter signed and dated by the donor is required and must include the amount of the gift funds, and that no repayment is expected or implied. Bank deposit must be documented.

    No first-time homebuyer

    • 3rd party Contributions- Contributions from interested parties such as the Seller, Builder, Realtor, etc., are allowed for purchase transactions and may be used for closing costs and/or prepaid items only. These contributions are not to exceed 3% of the purchase price or lender value.
    • Business Accounts are an acceptable source of funds.
    • Acceptable Assets- Additional acceptable sources of funds if properly verified, include, but are not limited to: U.S. Savings Bonds, Stocks/bonds/mutual funds, Repayment of a loan, Sale of Property or Real Property, IRA/Keogh Accounts, trade equity
    • Minimum of 10% must be borrower's own funds for purchase transactions.
    • The escape hatch- If you are 5% below program max, the seasoning of the funds can be waived. For example, you submit a 70% LTV purchase where either the seasoning of the funds does not meet the 90-day requirement. OR you have a donor that refuses to let us run credit. Drop the LTV to 65%, and just show that the required down is currently in the borrower's bank statement.

    First Time Investor

    • 5% LTV reduction
    • First Time Buyer is a borrower who does not own a property
    • 12 month rental verification required with canceled checks for the first time buyer. If missing checks, and ADDITIONAL 5% LTV reduction.
    • First-time investor is someone who owns their primary residence but has not had an investment property in the past 2 years.

    First Time Buyers

    First-time investors are ineligible for out-of-state transactions.

    Subordinate Financing OK

    The Combined Loan-to-Value (CLTV) does not exceed 10% of the maximum LTV for Class type.

    • Subordinate financing should be underwritten at market rates
    • 80% CLTV maximum

    Non-Permanent Resident Aliens and Foreign Nationals

    Non-Permanent Resident Aliens and Foreign Nationals are eligible for this program

      • Non-Permanent Resident Aliens are foreigners who reside in the on a temporary basis and have government-issued documentation work visa
      • 650 minimum credit score
      • Valid Identification
      • Proof of physical address
      • Work Visa or Green Card

    Foreign Investors

    These are investors that do NOT have a valid green card or work visa. We NOT do loans to these types of borrowers.

    Compensating Factors

    Compensating factors mean guideline exceptions

    • LTV below 50% - credit, location, funds to close and any approval conditions are negotiable.
    • Credit score over 720 with the depth of credit
    • Great looking property in an improving market
    • Properties in stable metro areas, New York City, Los Angeles, San Francisco, Houston, Dallas etc.
    • 5+ unit properties are liquid in ALMOST any market.
    • Seasoned funds to close on purchases where the LTV is below program max.

    Collateral

    Properties listed in the past 6 months are not eligible for cash out.

    Occupancy

    Owner Occupied properties

    • 2 years profit and loss statements for the business
    • Current Business license
    • The property should be single tenant
    • Office and/or Medical Office, Retail, Warehouse, Auto-Service, and other types of single tenant occupancy uses.

    Property Types

    Ineligible property types

    • Gas stations
    • Vacant commercial properties
    • Raw land,
    • Churches, where the sole or predominant use of the property is only as a church
    • Leasehold estates
    • Nightclubs
    • Healthcare
    • Funeral homes, campgrounds
    • Educational (schools, etc.)
    • Car wash
    • Auto-dealerships- even small ones with a decent land to building ratio are a decline
    • RV parks
    • Marinas with lake access only
    • Golf courses
    • Any property where the business is regulated by the Perishable Agricultural Commodities Act (PACA)

    Property Classifications

    1 - 4 unit, Owner Occupied SFR, town-houses, 2-4 units, and condos- 70% maximum LTV

    • 70% LTV to $1,000,000
    • 65% LTV to $2,000,000

    5+ units & mixed-use properties- 75% MAX

      • 75% LTV to $5,000,000

    Mixed-use properties must meet the following standards:

    • Approximately 50% of the building, by either size or rental income, should be residential.
    • The percentage of square footage allowed for commercial use is as follows:Commercial use is generally confined to the ground floor;
      • Approximately one-half for commercial use in a one or 2-story building or two-building property.
      • Approximately one-third for commercial use in a 3-story building;
    • Commercial use must not affect the health, safety or comfort of residential occupants.
    • Acceptable commercial uses are general office and retail.

    Traditional II- 70% MAX

    • 70% to $5,000,000

    Traditional loan program includes office, retail, warehouse, mobile home parks (with a recreational vehicle component of 25% or less), certain mixed-use properties, auto-service, and self-storage.

    In the case of mobile home parks, special rules apply. For "park-owned" mobile home units – as distinguished from the pads - the value, as determined in the "disposition value," shall not exceed $2,000 per (unit). At a minimum, mobile home units must be separately and distinguishably taxed by the local taxing authority to be considered in the determination of market value

    Owner user properties require a business license for the subject property, and preferably, located in a commercially zoned area.

    Process

    We can close loans only as quickly as your broker/borrower return the stipulations requested. If we ask for something, we need it. It is our money to lend, so we ask for what we need. We will take a common sense approach and allow alternative documentation to what was requested if it makes sense.

    Once the file has been cleared to close by underwriting, it moves to the funding department.

    Funding

    We have a 48 turn time on getting loan docs prepared. Be sure your broker has not set up a closing as our funding department will contact the closer and set the time. Our funding department will coordinate with the closers to ensure the loan docs are correct, and there is enough time for the closer to review the docs.

    This is one individual commercial lender within our lender network

     

    Reference# 554062015 22-5-12

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Manual Underwrite Super Jumbo Mortgage

    This is a manually underwritten Super Jumbo Non-Conventional home loan program.

    This loan program is similar to Hard Money because of the flexible guidelines but is not hard money. It's been described is an Alt-A loan program because of the pricing. It is also similar to an Asset Depletion loan.

    We have funded this loan program with greater than a 60% DTI Debt-to-Income ratio borrower. Why? she had a lot of equity in her newly acquired rental properties.

    We were able to utilize her rental income from properties as new income, ownership seasoning not required. Conventional lenders require 2 years ownership seasoning before they will qualify as income.

    There are always compensating factors.

    See Jumbo Loan guideline highlights below. Call us to get prequalified

    Employment:

    • No employment history OK

    Maximum loan amount:

    • $2,000,000

    Loan purpose:

    • Purchase

    • Refinance

    • Cash Out Refinance

    Maximum LTV Loan-to-Value:

    • 75%

    Credit score:

    • 620 minimum, exceptions made with compensating factors

    Maximum DTI:

    Debt-to-Income ratio:

    60% or higher, typically derived from liquid assets

    Occupancy:

    • Owner Occupied / primary

    • Owner Occupied multi-unit

    • Non-Owner Occupied / Investment property

    Property Types:

    • Single Family Residence SFR

    • Condo

    • Duplex

    • Triplex

    • 1-4 Unit

    Available terms:

    5 Year ARM

    7 Year ARM

    10 Year ARM

    Interest Only payment option available on all terms

    Underwriter Notes:

    Can utilize rental income to strengthen file, ownership seasoning not required.

    Can use real estate equity to meet liquid reserve requirements.

    Liquid assets documented with just 2 months account statements and will be verified by third-party.

    Foreign Nationals OK:

    Foreign bank accounts for reserves- OK

    Foreign credit score / Fico accepted

    Business Legal Entity:

    OK for purchase transactions, requires corporation ID number

    No defined credit score / FICO score requirements

    Credit Criteria:

    No Seasoning requirements for foreclosure, short sale or bankruptcy

    Close in as little as 9 Days

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

    Reference # 555 10 -5 -5

  • Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000

    Purchase and Cash Out Refinance

    Loan Amount / Cash Reserves/Liquid Assets Requirements:

    • 1 million - 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)
    • $1,500,000 - 9 Months Reserves
    • $2,000,000 - 12 Months Reserves
    • $2,500,000 - 18 Months Reserves

    $1,000,000 maximum loan amount for first time home buyer

    Acceptable income:

    • Rental Income
    • Alimony
    • Child Support
    • Note Income
    • Capital Gains
    • Dividends
    • Stocks Options

    Cash Out Available for Second Home

    Available terms:

    • 15 Year Fixed
    • 30 Year Fixed
    • 5/1 Year ARM
    • 7/1 Year Arm
    • 5/1 Year ARM

    Underwriting Notes:

    • Mortgage Insurance Needed
    • 10% Maximum Gift Funds OK
    • Down Payment Sourced:
    • Equity Gift - OK
    • Seller Contributions OK
    • Gift Funds OK

    Credit Notes:

    • No bankruptcy, foreclosure or short sale
    • Minimum 2 open tradelines
    • Construction to permanent ok
    • Broker credit report ok (no extra credit check)
    • Detached Condos OK
    •  All 50 states

    States:

    Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Maine | Maryland | Massachusetts | Michigan | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

     Ref# 147 525012215

  • Inherited Property Financing | 80% Loan-to-Value

    This loan program is for people that have lost a family member and would like to keep the home.

    This is a manual underwrite program

    Same day approval

    Fund within 2 weeks

    Purpose:

    • Purchase
    • Refinance Rate & Term  R&T
    • Refinance - Cash Out

    Maximum LTV - 80%

    Future value can be used for LTV qualifying purposes

    Underwriting Notes:

    Credit:

    This is not a credit or credit score driven loan

    No minimum credit score required

    Major credit events

    • Bankruptcy - OK
    • Foreclosure - OK
    • Short Sale - OK

    Deferred Maintenance - OK

    Debt Consolidation - OK

    Debt-to-Income (DTI)

    50% Maximum

    Future Rental Income Considered on a Case-by-Case basis, Underwriter's Discretion

    Home Improvement Cost can be included in the loan and paid out at the close of escrow

     

    States:

    Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Louisiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington

     

    Reference # 457060515

  • Non-QM | Self-Employed Mortgage Option - Non-Qualified Mortgage Program

    Income Documentation - One Month Bank Statement Program

    The Income is Stated and is Not Calculated from the One-Month Bank Statement. The Bank Statement Qualifying Criteria is the Account 1) ends in a Positive Balance with no NSF's

    This One-Month Bank Statement Program is Weighed Almost Entirely on the Credit History of the Borrower and Again is Stated with a 50% Debt-to-Income (DTI) Ratio and Cash Reserves are Not Required. No 4506-T form means no tax transcripts

    Jumbo Non-QM Mortgage Program

    Jumbo Loan Amounts: $4,000,000

    Verification of Employment (VOE) Options

    One Year VOE means your qualifying criteria is based only on the one, most recent year period instead of the standard two year history. via the standard income VOE which we have little or no control of.  methods of income history and standard methods of employment verification.

    Qualifying in terms of income and of the One Year the method of verification can be a little inconvenient.

    However 2 years history does need to be verified is often very easy and convenient. When done properly with the ideal method via any of the following:

    • Business License
    • CPA Letter
    • EA (Enrolled Agent) Letter
    • Articles of Incorporation
    • Articles of Business Organization

    • 4506-T Not Required


    Purpose:     Purchase, Rate/Term and Cash Out - | Owner-Occupied Only |     Single Family Residence Only:


    Credit Score 620:

    LTV: 70% Purchase | 65% Cash-Out | $500,000


    Credit Score 640:

    • LTV: 70% Purchase | 65% Cash-Out | $1,000,000


    Credit Score 660:

    • LTV: 75% Purchase | 70% Cash-Out | $1,500,000


    Credit Score 680:

    • LTV: 80% Purchase | 75% Cash-Out | $1,500,000


    Credit Score 680:

    • LTV: 85% Purchase | 70% Cash-Out | $2,000,000


    Credit Score 700:

    • LTV: 85% Purchase | 80% Cash-Out | $2,500,000


    Credit Score 720:

    • LTV: 85% Purchase | 75% Cash-Out | $3,000,000


    Credit Score 720:

    • LTV: 90% Purchase | 85% Cash-Out | $4,000,000


    Credit Score 680:

    • LTV: 80% Purchase| 75% Cash-Out | $1,500,000
    • LTV: 75% Purchase| 70% Cash-Out | $2,000,000


    Credit Score 700:

    • LTV: 85% Purchase | 80% Cash-Out | $2,500,000
    • LTV: 80% Purchase | 75% Cash-Out | $3,000,000


    Credit Score 720:

    • LTV: 90% Purchase | 85% Cash-Out | $3,500,000
    • LTV: 85% Purchase | 80% Cash-Out | $4,000,000

     
    Eligible Property Types:

    • Single Family Residence - Attached (SFR)
    • Single Family Residence - Detached (SFR)


    Credit:     

    • Credit Score 620 Minimum
    • Clean mortgage history - 5 years seasoned (24-month history verification)

     
    Depth Criteria:

    • One open account tradeline with at least 3 years seasoning
    • Two open account tradelines with at least 1 years seasoning


    Major "Housing Event" Required Seasoning: 

    • Bankruptcy
      • Chapter: 7 - 12 Months
      • Chapter: 13 - 24 Months
    • Foreclosure - 36 Months
    • Short Sale -  36 Months
    • Deed-In-Lieu - 36 Months
    • Consumer Credit Counseling 2 Years
    • Charge-offs, Collections, Tax Liens - 1 Day

     

    States:


    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kentucky | Maine | Maryland | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

     

    157-3-9-21

  • 5% Down Payment on your Jumbo purchase or 95% LTV Jumbo financing for your Rate / Term refinance. Cash Out also available on this program & may be used for any purpose including reserve requirements.

    Non-Occupant Co-Borrowers OK

    The purpose of the Non-Occupant Co-Borrower could be many things. But is always for a specific reason. Ultimately it is to somehow strengthen the file in the area or areas needed to rectify any sort of credit deficiency or credit profile deficiencies had by the primary borrower.

    This can be achieved with a Non-Occupant Co-Borrower by way of cash reserves; income; credit history; depth, criteria, and scores. Often it is to increase the amount of qualifying income to reduce the qualifying DTI to an acceptable percentage. A development like this could, in effect, increase the over-all "credit grade" and qualifications of the borrower possibly opening up additional options to consider in other areas of the loan such as a more flexible down payment requirement; increased loan amount, gift funds eligibility, etc. Flexibility. And let us not forget better pricing, preferable terms, easier conditions, the makings for either a great mortgage or perfect home loan.

    Non-Qualified / Non-Prime

    3 Options: Full Doc, Lite Doc, and Alt Doc

    Full Doc - 2 Years (55% DTI)

    Full Doc - 1-Year (55% DTI) Lite Doc / Reduced Doc) "Lite Doc" also pertains to Employment History documentation and verification i.e. Sole Prop, C Corp, S Corp, LLC. < 2 Years

    Bank Statements - 12 Months

    Bank Statements - 24 Months

    Purpose:

    Purchase: 95% LTV Purchase or Rate & Term refinance with 720 credit score on Owner Occupied only to $1,500,000 – No Mortgage Insurance.

    Cash-Out Refinance: 90% LTV unlimited cash-out with 760 credit score on Owner-Occupied Only to $1,500,000 – No Mortgage Insurance.

    Loan Amounts:

    • Maximum $2,500,000 – 600 Credit Score

    Terms:

    • 40-Year fixed
    • 40-Year fixed Interest Only
    • 30-Year fixed
    • 30-Year fixed Interest Only
    • 10/1 ARM
    • 10/1 ARM Interest Only
    • Interest Only feature - 600 Middle Credit Score.

    This program is considered non-prime is because it does allow for past mortgage lates. Up to 120 days late. 

    Credit Score Matrix:

    Loan-to-Value / Maximum Loan Amounts / Reserve Requirement

    Property Types - SFR, Condos and PUD's

    720 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 70% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves
    • 60% LTV - $5,000,000 - 12 Months Reserves

    700 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 70% LTV - $5,000,000 - 12 Months Reserves
    • 70% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $3,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 80% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 60% LTV - $3,000,000 - 12 Months Reserves

    Bank Statements - 24 Months

    720 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 90% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 70% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $5,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    700 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 90% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 60% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $3,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 90% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance 

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    80% LTV - $1,500,000 - 6 Months Reserves

    75% LTV - $2,500,000 - 12 Months Reserves

    60% LTV - $3,000,000 - 12 Months Reserves

    720 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 95% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 80% LTV - $3,000,000 - 12 Months Reserves
    • 70% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $3,000,000 - 12 Months Reserves
    • 55% LTV - $3,000,000 - 12 Months Reserve

    700 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 90% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 75% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $4,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out:

    • 85% LTV - $1,500,000 - 6 Months Reserve
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 90% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 75% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2.500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    660 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 90% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 80% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    Full Doc - 1-Year Income and Employment History

    720 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 85% LTV - $2,500,000 - 12 Months Reserves
    • 80% LTV - $3,000,000 - 12 Months Reserves
    • 70% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 70% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $3,000,000 - 12 Months Reserves
    • 55% LTV - $3,000,000 - 12 Months Reserves

    700 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 75% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    680 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 70% LTV - $3,000,000 - 12 Months Reserves
    • 65% LTV - $5,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves55% LTV - $5,000,000 - 12 Months Reserve

    660 - Credit Score

    Owner-Occupied - Purchase and Rate/Term Refinance

    • 85% LTV - $1,500,000 - 6 Months Reserves
    • 80% LTV - $2,500,000 - 12 Months Reserves
    • 75% LTV - $3,000,000 - 12 Months Reserves

    Owner-Occupied - Cash Out

    • 80% LTV - $1,500,000 - 6 Months Reserves
    • 75% LTV - $2,500,000 - 12 Months Reserves
    • 65% LTV - $3,000,000 - 12 Months Reserves
    • 60% LTV - $4,000,000 - 12 Months Reserves
    • 55% LTV - $5,000,000 - 12 Months Reserves

    Eligible Occupancies:

    Owner-Occupied / Primary Residence

    • Second Homes
    • Investment

    Property Types

    • Non-Warrantable Condos OK
    • Non-Occupant Co-Borrowers OK

    DTI allowed up to 50% - Unlimited Cash-Out

    Liquid Assets

    Down Payment and closing costs - Business and Foreign Funds Acceptable

    Reserve Requirement - Business funds OK. However, if the borrower is not 100% owner of this business, will be required to obtain a CPA Letter stating the cash withdrawal would not have an adverse impact on the business. Foreign Funds acceptable, too.

     

    States:

     Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Louisiana | Maine | Maryland | Massachusetts | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

    Ref# 022619 10-13-1-3  26-21-13-1

  • Income and Asset Documentation Not Required

    January 2020

    Tax Returns Not Needed for Self Employed or W-2 Employees

    Loan Purpose

    • Purchase, Refinance and Cash-Out Refinance
    • Cash-Out Refinance Requires 90 day Purchase Seasoning in Order to use "Market Value". Less than 90 days, "purchase price" is used for LTV purposes.

    Property Types SFR and PUDS only

    Occupancies: Owner Occupied and Second Homes Only

    Notes:

    • 700 minimum Credit Score required
    • 70% Maximum LTV (loan to value)
    • $420,000 minimum loan amount

     

    States:

    Alabama | Arizona | Arkansas |California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Kentucky | Maine | Maryland | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

     

    Reference # am09jj

  • This Jumbo Loan Program is for Borrowers with Less Than Perfect Credit

    $1,200,000 maximum loan amount

    Purpose:

    • Purchase
    • Refinance

    Cash Out Refinance

    Credit Score Requirements:

    660 minimum middle credit score

    Occupancy: 

    • Owner Occupied:

    Property Types:

    • Single Family and duplexes - 85% max LTV financing

    Occupancy:

    • Owner-occupied
    • Investment Properties:
    • 1-2 unit and 3-4 unit to 70% LTV to $750,000
    • Second home:

    $700,000 Max loan amount

    • 80% max financing

    Underwriting notes:

    • Gift/unseasoned funds for down payment OK
    • Private mortgage insurance not required

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

     

    Reference # 145u093014s

  • Non-Prime Jumbo Program Loan Amount - $3,500,000

    Alt Doc Super Jumbo - 90% LTV

    Property Type:

    • Single Family Residence
    • Condo - Less than 4 Stories


    Occupancy:     Owner Occupied


    Terms:

    ARM's: 5/1 year and 7/1 year


    Income Documentation:

    • Full Doc only


    Purchase to 80% LTV |     Cash Out - 75% LTV


    Credit:

    • Credit Scores (mortgage credit scores)
    • 580 minimum


    Credit Criteria:

    • Tradeline Requirements:
    • 2 Tradelines 24 Months Seasoned
    • 1 Tradeline Seasoned 12 with a Minimum of $3,000 High Credit Limit Credit


    Underwriting Notes:

    • All Installment Loans must be Current and in Good Standing
    • Credit Card and Revolving Accounts must be Current and in Good Standing
    • Bankruptcy, Foreclosure and Short Sales need 6 months Seasoning. (Exceptions can be made with compensating factors)
    • If you have a recent Bankruptcy

     

    States:

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Nevada | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin

  • Portfolio Mortgage Program Highlights

    January 2020

    • FHLMC Super-Conforming
    • FNMA unpermitted space ok if documented per guidelines
    • Transferred appraisals ok on most programs-
    • 5-10 Financed Properties w/ 720 FICO
    • FHA Flips Less than 90 Days
    • EEM (Energy Efficient Mortgages)
    • Non-Conforming (Jumbo) to $ 5 Million
    • HUD $ 100 Down
    • Repair Escrow to $5,000 on HUD REO
    • Delay financing & stated income
    • Asset depletion / Pledge assets

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

     

  • Real Estate Investor Loan: Up to 10 Financed Properties OK

    Borrower can own unlimited properties, but only 10 can have a mortgage lien

    85% Maximum LTV Financing

    680 Middle Credit Score

    Loan Amounts:

    • $250,000
    • $2,000,000


    Property Types

    • Single Family Residence
    • Non-Warrantable Condo
    • 2 Units
    • PUD


    Occupancy:

    • Non Owner Occupied
    • Second Home


    Income documentation

    Six months Reserves required for the subject property plus 6 months liquid reserves for every property that is currently being financed

    Underwriter Notes:

    In order to utilize rental income, tax returns are required. Lease agreements accepted too

    Bankruptcy or Foreclosure 7 years seasoning required

    Interested parties Contribution OK for Second Home and Non-Owner Occupied investment property

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Indiana | Iowa | Kansas | Kentucky | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | North Carolina | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Virginia | Washington | Wisconsin

     

     

    Reference #254528091614am

  • $10,000,000 Super Jumbo Alt Doc > $10,000,000 Case-by-Case Basis

    Self-Employed Income Documentation: Bank Statements from 600+ FICO to 90% LTV

    Wage Earner Income Documentation: 2 Years W2's but Not Tax Returns


    Full Income Documentation to 95% LTV | Tax Returns, W2s Profit & Loss, leases, Awards Letters, sourcing funds Ford down payment closing cost reserve requirements

    Liquid Assets: 12 months reserves for each property owned


    Eligible Occupancies:         Primary Residence Only


    Interest-Only Options to 80% LTV


    Credit Notes:

    1 day out of Chapter 7 Bankruptcy Seasoning from 580+ FICO

    Unlimited Consumer Lates

    SFR/Condos/Townhomes/Multi-Units

    Unlimited 30-Day Lates to $2 Million

    Second Homes to $2 Million

    Unlimited Cash Back When Property Owned Free & Clear OR Under 50%

     

    States:


    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Maine | Maryland | Massachusetts | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington

  • Commercial Mortgage Stated Income

    This commercial mortgage loan program does not require Tax Returns or W-2's

    650 middle credit score

    Loan Purpose:

    Purchase, refinance and cash out refinance. Cash out can be used for any reason and is capped at 70% LTV

    Loan Amount:

    $225,000 minimum

    Super Jumbo to $5,000,000 Maximum

    Loan to Value:

    80% LTV Maximum

    Property Types:

    Multi-Unit >5 Units

    Mixed Use

    Automotive Services

    Office Space

    Self-Storage

    Retail Store

    Mobile Home Parks

    Warehouse

    Available Terms:

    3, 5 year ARM's and 30 year fixed

    No balloon note rolls into 6-month Libor ARM

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Nevada | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming 

     

     

    778091714369

  • Interest-Only Non-QM Jumbo Mortgage Product

    Purpose: Purchase, Refinance - Rate/Term & Cash Out. This loan program is a Non-QM Mortgage Loan because it Features an "Interest-Only" Payment Option


    Single Family Residence | Owner-Occupied / Primary Residence


    Credit    Score / LTV / Loan Amount:

    • 720 - 90% - $1,500,000
    • 680 - 80% - $2,000,000
    • 740 - 90% - $2,000,000
    • 720 - 70% - $2,500,000
    • 720 - 70% - $3,000,000


    Single Family Residence | Second Home

    Credit Score / LTV / Loan Amount:

    • 680 - 80% - $2,000,000
    • 720 - 65% - $3,000,000


    2-4 Units:

    • 700 - 75% - $2,000,000
    • 720 - 70% - $2,000,000


    Second Home:

    • 720 - 75% - $1,000,000 - Maximum Cash-Out - $500,000 (cash in hand)
    • 720 - 65% - $1,500,000 - Maximum Cash-Out - $350,000 (cash in hand
    • 720 - 50% - $2,000,000 - Maximum Cash-Out - $350,000 (cash in hand)


    Refinance - Cash-Out | Owner-Occupied

    • $500,000 Max Cash-Out (cash in hand)
    • Owner-Occupied:
    • 700 - 75% - $2,000,000 - Maximum Cash-Out (cash in hand)
    • Listed Properties Require 6 Months Seasoning for Market Value LTV
    • Purchase Properties (<6 months) Require 6 Months Seasoning for Market Value LTV
    • Texas - No


    Liquid Assets / Reserves Requirement | Owner-Occupied

    Single Family Residence (SFR)

    • 6 Months - $1,000,000
    • 9 Months - $2,000,000
    • 12 Months - $3,500,000


    Liquid Assets Acceptable Sources

    • Bank Account - Personal
    • Bank Account - Business
    • Stocks, Bonds, Mutual Funds
    • REO Sale /(HUD/Settlement Statement)
    • Personal Property Liquidation
    • Trust Fund Disbursement
    • IRA (Percentage Qualified Based on Age of Borrower)
    • Insurance Policy - Cash Value
    • Business Funds
      • Qualified Cash Value - Percentage of Company Ownership


    Income Documentation


    All Income Documentation Will Be Verified Via Form 4506-T

    • Tax Returns
    • W-2's
    • Paycheck Stubs
    • Rental Income - Signed leases
    • Retirement Income - Award Letter
    • Pension Income - Award Letter


    Debt-to-Income Ratio (DTI)

    • Based on Proposed (subject property) Principle, Interest, Tax and (home-owners) Insurance/PITI (all REO properties owned), Installment Loans, Revolving Accounts (minimum payments), Alimony, Child Support.
    • Co-Signed Debt can be excluded from qualifying DTI with supporting (payment transaction history) documentation from the payer of the Note
    • Debt Consolidation to reduce qualifying DTI - OK 


    Property Types:

    • SFR - Attached
    • SFR - Detached
    • 1-4 - Attached
    • 1-4 - Detached


    Credit:

    • Credit Criteria (Ability to Repay is based on over-all file)
    • Credit Scores (mortgage credit scores)
    • 2 Scores Minimum
    • Tradeline Requirements (exceptions available based on all credit criteria)
    • 1 Active Tradelines - 24 Months History
    • 3 Active Tradelines -12 Months History
    • 1 Active Tradeline - Installment 
    • Non-Traditional Traxdeline - No
    • Collections OK to $1,000,000 (Payoff accounts not required)
    • All Liens must be paid off


    Properties Not Allowed

    • 10 Acres
    • Unwarrantable Condos
    • Condos in Litigation
    • Condotel
    • Co-Ops
    • Hobby Farms
    • Commercial
    • Manufactured
    • Modular
    • Log Homes
    • Mixed-Use


    Borrowers:

    • Permanent Resident Aliens
    • Non-Permanent Resident Aliens
    • Valid Visa A Series, E 1-3, G Series 1-5, H Series 1-4, L Series L a-b
      • Valid Social Security Number
      • 2-Year Employment History
      • Primary Residence
      • Written Verification of Employment (WVOE)
      • 2 Year Credit History
      • Revocable Trust


    Title

    • Not in Business Name
    • Inherited Properties - No

     

    First Time Home Buyer - Yes

    Gift Funds OK - 5%

    Seller Contribution OK - 6%

    Subordinate Financing - Institutional finance  OK

     

    States:

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Louisiana | Maine | Maryland | Nevada | New Jersey | New Mexico | North Carolina | North | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin | Wyoming

     

    123 11-21-18_10-13-1-3

  • Stated Income to $1,500,000 - 740 Credit Score

    Loan Amounts

    • $500,000 Minimum
    • $3,500,000 Maximum

    Acceptable Liquid Assets: (Verification of Deposit form or 2 months of consecutive bank statements)

    • Checking
    • Savings
    • CD's
    • Money Market
    • Stocks/bonds
    • Retirement
    • Residual income


    Eligible Property Types

    • Single Family Residence -SFR
    • Townhomes
    • PUDS
    • Condos - 4 stories max


    Available Terms

    • 5 and 7 Year ARMs
    • 15 year fixed
    • 40 Year Amortization
      • Interest-Only Available


    Credit Requirements

    • Property Value: If the subject property exceeds $3,500,000 value - 2 appraisals required
    • Mortgage Credit Scores - Middle of 3 or Lower of 2
    • No bankruptcies or foreclosures or consumer credit counseling allowed
    • All collections, liens, judgments, and charge-offs
    • Consumer debt - 2 30-day lates ok in last 12 months and no lates on installment debt in the last 12 months
    • No mortgage lates for previous 2 years
    • Minimum of 4 open credit accounts required and 2 open and active with a 2-year history


    Underwriter Notes:

    If borrowers' current property is going to be rented out / turned into an investment property, rental income can be qualified as additional income.

    No REO's

    The property must be in good and livable condition

    Refinance - must pay off existing mortgage liens

    No Cash Out (1% or $1000 max)

    For refinance - 6 months seasoning from purchase date and ownership cannot be transferred via transaction

    6 months seasoning required from the time of purchase if the subject property value has increased more than 10%

    Gift equity not allowed

    If the property is currently listed on the MLS, must be removed from the MLS prior to the application date

    Permanent Resident Aliens OK

    No Mortgage / Real Estate, Construction, Property Management or Real Estate Investors allowed

    No Non-Occupant Borrowers allowed

    Max 4 financed properties allowed

    "Gift" down payment is OK if at least 5% is coming from the borrower.

    W-2 employee borrowers must have the same line of work job history for 2 years, no exception 

    Self Employed borrowers must have the same line of work job history for 2 years, no exceptions.

    The business phone will be verified via 411 directories or internet

    Fraud Alert report

     

    States:

     

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Maine | Maryland | Massachusettes | Michagin | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

     

  • Stated Income / Stated Assets - Jumbo

    Purpose: Purchase, Rate/Term and Cash Out 80% LTV 620 Credit Score

     

    70% LTV on the First Lien. 80% CLTV Allowed with Outside Second Mortgage. This Loan is for the Self-Employed borrower. This is a Portfolio / Bank Lender loan program with Loan Amounts from $200,000 - $2,000,000


    Credit Scores:

    • 700 Minimum
    • LTV:
    • 70% Maximum Financing


    Property Types:

    • SFR
    • Condos
    • 2-4 units


    Occupancies:

    • Non-owner Occupied / Investment
    • Stated Income also available on Primary / Owner Occupied homes


    Terms:

    • 3 and 5 year ARM's
    • 30-year amortization
    • Payment Cap at Prime + 4% after fixed portion of the term
    • Call for other amortization options
    • Interest-Only Available


    Prepayment Pricing Options available

    Tax and Insurance Impounds required

    First Time Homebuyer - Reduce LTV 5%

     

    States:

    Alabama | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Nevada | New Jersey | New Mexico | North Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming

  • Stated Income / Verified Assets

    Minimum Credit Score - 660

    Maximum Financing 70% LTV

    Occupancies:

    Primary / Owner Occupied

    Second / Vacation Home

    Investment property / Non Owner Occupied

    This lender offers 3 alternative income documentation programs:

    Full Doc:

    For Self/Employed and W-2 wage earners

    Bank Statements:

    • For Self/Employed and W-2 Wage Earner Co-Borrowers

    Gross Sales for Investment properties

    • For Self/Employed - Gross Income amount utilized to calculate debt ratios

    Terms Available:

    ARM 30 year amortized

    Property Type:

    SFR

    Condos <4 stories

    Townhomes

    2-4 Units

     

    File will need to document Ability to Repay depending on total loan scenario

     

    Loan Amounts:

    Maximum loan amount - $500,000

    Senior Underwriter approval to $800,000

     

    Fix and Flip - OK

     

    Cross Collateral OK

     

    States;

    Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington

     

    Reference - 124 526020315

  • One Day Out of a Short Sale or Foreclosure 

    This loan is for people that have recently either foreclosed or short sold their property. If you have a recent short sale or foreclosure, this loan option could help you get into a home. No seasoning requirement for these housing events

    Income Documentation Options:

    Full Income documentation required

    Salary Employee - previous 2 years W-2's and full tax return

    Self Employed - previous 2 years full tax returns and current year profit and loss statement

    50% maximum DTI Debt to Income ratio

    Credit Scores:

    • 580 Credit Score - 80% LTV to 1 Million 
    • 500 Credit Score - 70% LTV to 1 Million

    Maximum Loan Amount

    • $1,000,000

    Loan Purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance - $500,000 maximum

    Property Type:

    • SFR Single Family Residence

    Occupancy:

    • Owner Occupied
    • Second / Vacation Home – 75% maximum LTV

    States:

    Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

     

    Reference # - 123 527030515 HE

  • Super Jumbo Bank Statement loan

    Tax Returns Not Required

    Utilize personal or business bank statements in lieu of traditional income documents

    Income Documentation Alternative:

    24 Months Business or Personal Bank Statement Program to $2,000,000

    Employment Types:

    • Self Employed with W-2 Wage Earner Co-Borrower OK

    Loan to Value:

    • 80% LTV to 1 Million 580 Credit Score
    • 70% LTV to 1 Million 500 Credit Score

    Credit notes:

    • 1 year seasoning required from bankruptcy discharge date
    • 2 years seasoning required for short sales and foreclosures

    Loan Purpose:

    • Purchase
    • RefinanceCash Out Refinance - $500,000 maximum

    Property Types:

    • SFR Single Family Residence

    Occupancies:

    • Owner Occupied
    • Second / Vacation Home – 75% maximum LTV

    Debt-to-Income Ratio "DTI"

    • 50% maximum

    States:

    Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

     

    Reference # - 125 527030515 NP

  • Jumbo Second Mortgage | Form 4506-T Not Required

    80% LTV 2nd mortgage to $350,000 Alt-Doc for Self-Employed Borrowers and Full Doc for everyone.

    This program is a Non-QM (non-qualified mortgage) with some Non-Prime qualities.

    Below are some specific underwriting guidelines and credit notes:

    • 710 Credit Score
      • 85% Loan-to-Value
      • Mortgage History: No 30-day Lates for Previous 12 Months
      • Bankruptcy - 3 Years Seasoning
      • Foreclosure - 3 Years Seasoning
      • Short Sale - 2 Years Seasoning
    • 660 Credit Score
      • 80% Loan-to-Value
      • Mortgage History: One 30-Day Late Maximum for Previous 12 Months
      • Bankruptcy - 2 Years seasoning
      • Foreclosure - 2 Years seasoning
      • Short Sale - 1 Year seasoning
    • 610 Credit Score
      • 70% Loan-to-Value
      • Mortgage History - One 60-Day Late Maximum for Previous 12 Months
      • Bankruptcy - 2 Year Seasoning
      • Foreclosure - 2 Year Seasoning
      • Short Sale - No Seasoning
    • 550 Credit Score
      • 65% LTV
      • Mortgage History - One 90-Day Late Maximum for Previous 12 Months
      • Bankruptcy - One Year Seasoning
      • Foreclosure - One Year Seasoning
      • Short Sale - No Seasoning

    Typically, lenders will require conventional income documentation to qualify for their mortgage programs, examples include:

    Conventional "Full Doc"

    • Wage Earner
      • W-2's
      • Paycheck Stubs
      • Tax Returns
    • Self-Employed
      • Tax Returns
      • CPA Letter

    This lender and program do not require traditional income documentation. Furthermore, 4506-T Not Required.

    Unconventional "Alt Doc"

    Required Alternative Income Documentation:

    Bank Statements Only with a "Borrower Prepared" and Unaudited Profit & Loss Statement

    24 Months Personal or Business Bank Statements

    Available Loan Amounts:

    • $100,000 Minimum
    • $350,000 Maximum

    Credit Score: 550 minimum

    50% Debt to Income (DTI)

    Occupancy:

    • Owner Occupied Only

    Property Types:

    • Single Family Residence
    • Condominiums - Warrantable
    • Town Homes

    Terms:

    • ARM
      • 5/1
      • 7/1
      • 10/1
    • Fixed
      • 15 Year
      • 20 Year

    States:

     

    Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, and Washington

     

    Reference# - 545221

  • 12 and 24 Months Bank Statement Alternative Income Documentation: 80% LTV Purchase up to $3,000,000 - 660 Credit Score and Six Months Reserves

    Interest Only Available on Owner-Occupied / Primary Residence

    • Purchase and Rate/Term Refinance:

      • 680 Credit Score: 75% LTV - $2,500,000

      • 700 Credit Score: 75% LTV - $3,000,000

    • Cash Out Refinance:

      • 680 Credit Score: 70% LTV - $1,500,000

      • 680 Credit Score: 65% LTV - $2,500,000


    Second Home

    • Purchase and Rate/Term Refinance:

      • 700 Credit Score: 75% LTV - $1,500,000

      • 700 Credit Score: 70% LTV - $2,500,000

    • Cash Out Refinance:

      • 700 Credit Score: 65% LTV - $1,500,000

      • 700 Credit Score: 60% LTV - $2,500,000


    Non Owner Occupied / Investment Property

    • Purchase and Rate/Term Refinance:

      • 700 Credit Score: 70% LTV - $1,500,000

      • 720 Credit Score: 60% LTV - $2,000,000


    Cash Out Refinance Notes:

    • Maximum Cash Out - 45% of the Total Loan Amount up to 75% LTV
    • < 55% Loan-to-Value (LTV): Unlimited
    • Florida Condos: 55% Maximum
    • Interest-Only payment feature available to 80% LTV


    Documentation:

    • Credit report: <90 Days old at closing
    • Income and assets: <90 Days old at closing


    Liquid Assets:

    • Full assets required for both down payment and closing costs
    • Business bank account funds can be used for "reserves" if the Borrower is 100% owner of business


    Asset Utilization:

    • Stocks, bonds, mutual funds: 75%
    • Retirement funds amount invested, 65%
    • Gift of equity not allowed

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Illinois | Iowa | Kansas | Maine | Maryland | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

    Reference - c111t10l1117

     

  • Jumbo Bank Statement Mortgage Program

    Purpose / Loan-to-Value %:

    • Purchase - 10% Down Payment
    • Rate & Term Refinance - 90% LTV Loan-to-Value
    • Cash Out Refinance - 85% LTV Loan-to-Value

    Jumbo Loan Amount - $2,500,000


    Eligible Property Types

    • SFR Single Family Residence

    • Condos - Warrantable & Non-Warrantable

    • Condotels


    Eligible Occupancies

    • Owner Occupied

    • Non Owner/Investment

    • Second/Vacation Homes


    Available Terms

    • ARM: 3,5 and 7 Year

    • 30 Year Fixed (Interest Only Available)

    1. 40 Year Fixed (Interest Only Available)


    Credit Requirements


    "Housing Event" Credit Seasoning:

    • Bankruptcy -  12 Months

    • Foreclosure - 2 years required

    • Short Sale - 2 years required

    • Deed in Lieu - 2 years required


    Credit Scores

    • 610 Minimum

    • 660 to 80% LTV - $500,000 Cash Out

    • 680 to 90% LTV - $1,500,000


    Credit Criteria:

    • Multiple foreclosures and short sales OK


    Eligible Employment Types

    • Wage Earner

    • Self Employed


    Income Documentation: 

    Full Doc Full Income Documentation:

    • Wage Earners: W-2's and paystubs

    • Self Employed: Tax returns, business and or personal

    • 1-year 1040 plus schedule C


    Reserves 

    • 3 Months (PITI/PITIA)
    • 3 months PITI for all REO Real Estate Owned


    Program Highlights

    • 50% DTI Debt-to-Income ratio
    • First Time Home Buyers - OK
    • 100% Gift Funds from Family Member - OK
    • Rent-free housing history OK
    • Pre-payment penalty options
    • Investors: unlimited financed REO Real Estate Owned OK
    • Non-Occupant Co-Borrower - OK

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Maine | Maryland | Massachuset | Nevada | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia

  • True Stated Income 2020

    Stated Income / Verified Asset mortgage program for borrowers that own their own business. Business entity types: c corporation, s corporation, LLC, partnerships.

    Loan Scenario Form - Credit Check Not Required

    Self-Employed Home Loan: An alternative to the "bank statement loan" program for the well-qualified self-employed borrower. You could say this is an equity-based loan program in that the max LTV would be 65%. You could also call it a "portfolio loan" or "Non-QM" mortgage.

    On a refinance transaction, the purpose of a program like this is to improve the borrowers existing mortgage; Rate & Term refinance.

    With a substantial down payment purchase or good equity-position refinance, excellent credit with liquid assets in the amount of at least 12 months housing expense reserves. It can be an alternative to a "bank statement loan" program for the well-qualified borrower.

    Alternative income documentation for well-qualified self-employed borrowers

    Self-Employed Mortgage Loans

    California Only

    Product Term: 7/1. Interest-Only payment is available.

    Property Types:

    • Single Family Residence SFR 

    • PUD

    • Condos

    • 2-4 Units

    Loan Amount / Credit Score / LTV Matrix

    SFR

    720 Credit Score

    • $1,000,000 - 65% LTV

    • $1,500,000 - 60% LTV

    • $2,500,000 - 55% LTV Condo

    700 Credit Score

    • $750,000 - 60% LTV

    2-4 Units

    720 Credit Score

    • $1,500,000 - 55% LTV

    Reserves Requirement

    All Stated Income Loans require 12 Months P&I Principle & Interest for each property financed; exceptions are common with compensating factors

    Stated Income / Asset Based (whichever is lower):

    Stated Income on 1003 (reasonable for job position/job title) or

    Verified Assets including down payment + / 6 = Income

    Employment Verification Documentation

    Self Employed

    Proof of ownership - Business License, CTP CPA Letter verifying 2yrs+ ownership, etc.

    Description ‐ Business, Industry, and Borrower's Title on 1003

    W-2 Employee

    VVOE Verbal Verification of Employment / Current Employment (1003 application) must show on credit report

    Non-Owner Occupied Investment OK

    2-4 Unites OK

    Exception down to 700 Credit Score

    Loan Amounts to $2,500,000

    Loan Amount exceptions made to 11,500,000

    Interest Only not available

    No 4506T not required

    Tax returns not required

    Paycheck stubs not required

    2 month Bank Statements

    Liquid assets from the business are OK if 100% ownership

    DTI Max 45%

    Foreign Nationals OK

    100% Gift funds OK and 60% Foreign National

    Credit Notes

    Previous housing payment history, 1 30-day late Maximum

    3 open accounts on credit at minimum 1 year seasoned

    "Housing event" seasoning

    Bankruptcy - 3 years

    Short Sale - 2 years

    Foreclosure - 5 years

     

    States:

    California

     

    Reference # 123-34c52-100717

  • Business Purpose Mortgage Loans

    The "business purpose" loan is a primary residence stated income mortgage program. In all actuality, it is much like a stated income program because it doesn't require any kind of income documentation. True No Doc mortgage program

    and a "business purpose" loan, as opposed to a "Consumer Purpose Mortgage" (a regular mortgage loan). It's done this way so lenders can offer and fund cash-out refinance loans (owner-occupied) to self-employed borrowers

    What is a Business Purpose Mortgage?

    There are specific documentation guidelines for this type of program and must be followed accordingly. One of which is we require a statement from the borrower/applicant describing the intended use of funds (hand-written is best) in great detail. Funds are supposed to be used to improve, start or expand a business.

    Business Purpose Mortgage Guideline Highlights

    • Cash-Out Refinance. Cash-out must be wired into the borrower's business bank account.
    • $10,000,000 Loan Amount 
    • LTV: 85% Maximum
    • 640 Middle Credit Score

    A minimum of 51% of cash-out must be used to improve or expand the business and  Borrower must submit a cash-out letter of explanation detailing the use of funds including remodel construction bid contracts, etc. Inventory purchase, The letter of explanation must also include an explanation regarding the anticipated economic gain that will result from loan proceeds.

    Employment Type: Self-Employed

    • C Corporation
    • S Corporation
    • LLC
    • 1099

    Some of our lenders will allow for a business entity change (2 years of employment verification). For example, if a borrower changes their company from a corporation to an LLC, they'll allow that. Even from a 1099/independant contractor business to a corporation. We know this from experience.

    Income Documentation - No Doc

    Reserves:

    Liquid Assets Not Required

    Property Types
    • Single Family Residence
    • 2 Units
    • 4 Units
    Occupancy Types
    • Owner-Occupied / Primary Residence
    • Non-Owner Occupied. A rental survey usually is required for investment properties

    All owners/people on the title of the property must apply (be on the application). If this is for some reason not ideal or is not conducive to the borrowers' preference, the property owner can "quitclaim" him or herself off of title anytime between the "Application Date" and the Close of Escrow, then just go back on the title after the loan closes if you wish. This can all be done and executed at the closing table.

    Business Purpose

    Cash-out can be used for any "business purpose"; improving the economic disposition of the company.

    Corporations and LLC's businesses OK.

    An example of this could be to improve the physical location architectural design of the business; renovation. Good suporting documentationon could perhaps be some architectural drawings, Mechanical/Plumbing/Structural & Electrical design plan and specifications.

    Construction: Electrical - Lighting plan, power plan, panel schedules, and single line diagram, details and specifications, Title-24 compliance documents.

    Plumbing - Sanitary waste and vent piping plan, domestic water, and piping plan, details, and specifications.

    Architectural - Cover sheet, general information sheet, code analysis sheet/exiting diagram site plan, ADA compliance sheet, floor plans, roof plan, storefront elevation, building sections.

    Complete original appraisal with interior/exterior photos of the subject property and sales comparables.

    Underwriter Notes

    Hazard insurance coverage equal to the replacement or guaranteed replacement cost. Max deductible 1% of the face value of the dwelling coverage amount, but no more than $3000. 12 months of paid coverage required on purchase loans and 6 months for refinance loans.

    Sitework: Building demolition, Concrete, etc.

    States:

    Alabama | Arkansas | Arizona | California | Colorado | Connecticut | District of Columbia | Deleware | Florida | Georgia | Maryland | Maine | North Carolina | New Hampshire | New Jersey | Nevada | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Virginia | Washington | Wisconson

    R #: 5453-9-20-1-4-5-12

  • Income Documentation Alternative for the Well Qualified Self Employed Borrower

    January 2020

    Stated Income Mortgage | Tax Returns Not Required | Form 4506T Not Required

    Stated Income Mortgage loan program will be supported by the cash flow of bank statements and is for the Self Employed borrower only.
     

    Stated Income / Verified Assets SIVA
    Primary Residence

    Credit Notes:

    7-year credit history - No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling

    2 years clean credit history on mortgage and rent

    No consumer debt lates - 1 year

    Credit report must show a 2-year history of 2 or more open and active trade line accounts

    Unlimited real estate properties owned, but 3 financed properties maximum

    Employment Type:

    Self Employed only - 25% ownership minimum

    Employment verification:

    Business license and or CPA letter depending on business industry showing 2-year minimum same line of business verifying the name of the business, the percentage of ownership business phone number will be verified by both 411 and or the internet

    Asset Documentation

    Stated Income / Verified Assets

    Tax Returns not required

    Required Asset Documentation:

    Income is being "stated" on the 1003 Uniform Residential Application, but not verified by traditional income documents

    2 months bank statements to verify liquid assets

    If using rental income to qualify, must provide leases for all rental properties

    All fixed income including retirement, annuities, dividends, Social Security, child support, alimony can be utilized to qualify

    Liquidity requirements:

    Verified assets must support the amount of income we are stating. Stated income amount should be proportionate to the cash flow of the bank statements

    Loan Amount between $400,000 and $650,000 - Minimum liquid asset requirement: $100,000

    Loan Amount between $650,000 and $1,000,000 - Minimum liquid asset requirement: $250,000

    Loan Amount between $1,000,000 and $1,500,000 - Minimum liquid asset requirement: $500,000

    Loan Amount between $1,500,000 and $3,000,000 - Minimum liquid asset requirement: $1,000,000

    Additional Underwriting Guideline Summary

    Property Types:

    • Single Family Residence
    • PUD
    • 12 acres maximum

    Eligible Borrowers:

    • Permanent Resident Aliens
    • Non-Permanent Resident Aliens

    6 months title seasoning required for the subject property

    Gift of equity not allowed

    States:

    Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Lousiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington

    Reference #124 528alnexsiva04141

  • Home Builder Construction Loan Program

    This is a short-term construction loan for home builders for subject properties located in Arizona, California, Colorado, Idaho, Illinois, Michigan, North Carolina, South Carolina, Ohio, Oregon, Texas, Utah, and Washington.

    Stated Income goes to 1 Million

    • 70% LTV (loan-to-value)

    • 85% LTC (loan-to-cost)

    Loan Amounts:

    • Maximum Loan Amount - 1 Million

    • Minimum Loan Amount - 50K

    Available Terms:

    • 4 months

    • 6 months

    • 9 months

    • 12 months

    Shorter-term - lower cost

    Blanket Loan available

    Construction Completion

    Draw Disbursement

    Eligible Property Types:

    • Single Family Residence SFR

    • 2 Unit

    • 3 Unit

    • 4 Unit

    Occupancies:

    • Owner Occupied and Non Owner Occupied

    Eligible Borrowers

    • Legal Entities - Yes

    • Foreign Nationals - Yes

    Underwriting Notes:

    Lender qualifies the lowest middle credit score of both borrowers

     

    States:

    Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Louisiana | Maine | Massachusetts | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington | Wisconsin

  • Self-Employed Borrower Bank Statement Loan Program

    This mortgage program is for self-employed borrowers who write off too much on their taxes or don't do their taxes. Only your bank statements required tax returns are not.

    Lender will accept 100% of deposits to the borrowers business, personal or commingled accounts along with an unaudited borrower prepared profit and loss statement. Borrower prepared is how it's written in the underwriter guidelines.

    his program also allows for one 30 day mortgage late in the last 12 months and in terms of credit depth, requires only two trade lines. Qualification is based on a two months bank statements or 24-month average of all deposits with no "business deductions, subtracted from bank statements no business deductions subtractive which is completely nitzsche no other lenders will do that this makes it a little easier for a self-employed borrower to qualify for a mortgage loan. 2 months bank statements bank statement qualification guidelines are extremely lenient.

    2 months bank statements is ideal for the self-employed borrower that has too many nsf's / ODS on month 3, 4, and 5. We only need two months, if we don't see the nsf's\od's, we don't care.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    This particular loan program is available in the following states:

    Alabama, Arizona, Arkansas, California, Colorado, Deleware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconson, Wyoming. We have dozens of bank statement loans that cover all states.

    Credit Scores Loan Amounts Reserves (Months) 24 Months Business or Personal
    		 12 Months Business or Personal
    Loan-to-Value (LTV) Loan-to-Value (LTV)
    Purchase Cash-Out Refinance Purchase Cash-Out Refinance
    700 1,500,000 4 90% 85% 85% 85%
    $2,000,000 6 90% 80% 85% 85%
    $2,500,000 6 85% 80% 85% 85%
    $3,00,000 9 85% 70% 85% 85%
    $4,00,000 12 85% 65% 85% 85%
    $4,00,000 12 70% 60% 85% 85%
    660 - 699 $1,500,000 4 85% 85% 85% 85%
    $2,000,000 6 85% 80% 85% 85%
    $2,500,000 6 85% 80% 85% 85%
    $3,500,000 12 75% 65% 75% 85%
    $4,000,000 12 70% 65% 70% 85%
    $4,500,000 12 70% 60% 70% 60%
    640 - 659 $1,500,000 4 85% 85% 85% 85%
    $2,000,000 6 85% 80% 85% 80%
    $3,500,000 6 85% 80% 85% 80%
    620 - 639 $1,500,000 4 85% 75% 85% 85%
    $2,000,000 6 85%  80% 85% 80%
    $2,500,000 6 80% 80% 85% 80%
    600 - 619 $1,500,000 4 85% 85% 85% 85%
    $2,000,000 6 80% 80% 85% 80%
    580 - 599 $1,500,000 4 80% 80% N/A N/A
    $2,000,000 6 80% 75% N/A N/A

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Credit Notes

     

    • Minimum credit score: 580
    • No mortgage lates allowed previous 24 months
    • Housing credit event (bankruptcy, foreclosure, short sale, loan modification: 36 months
    • Minimum tradelines 2 open and active minimum of 12 months

    Cash-Out Limit:

     

    Maximum LTV - 80%

     

    Loan amount > $1,500,000 Maximum LTV - 75%

     

    Property Types:

    • Single Family Residence
    • Condo (non-warrantable condo maximum loan amount - $2,000,000)
    • 2-4 Units - Maximum LTV - 85%

    Debt-to-Income: (DTI)

    • 55%

    Terms Available

    • ARM's
      • 5/1 LIBOR
      • 7/1 LIBOR
    •  Fixed
      • 15 Year
      • 30 Year
    • Interest Only
      • Interest Only - 120 month term
    • Maximum Loan amount - 4,500,000

    Reference # 541 052218 10-13-1-3 

  • Self-Employed Home Loan Program

    Portfolio Jumbo ‐ 1 Year Profit and Loss Statement (P&L)

    This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along with a letter from their tax professional verifying 2+ years of self-employment history in lieu of traditional tax returns and also can be an alternative to a "bank statement loan" for the well-qualified borrower.

    Self-Employed Home Loans

    California Only

    Product Term: 7/1

    Income Documentation

    Low Doc: Income documentation type: 1-year profit and loss statement

    Self Employed

    • YTD and prior year P&L completed by unverified independent third‐party

    • Business License or CPA Letter verifying 2 years 25% ownership

    • 4506-T not required

    • Tax returns not required

    • Paycheck stubs not required

    • 2 month Bank Statements

    • Liquid assets from the business are OK if 100% ownership

    • W2  (co) borrower: Written Verification of Employment

    680 Credit Score

    • $1,000,000 | 70% LTV

    700 Credit Score

    • $1,500,000 | 65% LTV

    720 Credit Score

    • $2,500,000 - 60% LTV

    680 Credit Score

    • $1,000,000 | 65% LTV

    700 Credit Score

    • $1,500,000 | 60% LTV

    670 Credit Score

    • $1,500,000 | 60% LTV

    • $1,000,000 - 60% LTV

    • $1,500,000 - 55% LTV

    • $2,500,000 - 50% LTV

    Up to $2,500,000 - 60 LTV%

    LTV <60% Loan amount to $1,000,000 – 6 months Principal and Interest payment

    LTV >60% - 12 months Principal and Interest payment

    Passport, I‐94 & valid VISA (F‐1 and F‐2 type not allowed)

    Passport & either I‐94W or proof of ESTA Approval on VISA Waiver Program

    Borrower must have U.S. address at the time of application

    Foreign down payment, closing costs, and/or reserves must be transferred to U.S. institution

    Automatic Debit payment from U.S. institution

    24-month P&I Principle and Interest Reserves for Subject Property only

    12-month P&I reserves deposited prior to funding

    100% Gift funds OK and 60% Foreign National

    SFR Single Family Residence and PUD

    Condos

    2-4 Units

    Foreign Nationals

    Cash Out

    6 Months Purchase Seasoning required for Cash Out Refinance

    12 Months P&I in US Financial Institution

    Non-Owner Occupied OK

    Reserves Requirement

    Foreign Nationals

    Credit Notes

    Previous housing payment history, 1 30 day late Maximum

    3 open accounts on credit at minimum 1 year seasoned

    "Housing event" seasoning

    BK - 3 years

    Short Sale - 2 years

    Foreclosure - 5 years

     

    States:

     Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | | Maine | Maryland | Massachusetts | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington

    545 c277 12041

  • Qualify on a Lite Doc, 12 Month Bank Statement Program

    12 Month Average Gross Average Deposits in Lieu of Traditional Income Documentation

    July 2020

    Traditional Bank Statement Loan Alternative

    In addition to Bank Statements,1099's can be used without the 1040 or Schedule C. Add this income to the Bank Statements revenue can be accepted and considered more like a Full Income Documentation Program which will produce Full Income Documentation pricing

    Self-Employed Borrower's Only

    Purchase - 15% Down Payment to $650,000 loan amount

    R/T Refinance - 85% LTV. Cash Out - 80% LTV - $500,000 maximum cash out (cash-in-hand), not including proceeds applied to consolidate debt, "debt consolidation mortgage program"

    Jumbo Loan Amounts to $3,500,000

    Credit Notes:

    • Credit Score 680 Minimum Middle for all Borrowers
    • Bankruptcy Discharge Seasoning Requirements - 2 Years Seasoning Required for Chapter 7. No Seasoning Required for Chapter 13 Bankruptcy
    • Foreclosure Discharge Seasoning Requirement - 4 Years Seasoning Required
    • Loan Modification Complete (yeah, right. Lose your Paperwork, did they?)- 3 Years Seasoning Required 

    Available Terms:

    • 5, 7 and 10 year ARM's and 15 year fix
    • Balloon note at ARM maturity or option to roll into an equity line

    Owner Occupied Only

    SFR, Second Home, and 1-4 Units Properties - OK

    Get pre-qualified without a credit check

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming

     

    Refrence# - 74512

     

     

  • Jumbo and Super Jumbo Bank Statement Loans

    This is an income documentation program for self-employed or retired. Asset Depletion is a feature that we can utilize to offset income ratio guidelines.

    Bank Statements can also be utilized in lieu of traditional income documentation. This can be done under any loan program within this program's core product offering including the Super Jumbo program to 5 million. This loan is for borrowers that can't or chooses not to document their income but also have a considerable amount of liquid assets. The difference between this loan and a regular Bank Statement loan is the super jumbo loan amounts and the loan program flexibility, making it all-around easier to qualify for.

    In this lending market, many highly qualified borrowers with strong credit and reserves aren't getting the mortgage loans they should.

    Super Jumbo Loan Amounts to $5,000,000

    Credit Scores:

    • 680 middle credit score, the middle of the 3 scores or lower of 2

    Property Types:

    • Single Family Residence
    • Condo < 4 stories
    • 2-4 Units

    Full Income Documentation pricing applies because this is considered a Full Doc loan program

    Eligible Liquid Assets:

    CD's, Monet Market, Stocks, etc.

    48-72 hour underwriting turn-time

     

    States:

    Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Virginia | Washington | West Virginia | Wisconsin | Wyoming

  • Hard Money Super Jumbo Mortgage program

    Residential Hard Money Program

    Purpose:

    • Purchase, Rate&Term Refinance
    • Cash-Out Refinance
    • Bridge loans
    • Blanket loans
    • Rehab
    • Foreclosure Avoidance OK

    Eligible Occupancies:

    • Non-Owner Only

    Super Jumbo Loan Amount: $3,000,000

    Eligible Property Types:

    • Condo
    • High Rise Condos
    • Non-warrantable Condos
    • 1-4 Units

    Eligible borrowers:

    • Foreign Nationals
    • Foreign corporations
    • Non-resident alien

    Legal Entities:

    • Corporation
    • LLC
    • Trusts

    States:

    Florida only

    Underwriting Notes:

    Purchase seasoning not required for cash-out refinance

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Maine | Maryland | Massachusetts | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

    Ref #155524012115

  • True No Doc - No Income or Asset Documentation

    Direct lender- Lender makes the final decision and has over $100,000,000 to lend

    Income Documentation - No Doc

    No Income, No Assets, No Employment

    Foreign National OK

    National Program - all 50 states

    Loan Amounts:

    Loans down to $25,000 and up to $3,000,000 all No Documentation

    Quick Close:

    Closings average 10-15 business days from application to closing

    Credit:

    Credit scores down to 500 or No Score OK

    Loan purpose:

    Purchase and refinance- 30-day seasoning for cash out using new appraised value

    Terms:

    3-year loans for borrowers with longer-term exit strategy as well as traditional bridge funding for Investors

    Closing in natural person name OR business entity

    We have many alternative income documentation loan programs available. Don't pre-qualify yourself, consult a Mortgage Professional. 858-222-7534

     

    States:

     

    Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Lousiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington

     

     

     

    Reference# - 5542

  • Asset-Based Qualification Program

    Medium to High Net Worth Borrowers

    This is both a Stated Income and Asset Depletion loan program and it is designed for the high net worth borrower that is looking to purchase a primary home or Rate & Term refinance or Cash out refinance their primary home. The applicant must demonstrate their ability to save by providing proof of cash reserves that will support their existing and proposed debt, front and back-end debt ratio.

    Guidelines and Highlights

    Purpose:

    • Purchase, Rate & Term Refinance and Cash Out Refinance

    Income Programs:

    • Stated Income / Verified Assets (SIVA)
    • Asset Depletion
    • Tax Returns - Not Required
    • Form 4506-T - Not Required

    Income Documentation:

    • Bank Statements
    • Retirement Accounts
    • Investment Statements
    • Money Market Accounts

    Employment Type:

    • Self Employed

    Credit Criteria:

    • Mortgage history - No 30-Day lates for previous 25 months
    • Bankruptcy Seasoning: - 24 months
    • Foreclosure Seasoning - 24 months
    • Short Sale - 24 Months

    Credit Scores:

    • 680 Middle score for each borrower

    Loan to Value ratio (LTV)

    • 70% Maximum
    • Combined (piggyback Second Mortgage) Loan to Value ratio (CLTV)
    • 80% Maximum

    Debt to Income Ratio (DTI):

    • 50% maximum

    Maximum Loan amount:

    • $2,000,000

    Property Types:

    • SFR- Single Family Residence
    • 1-4 Units

    Occupancy:

    • Owner Occupied Only

    Terms:

    • 5 Year ARM
    • 7 Year ARM
    • 10 Year ARM

    States

    Arizona, Cali:fornia, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, Maryland, Minnesota, Nevada, Oklahoma, Oregon, Texas, Utah, Washington

     

    Reference# 535 06131519-9-22-1

  • Soft Money Mortgage Program

    Exceptions made to 80% LTV for the state of California.

    This means that the pricing is less than the traditional Hard Money type loan program. Discounted pricing with qualifying Credit Score / FICO.

    No Doc on Investment / Non-owner Occupied

    Residential or Commercial

    LTV:

    • 70% - maximum

    Loan Purpose:

    • Purchase or Cash-out refinance

    Loan Amounts:

    • Minimum - $100,000
    • Maximum - $10,000,000

    Property Types:

    • Single Family Residence SFR - Attached
    • Single Family Residence SFR - Detached
    • 1-2 Units
    • 1-4 Units
    • 5+ Units

    Occupancy:

    • Owner-Occupied/Primary
    • Non-Owner Occupied

    Credit Scores:

    Owner-Occupied - case-by-case

    Terms Available:

    • 1 year ARM
    • 3 Year ARM
    • 5 year ARM
    • Interest Only payment terms available

    Income Documentation:

    • No Doc

    Underwriting notes:

    Must have a valid social security number

    Foreign Nationals allowed:

    Appraisal

    Appraisal paid for up front by borrower upon loan approval

    Appraisal ordered by the lender

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

  • 12 Months and 24 Months Bank Statements Alt Doc Home Loan

    700 Credit Score:

    • $1,500,000 Loan Amount | 4 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $2,000,000 Loan Amount | 6 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $2,500,000 Loan Amount | 6 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $3,000,000 Loan Amount | 9 Months Reserves

      • LTV 85% - Purchase

      • LTV 80% - Cash Out Refinance

    • $4,000,000 Loan Amount | 12 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $4,500,000 Loan Amount | 6 Months Reserves

      • LTV 85% - Purchase

      • LTV 80% - Cash Out Refinance

     

    680 Credit Score:

     

    • $1,500,000 Loan Amount | 4 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $2,000,000 Loan Amount | 6 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $2,500,000 Loan Amount | 6 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $3,000,000 Loan Amount | 9 Months Reserves

      • LTV 85% - Purchase

      • LTV 80% - Cash Out Refinance

    • $4,000,000 Loan Amount | 12 Months Reserves

      • LTV 90% - Purchase

      • LTV 85% - Cash Out Refinance

    • $4,500,000 Loan Amount | 18 Months Reserves

      • LTV 85% - Purchase

      • LTV 80% - Cash Out Refinance

    Maximum Loan Amount: $4,500,000

    Credit Notes:

    • Minimum credit score: 580

    • No mortgage lates allowed previous 24 months

    • Housing Credit Event Seasoning 36 Months (Bankruptcy, Foreclosure, Short Sale, Loan Modification)

    • Minimum tradelines 2 open and active minimum of 12 months

    Cash-Out (Cash in Hand) Limit:

    • Maximum LTV - 80%

    • Loan amount > $1,500,000 Maximum LTV - 75%

    Eligible Property Types:

    • Single Family Residence

    • Condo (non-warrantable condo maximum loan amount - $2,000,000)

    • 2-4 Units - Maximum LTV - 85%

    DTI (Debt-to-Income Ratio):

    • 55%

    Terms Available

    • ARM's

      • 5/1 LIBOR

      • 7/1 LIBOR

    • Fixed Rate

      • 30 Year Fixed

      • 15 Year Fixed

    • Interest Only - 120 Month Term

     This particular loan program is available in the following states:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Nevada | New Hampshire | New Jersey | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Utah | Virginia | Washington

    Reference # 541 052218 10-13-1-3 

  • Second Mortgage Bank Statement Mortgage Loan Program

    Stand-Alone Second Mortgage Program

    Required Credit Score - 700

    CLTV (Combined Loan-to-Value) / Loan Amount:

    • 85% CLTV / $250,000
    • 80% CLTV / $350,000
    • 75% CLTV / $500,000

    Property Types

    • Single Family Residence
    • Townhomes
    • Condos
    • PUD's

    Occupancy:

    • Owner-Occupied Only

    Cash Reserves:

    • 3 Months PITI - Principal, Interest, Tax, and Insurance

    Credit Criteria:

    Credit Criteria Credit Accounts/Tradelines:

    This second mortgage bank statement mortgage loan requires the borrower's credit report to show a minimum of 3 open or closed tradelines with a minimum of 12 months of activity history or 2 tradelines with a 24-month history that also requires activity within the previous 12 months, not including Authorized User-Accounts. Alternative tradelines are acceptable such as a 12 months housing payment history. Credit accounts to which the borrower is not required to make payments is not considered an acceptable tradeline such as deferred loans, derogatory items such as collections, charge-offs, including accounts that were discharged in a bankruptcy.

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Nevada | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

     

    reference# 225-7-18-5-5-14

  • Alternative Income Documentation for Self-Employed and W2 Commission Business Professionals

    This 6 Month Super Jumbo Bank Statement Non-Qualified Mortgage (Non-QM) Loan program is for all residential property types and occupancy types including investment properties. This lender requires a minimum credit score of 660 and goes to a maximum loan-to-value ratio (LTV) of 80% See details below:

    6 Months Business and/or Personal Bank Statements - 660 Minimum Middle Credit Score

    Eligible Transactions:

    • Purchase

    • Refinance - Rate/Term

    • Refinance - Cash Out

    Eligible Occupancies

    • Owner-Occupied / Primary Residence

    • Second Homes

    • Investment Properties - 6 Maximum

    Eligible Property Types

    • Single Family Residence (SFR)

    • Condominiums (including non-warrantable condos)

    • Planned Urban Development (PUD's)

    • 2 - 4 Unit

    SFR, Condos, and PUD's: Owner-Occupied / Primary Residence

    • Purchase and Rate / Term Refinance

      • 80% LTV - $1,000,000

      • 75% LTV - $3,000,00

    • Cash Out Refinance

      • 70% LTV - $1,000,000

      • 65% LTV - $3,000,000

    Second Home - Purchase and Rate/Term Refinance

      • 65% LTV - 3,000,000

    Second Home - Cash Out Refinance:

      • 65% LTV - $3,000,000

    2-4 Unit's

    Purchase/Rate and Term

    • Owner-Occupied / Second Home

      • 70% LTV - $3,000,000

    • Owner Occupied / Second Home - Cash Out Refinance

      • 65% LTV - $3,000,000

    SFR, 1-4 Units, Condos & PUD's

    Purchase and Rate/Term Refinance

    • Investment Property

      • 70% LTV - $3,000,000

    Cash Out Refinance

    • Investment Property

      • 65% LTV - $3,000,000

    Purchase/Rate and Term

    • Owner-Occupied / Second Home

      • 70% LTV - $3,000,000

    • Owner Occupied / Second Home

      • 65% LTV - $3,000,000

    6 Months Business and/or Personal Bank Statements

    States:

    Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Nevada | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

  • Jumbo and Super Jumbo Alt Doc: | Bank Statements - Self-Employed | 1 Year Lite Doc - W2 Wage Earner

    Purpose: Purchase, Rate/Term and Cash Out: 6 Months Purchase Seasoning Required to use "Current Market Value" for LTV Purpose

    Wage Earner Income Documentation - Lite Doc

    • One (1) Year Employment Verification
    • Previous Year W2 and YTD Paycheck Stub
    • Verbal Verification of Employment
    • 4506-T Signed and Executed

    Self Employed Income Documentation - Alt Doc and Lite Doc

    Bank Statements for Income: 8 Options:

    24 Months Business or Personal Bank Statements

    12 Months Business or Personal Bank Statements

    6 Months Personal Bank Statements

    3 Months Personal Bank Statements

    2 Months Business Bank Statements

    1 Month Personal Bank Statement

    • 24 Month P&L


    Eligible Employment Types: C Corporation, S Corporation, Independant Contractor, LLC, Partnerships


    Self-Employment for     Verification of Employment (VOE):         Evidence of Ownership Documentation


    Alt Doc Self-Employment VOE Document Examples:

    • Business Entity 2 Years: Articles of Incorporation
    • Evidence of Ownership: 2 Years: Business License, CPA Letter
    • Schedule C's


    Wage Earner Co-Borrower:     Co-Borrower Verbal Verification of Employment


    Liquid Assets Requirements - Separate Sources of Funds Must be Documented and Verified:

    • 80% LTV - 6 Months PITI
    • 80% LTV - 3 Months PITI


    Property Types: SFR - Detached; SFR - Attached; Warrantable Condominiums; PUD's

     

    Occupancies: Owner Occupied; Non Owner Occupied / SFR Investment


    Credit:

    • Credit Score: 600 Minimum


    Credit Criteria Notes:

    • Mortgage – 12 Months, 0X30 Days Late. 24 Months, 0X60 Days
    • Back Taxes, Judgments, Charge-Offs, Tax Liens, Title Liens. All Must Be Paid Before the Closing Table


    Credit Seasoning:

    • Bankruptcy
      • Chapter 7: 24 Months
      • Chapter 13: 36 Months
    • Foreclosure: 36 Months


    Separate sources of income must be documented and verified.

     

    States:


    Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Maine | Nevada | North Carolina | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

  • Use Bank Statements as Income Alternative -No Tax Returns and No Form 4506-T


    Bank Statement Loans:

    • 1 Month Personal Bank Statement
    • 2 Months Business Bank Statements
    • 3 Months Business or Personal Bank Statements
    • 6 Months Personal Bank Statements
    • 12 Months Personal Bank Statements 
    • 24 Months Business Bank Statements


    Primary Borrower Must: be Self-Employed - W2 Co-Borrower - OK     

    Self-Employed is Defined by 25% Ownership in a Compan

    Asset Depletion

    Asset Depletion / Asset Based: (in conjunction (Blended Income) with any Full or Alt Doc program)

    3 Reduced Doc Options:

    • 1 year Lite Doc
    • 1 year W2 or 1 year 1099 in lieu of the standard 2-year income history and employment history verification requirements including full Tax Returns with all Schedules
    • 4506T is executed but for only the 1 year W-2. Not the previous year.
    • 4506T is not executed for the self-employed borrower
    • Tax Returns not required
    • 1 Year Tax Returns instead of the standard 2-year requirement
    • 1 Year P&L Profit and Loss Statement
      • Borrower Prepared and Unaudited


    Available Alt Doc: No Doc, Stated Income, B    ank Statements, Reduced Doc, Asset Depletion, Lite Doc


    Assets / Reserves:

    • 24 Months Reserves Seasoned for 3 Months or VOD Verification of Deposit


    Property Types:

    • SFR Single Family Residence

    • Condominiums < 4 stories

    • Condominiums - highrise OK

    • Townhouses

    • 1-2 Units

    • 2-4 Units

    • Duplex


    Occupancies:

    • Owner Occupied

    • Second Home

    • Non-Owner Occupied


    Available Terms:

    • ARM's: 3/1, 5/1, 7/1, 10/1

    • Fixed Rates: 15 Year, 20 Year, 30 Year


    600 Credit Score to 80% LTV


    DTI - 55%


    Underwriting Notes:

    • 3 previous 30-day Mortgage Lates within Previous 12 Months OK
    • 1 60-day Previous Mortgage Late within the Last 12 Months - OK
    • Short Sale, 1 day seasoned
    • Foreclosure, 1 year seasoned
    • Bankruptcy, 1 year seasoned
    • Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)

     

    States:

    Alabama | Arizona |  | California | Florida | Georgia | Maryland | Massachusetts | New Jersey | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

  • Alternative Income Documentation - Bank Statement Month Options

    Business or Personal (co-mingled) Account Statements

    Bank Statement Terms by Month

    • One Month - Business Account

    • Two Month - 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)

    • Interest Only Available - 40 Year Amortization

    Eligible Purpose Transactions:

    • Purchase

    • Refinance - Rate/Term

    • Refinance - Cash Out

    Primary Residence / Owner-Occupied:

    • Single Family Residence

    • 1-2 Unit

    • 1-4 Unit

    Matrix: Credit Score / LTV / Loan Amount

    • Purchase and Rate & Term

      • 550 - 65% - $1,000,000

      • 580 - 75% - $1,500,000

      • 640 - 80% - $2,000,000

      • 680 - 85% - $3,000,000

      • 700 - 90% - $3,000,000

    • Refinance - Cash-Out:

      • 580 - 65% - $1,000,000

      • 640 - 70% - $1,500,000

      • 680 - 75% - $1,500,000

      • 720 - 80% - $2,000,000

    Investment / Non-Owner-Occupied:

    • Single Family Residence

    • Condo

    • 1-2 Unit

    • 1-4 Unit

    Matrix: Credit Score / LTV / Loan Amount

    • Purchase and Rate & Term:

      • 620 - 70% - $1,000,000

      • 640 - 70% - $1,500,000

      • 660 - 75% - $2,000,000

      • 680 - 80% - $2,500,000

      • 700 - 80% - $3,000,000 

    • Refinance - Cash-Out:

      • 620 - 65% - $500,000

      • 640 - 65% - $1,000,000

      • 680 - 75% - $1,500,000

      • 720 - 75% - $2,000,000

    Major Credit / Housing Event Seasoning Requirements:

    • Bankruptcy

      • Settled - 70% LTV

      • One Year - 80% LTV

      • Two Years - 85% LTV

      • Three Years - 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:

    • 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%

    • Giift of equity not allowed

    Interest Only payment feature available to 80% LTV

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Mississippi | Missouri | Nevada | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia | Washington | Wisconsin

    c1-11t-10l1-117

  • Stated Income Mortgage Program

    Almost all stated income loan programs are for investment properties. This loan is special in that it provides the option for people that cannot or prefer not to verify their income to purchase or refinance theirprimary home. In addition, what is also unique about this program is it allows for cash-out on a refinance in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, Texas, Virginia, and Washington. Cash Out Refinance to LTV Financing: 90% LTV to $3,000,000

    True Stated Income | Owner-Occupied Primary Residence 

    Property Types:

    • Single Family Residence SFR
    • Condo (70% LTV maximum)
    • No Non-warrantable Condos


    Eligible Occupancies:

    • Single Family Residence - Attached
    • Single Family Residence - Detached
    • Second Home to 60% LTV - $750,000 on Purchase and Refinance. -No Cash Out


    Credit Score Requirement - 700

     
    Refinance Cash Out to 85% LTV | $3,000,000


    Verified Asset Requirements:

    • Loan Amounts Less than $650,000 Must be $100,000 liquid
    • Loan Amounts Greater than $650,000 Must be $250,000 liquid
    • Loan Amounts Between $1,000,000 to $1,500,000 Must be $500,000 liquid
    • Greater than $1,500,000 - $1,000,000 Must be $750,000 liquid


    Underwriting Highlights:

    • The borrower cannot have more than 3 financed properties. No limit on the number of properties owned
    • Non-owner occupied borrowers not allowed
    • Private mortgage insurance not required
    • 10 acres maximum on property


    Appraisal Notes:

    • Full Appraisal required, interior and exterior with photos of both
    • Desk review required for all loans greater than $750,000
    • Property cannot have been on MLS for less than 90 days
    • No purchase seasoning - utilize the current market value


    Credit History Notes:

    • Payment history: No 30 day lates within last 24 months on mortgage or rent
    • No 30 day lates on any consumer debt, revolving or installment
    • Minimum 2 year active history on a minimum of 2 accounts required

     
    Self-Employed and Wage Earner Job and Income Document Requirements


    Self Employed:

    • 2 year Job History
    • Compies Phone Must be Located on a third Party Internet Phone Directory websites Phone number will be verified via the internet
    • Business license or CPA letter
    • 2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK
    • Rental Agreements can be qualified as income


    Eligible Borrowers:

    • US Citizen
    • Permanent and Non-permanent Resident Aliens
    • 3% contribution OK

     

    Unconventional Credit Is Acceptable. Any liens on the subject property must be a minimum of 6 months seasoned. 12 months on a HELOC with no draws within the last 12 months

     

    States:

     

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

     

    Reference# 254 52502021

  • Asset Depletion Jumbo Loan

    Income Documentation Alternative:

    Asset Depletion

    Self Employed and W-2 Wage Earner Co-Borrower

    660 Mortgage Credit Score - 80% LTV to 2 million

    640 Mortgage Credit Score - 75% LTV to 2 million

    Credit Notes:

    2 years seasoning required from bankruptcy discharge date

    2 years seasoning required for short sales and foreclosures

    Purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance - $500,000 Maximum Cash Out

    Property Types:

    • Single Family Residence SFR

    Occupancies:

    • Owner Occupied
    • Second / Vacation Home – 80% maximum LTV

    Debt to Income ratio:

    • 43% maximum DTI 

    States:

    Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

     

    Reference # - 124 527030515 PS

     

    Mortgage brokers/lenders perform acts for which a real estate license is required.

  • Non-Qualified Mortgage (Non-QM) - Jumbo Programs

    Income Documentation: Asset Utilization and Cash-Flow (bank statements) Program - Creative Financing

    This Loan Program is Designed for Borrowers Who Fall Just Outside Prime Jumbo

    Income Documentation for Self-Employed Borrowers and or W2 Commission Employee


    2 Options:

    • Bank Statements - 24 months Business Bank Account or 12 Months Personal Bank Account with or without Asset Depletion (asset utilization)


    Low Doc

    • 1 Year W-2 and/or 1-Year Tax Return (stand-alone or in conjunction) with YTD Profit & Loss (P&L) - Borrower Prepared and unaudited
    • Bank Statements and Low Doc Programs are for Self-Employed Borrowers Only. Co-Borrower W-2 Employee OK for Low Doc - 1 Year W-2 in Lieu of the Traditional 2-Year Requirement

    Max Debt-to-Income Ratio: (DTI) 50% Based on and/or (stand-alone or in conjunction) Liquid Assets, Cash-Flow and Real Estate Portfolio equity


    Loan Purpose Percentage of Financing

    • Purchase - 10% Down Payment
    • Refinance - 90% LTV
    • Cash Out Refinance - 85% LTV

     

    Credit

    • Minimum Mortgage Credit Score: 660 (middle score)
    • 4 Years Seasoning Required on Bankruptcy, Foreclosure, and Modification

     

    Jumbo Loan Amounts; $2,500,000 Maximum

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

    reference - 1245587

  • Purpose:

    • Purchase / Rate & Term Refinance - 90% LTV

    Cash Out - 85% LTV


    Loan Amounts:

    • $3,000,000 Maximum
    • $2,000,000 Cash Out


    Employment Types:

    • Self Employed - Two Years Minimum
    • Wage Earner / W2 Co-Borrower OK


    Eligible Business Entities:

    • Corporation
    • LLC
    • Sole Proprietor


    Employment Verification:

    • Business License or Business Certificate If Applicable
    • CPA Letter or Equivalent


    Income and Employment Documentation:

    • 12 Months Bank Statements
    • Borrower Prepared and Unaudited Profit and Loss Statement. Bank Account or Personal Bank Account  - OK
    • Utilize Liquid Assets for Additional Income
      • Checking Accounts, Savings Accounts, Stocks, Bonds, Mutual Funds, Certificates of Deposit, Money Market Funds, Trust Accounts, Retirement "amount invested", Trade Equity, Savings Bonds, Peanut Butter & Jelly Sandwiches with the Crusts Removed, Trust Accounts, Sale of Real Estate, Etc.


    Property Types:

    • SFR - Detached
    • SFR - Attached
    • 2-4 Units
    • Condominiums
    • PUD's


    Occupancies:

    • Owner-Occupied
    • Investment
    • Second Home


    Credit Scores:

    • 620 Minimum
    • 720 Score: LTV 90%


    Credit Seasoning:

    • Bankruptcy: Four Years, Two Years with Compensating Factors
    • Foreclosure: Four Years, Two Years with Compensating Factors
    • Short Sale: Four Years, Two Years with Compensating Factors
    • Loan Modification: Four Years, Two Years with Compensating Factors


    Compensating Factor Examples: Low LTV. Low DTI. Credit Depth and Over-All Seasoning

    DTI – 50

     

    States:


    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Maine | Mississippi | Missouri | Nevada | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Utah | Virginia | Washington

    r 3-9-20 0229919

  • Jumbo Bank Statement Loan - $3,500,000

    Purpose: Purchase Rate & Term Refinance - Rate & Term and Cash Out

    • Maximum Cash Out - $2,000,000


    Available Loan Amounts:     $3,000,000


    Eligible Employment Types:

    • Self Employed  (Defined as =/> 25% Owner)

    • Wage Earner / W2 Co-Borrower - OK


    Eligible Employment History:

    • One Year Employment History - OK "Lite Doc"


    Employment Verification:

    Acceptable (VOE) Verification of Employment Lender Guideline Options:

    • Business License

    • Business Organization Paperwork or Regulatory Equivalent.

    • CPA Letter or Equivalent

    Income Documentation: (No 4506-T)

    • 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..yes!


    Liquid Reserves Requirements:

    6 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.


    Utilize Liquid Assets for Additional Qualifying Income

     Eligible Liquid Assets 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

    • Sale of Real Estate


    Eligible Business Entities:

    • C Corporation

    • S Corporation

    • LLC

    • Sole Proprietor


    Eligible Property Types:

    • SFR - Single Family Residence - Detached

    • SFR - Single Family Residence - Attached

    • 1 - 2  Units

    • 2 - 4 Units

    • Condominiums

    • PUD's


    Eligible Occupancies:

    • Owner-Occupied

    • Investment

    • Second Home (Vacation)


    Credit:

    Credit Scores - 620 Minimum

    720 Score - Max LTV 85%


    Housing / Life Event Credit Seasoning:

    • Bankruptcy: 4 Years, 3 Years with Compensating Factors

    • Foreclosure: 4 Years, 3 Years with Compensating Factors

    • Short Sale: 4 Years, 2 Years with Compensating Factors

    • Loan Modification: 4 Years, 3 Years with Compensating Factors

    Compensating Factor Examples: Low LTV. Low DTI. Credit Depth and Over-all Seasoning (credit depth, mortgage credit, liquid assets, etc.)

    DTI - 50% Max


    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Missouri | Nevada | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

  • Alt-Doc Mortgage Program

    90% LTV (loan-to-value) Financing

    $1,000,000 - Maximum loan amount:

    • 3 Month Reserve Requirement for Each Property Owned

    $2,500,000 - Maximum loan amount:

    • 6 Month Reserve Requirement for Each Property Owned

    Residual Income Requirement: / DTI

    DTI Less Than 35% - $2000 Monthly Residual Income

    DTI Greater Than 35% - $3000 Monthly Residual Income

    Property Types:

    SFR Single Family Residence

    PUD Planned Urban Development

    Condo

    • Non-Warrantable

    DTI

    50% with 680 Credit Score to 80% LTV

    Interest Only payment Available - 680 Credit Score

    Gift Funds

    100% financing available with 20% gift

    Underwriting Notes:

    Super Jumbo Loan Amounts require a second appraisal

    Credit Notes:

    0 30 Day Mortgage Lates - 12 Month History

    Maximum Properties Owned:

    Owner Occupied - No Limit

    Investment Property or Second Home - 10 Maximum unless LTV

    • less than 75%, LTV, No Limit

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Mississippi | Missouri | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

    Reference # 214 554488

  • This hard money lender will do primary residential loans which are somewhat rare.

    Similar to a Business Purpose Mortgage Loan

    Purpose:

    • Purchase
    • Refinance, Rate & Term and Cash out
    • Refinance - Cash Out. $1,500,000 Maximum
    • Construction
    • Bridge Loan
    • Blanket Loan


    Loan Amounts: $125,000 to $5,000,000


    Eligible Property Types:

    • Single Family Residence SFR
    • 1-4 Unit residential and commercial
    • Condos
    • Townhomes
    • Non-Warrantable Condominiums
    • Mixed-use


    Eligible Occupancies:

    • Owner Occupied
    • Non Owner Occupied
    • Non-Occupant Co-Borrower OK


    Eligible Borrowers:

    • Foreign Nationals
    • Foreign Legal Entities
    • Probate OK


    Underwriter Notes:

    No Seasoning Requirements for Foreclosure, Bankruptcy, Short Sale, Notice of Default, Notice of Sale

     

    States:

    Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Lousiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington

    Reference# - 44154

  • Non-Prime Super Jumbo Bank Statement Loan

    24 Consecutive Months Personal or Business Bank Statements

    Alternative Income and Verification of Employment Documentation Options:

    Self-Employed Alternatives:

    • Bank Statements

    • Borrower Prepared P&L

    • Tax Returns Not Required

    • Form 4506-T Not Required

    Jumbo Maximum Loan Amount - $4,000,000

    Flexible Debt-to-Income Ratios - 55%

    Full Doc for Salary Employee - W-2's and 30 Days Paycheck Stubs

    Full Doc for Commission Professional - 2 years 1040's and Profit and Loss Statement

    Liquid Assets Not Required

    No Mortgage Lates

    Be advised, the following Credit Scores are Mortgage Credit Scores - Consult a Mortgage Professional to be properly pre-qualified without having your credit checked 

    No Liquid reserve requirement - $0

    For this program, Underwriter will utilize 100% of Personal Bank Statement deposits and as much as 90%  of Business Bank Statement deposits along with either a "Borrower Prepared Unaudited Profit and Loss" or an expense Letter from CPA or Tax Preparer Professional.

    -Let a Mortgage Professional qualify your debt ratio

    Rural properties OK for A through B- credit grades 

    • Purchase Loans LTV - Credit Score:

      • 90% LTV - 700 Middle Credit Score

      • 85% LTV - 640 Middle Credit Score

      • 80% LTV - 600 Middle Credit Score

      • 75% LTV - 550 Middle Credit Score

      • 65% LTV - 500 Middle Credit Score

    • Cash Out Refinance  LTV - Credit Score:

      • 75% LTV - 700 Middle Credit Score

      • 75% LTV - 660 Middle Credit Score

      • 75% LTV - 600 Middle Credit Score

      • 70% LTV - 550 Middle Credit Score

      • 65% LTV - 500 Middle Credit Score

    • Major Derogatory Credit Seasoning Requirements:

      • Bankruptcy- 2 years seasoned

      • Foreclosure - 2 years seasoned

    • Property Types:

      • Single Family Residence

      • Condo

      • Non-Warrantable Condos

      • Townhouse

      • 2-4 Unit

      • Condotels Case-Specific

    • Eligible Occupancy Types:

      • Owner Occupied

      • Non Owner Occupied

      • Second Home

     

    States:

    Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Mississippi | Missouri | Nevada | New Hampshire | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

    R 3-9-20-1-4-5-12

  • This loan program is designed for home-buyers (purchase transaction) and home-owners (refinance transaction) that do not want to provide (Form 4506-T not required) or are unable to produce (business and/or personal tax returns, W-2's, paycheck stubs, lease agreements, etc..) traditional income documentation; have been on their job/profession/a business owner for less than 2 years; have a major credit event on their credit report (Non-Prime) such as a bankruptcy, foreclosure, short-sale, loan modification, or automobile repossession; have a Full Doc debt to income ratio higher than 43% or would like a more flexible term such as a 40-year amortization payment with or without an "interest-only" payment option or just happen to fall outside the credit (depth or seasoning) guideline requirements of a Qualified (QM) or "prime" jumbo mortgage loan.

    Creative "Ability-to-Repay" (ATR) Financing


    Asset Utilization and/or Cash-Flow (bank statements) Loan Program


    Loan Purpose and Percentage of Financing:

    • Purchase - 10% Down Payment
    • Rate/Term Refinance - 90% LTV
    • Cash Out Refinance - 85% LTV


    Income Documentation Program - 6 Options for Self-Employed in Conjunction  with a "Borrower Prepared" and Unaudited Profit & Loss Statement | P&L


    "Alt-Doc" (self-employed): Bank Statements and/or Asset Depletion / Asset Utilization:

    • 24 Months Business Bank Account
    • 12 Months Personal Bank Account
    • Asset Depletion (asset utilization)
    • "Low Doc" (self-employed and W-2): Reduced Doc
    • 1 Year W2 and/or 1-Year Tax Return


    Alt Income: Borrower Prepared P&L


    Alt Doc and Low Doc Programs are for the Primary and Self-Employed Borrower:

    • Co-Borrower W-2 Employee OK for Low Doc - 1 year W-2 in Lieu of the Traditional 2-Year Requirement

     

    Debt-to-Income Ratio: (DTI) - 55%

     

    Based on Bank Statement Cash-Flow, Liquid Asset Reserves (stand-alone or in conjunction with bank statements) Liquid Assets, Cash-Flow, and Real Estate Portfolio Equity

     

    Borrower Credit Profile:

    • Cannot Provide Conventional "Full Doc" Income documentation
    • Unseasoned (<2 years) Employment History
    • Unseasoned Credit Event - Bankruptcy, Foreclosure, Short-Sale, Loan modification
    • >43% Debt-to-Income (DTI) Ratio

     

    Jumbo: $3,500,000

     

    Credit Notes:

    Mortgage Credit Score: 660 minimum middle score or lower of 2 scores

     

    Seasoning:

    • Bankruptcy - 3 years from discharge date
    • Foreclosure - 2 years
    • Short-Sale - 2 years
    • Loan Modification - 2 years

     

    Reference # - 1245587

     

    States:


    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kentucky | Maine | Maryland | Missouri | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia | Washington

  • Bank Statement Loan for Self Employed Borrowers

    January 2020

    Bank Statement Income Loan

    Self Employed Only - Person6al or Business Bank Statements.

    Bank Statement loan means to utilize 12 or 24 months of borrower personal and or business bank statements to show income in lieu of traditional income documents. This income documentation option is for the owner-occupied purchase, refinance and or cash out loan.

    This lender requires 24 months and will utilize gross monthly deposit amounts to represent gross income. Personal bank statements can be used as business bank statements. All pages required (except processed checks) for all months.

    Asset Depletion Income Loan

    For the investment property buyer, including non-owner occupied and Second Home as well as multi-unit business loans, this lender has an additional income documentation program, the "asset depletion" program. Borrowers with verifiable cash or other liquid assets may use those assets to qualify with a Letter of Explanation defining the source and contemplated depletion of these assets over the course of the loan term to pay obligations.

    This lender will go down to a 500 credit score. Also allows for previous bankruptcies, foreclosures, and short sales.

    Purpose:

    Purchase, Rate & Term and Cash Out Refinance

    700 Credit Score

    Purchase to 90% LTV

    Rate & Term Refinance to 85% LTV

    Cash Out Refinance to 80% LTV

    Previous one year- no mortgage lates allowed

    Bankruptcy, Foreclosure and Short Sale OK

     

     

     

     

     

     

     

     

    650 Credit Score

    Purchase to 85% LTV

    Rate & Term Refinance to 85% LTV

    Cash Out Refinance to 80% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - one 30 day mortgage late allowed

     

     

     

     

     

     

     

     

    600 Credit Score

    Purchase to 80% LTV

    Rate & Term Refinance to 75% LTV

    Cash Out Refinance to 70% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - 30 day mortgage lates allowed. No 60 day lates

     

     

     

     

     

     

     

     

    550 Credit Score

    Purchase to 70% LTV

    Rate & Term Refinance to 70% LTV

    Cash Out Refinance to 65% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - 60 day mortgage lates allowed. No 90 day lates

     

     

     

     

     

     

     

     

    500 Credit Score

    Purchase to 80% LTV

    Rate & Term Refinance to 75% LTV

    Cash Out Refinance to 75% LTV

    Bankruptcy, Foreclosure and Short Sale OK

    Previous one year - 90-day mortgage lates allowed. No 120-day lates

     

     

     

     

     

     

     

    Underwriting Notes:

    Non Owner and Second Home OK

    Maximum Loan Amount $2,000,000

    2-4 Units, Condos, Townhouses, rural and condotels OK

    First Time Homebuyer OK

    Non-Occupant Co-Borrower OK (case by case basis

     

    States: Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington State

     

    Reference - 139 526020315

  • Non-Prime Investor Program

    Real Estate Investor can own up to 20 financed properties

    Credit Score Requirements 

    • 720 Credit Score - 75% LTV
    • 560 Credit Score - 60% LTV

    Maximum Loan amount - $750,000

    Loan purpose:

    • Purchase
    • Refinance
    • Cash Out Refinance - $300,000 maximum

    Property Types:

    • SFR Single Family Residence
    • 1-2 Units
    • 1-4 Units

    Occupancy:

    • Investment Property / Non Owner Occupied 

    Credit Notes:

    • 2 years seasoning required from bankruptcy discharge date
    • No seasoning required for short sales and foreclosures
    • 50% maximum DTI Debt to Income ratio

    States:

    Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

    Reference # - 125 527030515 

  • Self Employed Home Loan Program

    This loan program is for home buyers and homeowners that have recently experienced a housing event such as bankruptcy, foreclosure or short sale. Self Employed borrowers can document their income by providing bank statements in lieu of conventional to support income and if there is a wage earner borrower, too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.

    Guidelines and Highlights

    Purpose:

    • Purchase, Rate and Term refinance and Cash Out Refinance

    Income Program:

    • Alternative Documentation "Alt-Doc"

    Income Documentation:

    • Unconventional - 12 months Bank Statements for self-employed

    and or

    • Conventional - W-2 and paystub for wage earners

    Employment Types:

    • Self Employed
    • W-2 Salary Wage Earner

    Credit Criteria:

    • Mortgage History - 1 30-Day late for last 12 months
    • Bankruptcy Seasoning: - 1 Day
    • Foreclosure Seasoning - 1 Day
    • Short Sale - 1 Day

    Credit Scores:

    • 580 Minimum

    Loan to Value ratio (LTV)

    • 80%

    Debt to Income Ratio (DTI):

    • 50%

    Maximum Loan Amount:

    • $2,000,000

    Property Types:

    • Single Family Residence (SFR)
    • 1-2 Units
    • 2-4 Units

    Occupancies:

    • Owner Occupied / Primary
    • Investment

    Terms:

    • 30-Year Fixed
    • 15-Year Fixed
    • 7 Year ARM

    No Prepayment Penalty

     

    States: Arizona, California, Colorado, Florida, Georgia, Oregon, Washington

     

    Reference# 535 06131519-16-12-16

  • Asset-Based Loan Program

    Qualifying criteria for this loan program are Asset Based. This program can also be used to supplement other alt doc programs

    4506-T Not Required

    This loan program is specifically designed for high net worth borrowers. Qualifying calculation based on verified liquid assets as an alternative method to traditional income verification to determine borrower's ATR "Ability to Repay".

    Our investors take a common-sense approach to underwriting the creditworthiness of a particular borrower in regard to the individual's ability to repay the loan.

    People and their financial situations can be complex and unique, each with their own qualities and compensating factors. Our objective is to identify a borrower's reasonable ability to repay a loan while mitigating risk for the end investor. Often the answer is overwhelmingly obvious that the applicant is worthy of a loan and thus the interest rate, fees and terms offered are very reasonable. Unconventional income is often better in terms of proper evaluation. This decision is centered upon the verification of the income documents provided by the borrower.

    Verified Assets for income, down payment, closing costs and cash reserves

    Foreign Nationals OK for second homes and investment properties

    Alternative Income Documentation

    • 12 months bank statements - Large or Disproportionate Deposits Must Be Sourced
    • No Tax Returns, W-2's, Paycheck Stubs, Profit and Loss Statements Required
    • Self Employed and W-2 salary employees - OK


    Maximum Loan Amount - $750,000

    Maximum Cash Out - $500,000

    Eligible Asset Documentation

    • 12 months seasoned required - actual bank statements, not computer browser summary print out
    • VOD / Verification of Deposit - OK
    • Liquid assets for down payment and closing costs required

    Acceptable Asset Documentation Sources

    • Checking and savings account - 100%
    • Stocks and bonds - 75%
    • Mutual funds - 75%
    • 401K and IRA - 75%
    • "Business funds" - OK

    Loan Amounts - PITI Reserves Requirements

    • <$625,000 - 6 months
    • $625,000 - 9 months
    • $1,000,000 - 12 months' reserves
    • $2,000,000 - 18 months' reserves

    $3,000,000 - 24 months' reserves


    Eligible Property Types:     

     

    • SFR / Single Family Residence

     

    • PUD's

     

    • 1-2 Unit


    Primary Residence Only

    680 Credit Score

    • 75% LTV to $1,000,000
    • 65% LTV to $2,000,000
    • 50% LTV to $3,000,000


    Second Home

    640 Credit Score

    • 65% LTV to $750,000
    • 60% LTV to $2,000,000con
    • 50% LTV to $3,000,000

    660 Credit Score

    • 75% LTV to $750,000
    • 65% LTV to $2,000,000
    • 50% LTV to $3,000,000

    Cash Out requirements- 12 months title seasoning required to use current market value for LTV qualification


    Credit Criteria:

    Derogatory tradelines (liens, judgments, charge-offs, and collections) - 2 years seasoned


    Housing Event Seasoning Requirements:

    • Foreclosure - 2 years seasoned
    • Bankruptcy - 4 years seasoned
    • Short Sale - 2 years seasoned
    • Mortgage lates - 2 years seasoned


    Tradelines    :

    • 5 tradelines - 24 months history
    • 3 tradelines open and active - 24-month history


    Underwriter Notes

    Loan Amounts greater than $1,500,000 requires 2 appraisals

    Gift money and or equity - no can do

    Permanent and Non-Permanent Resident Aliens - OK

    First Time Homebuyers - OK to 60% LTV with a maximum loan amount of $1,200,000

    Nonexistent housing history for last 2 years considered

    Dodd-Frank Compliant

     

    States:


    Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Michigan, Minnesota, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Virginia, Vermont, Washington, Wisconsin

     

    Reference # 444 010288

  • Bank Statement Program - 2020

    This Bank Statement mortgage is designed for self-employed borrowers. You benefit from a simplified qualifying method with income based on revenue calculated from business or and (industry specific) personal bank statements

    Features

    Maximum loan amount $15,000,000

    660 FICO Score

    Cash-out to 75% LTV

    Maximum DTI 55% (subject to Disposable Income)

    Owner-occupied, Second Homes and Non-owner-occupied and investment properties.

    Gifts - OK

    • Max Loan Amount $6,000,000
    • Minimum 680 Mortgage Credit Score Required
    • Max 55% DTI (Debt-to-Income)
    • 75% LTV
    • Primary, Second, Investment Homes
    • 1-4 Unit, Planned Urban Development (PUD) and Condos permitted
    • Interest-Only
    • Gifts Permitted

    States:

    Alabama, Arizona, Colorado, California, Delaware, Georgia, Florida, Illinois, Maryland, North Carolina, Oregon, South Carolina, Texas, Virginia, Washington

    Full Doc Income Non-Agency Jumbo Program - 2020

    • Jumbo loan amounts to 5,000,000
    • 640 Credit Score
    • Property Types: Owner-Occupied - Second/Vacation Home - Warrantable and Non-warrantable Condos - Condotels - Investment - including Business Purpose
    • Gift Funds Allowed - 15% LTV (5% minimum borrower contribution)
    • Foreign Nationals - OK
    • Interest-only option available with 680 Credit Score to $5,000,000 loan amount

     

    States: Alabama, Arizona, Colorado, California, Delaware, Georgia, Florida, Illinois, Maryland, North Carolina, South Carolina, Texas, Virginia, Washington

  • High LTV Hard Money Jumbo Loan

    This hard money residential loan has a very high Loan-to-Value (LTV) ratio of 80%. Most hard money lenders max out at 65%, sometimes 70%. So, 80% is huge. It can be used as a Fix and Flip, Blanket loan, Bridge loan, Construction Loan and can also bail a borrower out of any housing event; short sale, foreclosure, bankruptcy, Notice of Default (NOD), Notice of Sale (NOS). Below you'll see some underwriting highlights.

    Loan Purpose:

    • Purchase
    • Refinance: Rate/Term and Cash Out

    4506-T Not Required

    Blanket, Bridge and Fix and Flip

    Maximum Loan Amount: $3,000,000

    Maximum LTV: 80%

    Non-Owner Occupied Only

    Term: 12 Months

    Eligible Property Types:

    • Single Family Residence (SFR)
    • 2-4 Unit
    • Condos and Townhomes
    • Non-Warrantable Condos
    • Manufactured Homes
    • Mixed-Use Properties

    Unconventional Property Types:

    • Dome Homes
    • Modern Style
    • Historical
    • Log Homes
    • 1-4 Units

    States:

    Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Lousiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington

    Reference# - 55214

     

    • Guideline Overview

    Property Types:

    • SFR (Single Family Residence)
    • 1-2 Units
    • 2-4 Units

    LTV Ratios:

    • 80% LTP (Loan-to-Purchase) + 100% of Rehab Expense
    • 70% ARV (After Repair Value)

    Reserves Not Required

    Interest-Only Payment Term Available

    Loan Amounts:

    • $250,000 - $20,000,000

    States:

    Alabama | Arizona | California | Colorado | Connecticut | Florida | Georgia | Hawaii | Illinois | Indiana | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Minnesota | Mississippi | Missouri | Nebraska | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

  • No Income No Asset Verification

    Foreign Nationals - OK

    Unique mortgage loan program designed for the Residential Real Estate Investor.

    Income Documentation: None

    Employment Status: N/A

    Employment Type: None

    Employment Documentation: None

    Nationwide Private Mortgage Lender

    This is a Private Money lender that has funded thousands of loans nationwide.

    Private direct lender specializing in Single Family Residences up to 1-4 units. Multiple loans for investors in all 50 states, One of the good things about this lender is they have over 25 years of real estate investing experience; they know how to underwrite a loan because they understand the residential real estate investment market because they themselves have bought and resold nearly 15,000 homes and have originated more than 4200 loans since they were founded in 2002; loans for investors, by investors.

    This is a true No Doc hard/soft money lender with national reach. No Income. No-Assets. No Employment. And now we dance. Closings average 10 to 15 business days from application. Loan amounts down to $125,000 and up to $300,000, all No Doc and greater than $300,000 on a case by case basis.

    Credit Scores and Hard Money

    Credit scores down to 580 or no score ok. Foreign Nationals also qualify. An investor can utilize this loan program for either a purchase or refinance. 30-day seasoning for cash out using new appraised value. This is a direct lender and they make all decisions in-house with over $200,000,000 to lend. They also offer 3-year terms for borrowers with longer-term projects as well as traditional bridge funding. An investor can close in a natural person name or business entity.

    This loan program only requires an application, payment for the appraisal, 2 forms of ID and or corporate documents if applicable, title commitment and homeowners insurance.

    Loan Program Guideline Overview and Highlights:

    No prepayment penalties 

    Information on "C" property rating:

    http://www.freddiemac.com/singlefamily/sell/docs/uadreqs.pdf

    Loan Purpose

    Purchase

    Cash out refinance - 30 days seasoning required

    Credit Scores

    580 or no score OK

    Pricing is Credit Score driven

    Credit Criteria:

    • Bankruptcy OK
    • Foreclosure OK
    • Short Sale OK
    • Loan Modification OK

    Loan Amounts: $5,000,000

    • Minimum Loan Amount: $125,000
    • Maximum Loan Amount: 

    Greater than $300,000 on a case-by-case basis 

    Maximum LTV

    • 70%

    LTV guidelines are based on the After-Repair-Value (ARV) 

    Property Types:

    • SFR
    • 1-2 Units
    • 1-4 Units 

    States:

    Alabama - Alaska - Arizona - Arkansas - California - Colorado - Connecticut - Delaware - Florida - Georgia - Idaho - Illinois - Indiana - Iowa - Kentucky - Louisiana - Maine - Maryland - Massachusetts - Minnesota - Mississippi - Missouri - Montana - Nebraska - Nevada - New Hampshire - New Jersey - New Mexico - North Carolina - North Dakota - Oklahoma - Oregon - Pennsylvania - Rhode Island - South Carolina - South Dakota - Tennessee - Texas - Utah - Vermont - Virginia - Washington - West Virginia - Wisconsin - Wyoming

    Reference # 540 061715 21-9-19

  • Bank Statement Income Documentation List

    • Business Description

    • Income Documentation (Bank Statements, 1009's)

    • Liquid Asset Documents

    • Verification of Employment Documents

    • REO Documents

    • Business Description:

      • Letter of Explanation Summary Letter Business Overview (Template Loan Officer).

      • Borrowers Must Supply a Written Statement Clearly Describing the Nature of their Business and the Income it Generates, Including an Explanation of Expenses.

     

    • SS89 Completed by Borrower and Wet-Signed Signed & Dated


    Income Documents

    • 12-24 Most Recent Consecutive Monthly Bank Statements

      • Verify All Parties on Bank Statements Will Be on the Loan, Otherwise an Exception Will Be Required

    • Most Recent 2 Months of Business Bank Statements - If No Business Account Available


    Business Bank Statements:

    • Most Recent 12 or 24 Months of Business Bank Statements

    Calculating Qualifying Income – Business Bank Statements


    Verification of Employment (VOE)

    •  CPA, Tax-Preparer, or Licensing Bureau Verifying 2-Year Self-Employment


    Personal Bank Statements

    • 100% of Deposits Taken for Income – Must Evidence Activity to Support Business Operations and Reflect Transfers to Personal Account. If Deposits Are Not Evidence of Business Account Transfers, or Business Account Does Not Exist

      • When Using Personal Bank Statements, Most Recent 3 Months Consecutive Business Bank Statements to Show Revenue Flow.

    • CPA or Tax-Preparer "Expense Ratio Letter" (when applicable)

      • Example: If Business Expense Statement Letter Indicates a 25% Expense Ratio, Then 75% of Net Qualified Deposits Will Be Used Towards Qualified Income
      • Business Must be in Existence for 2 Years, Verified Through CPA, Tax-Preparer, Licensing Bureau, or Website


    Liquid Asset Statements:

    • Checking, Savings, Money Market, COD,..Showing Source of Down Payment, Closing Costs, Reserves
    • Cash Value Retirement Accounts,
    • Cash Value Trust Fund Accounts
    • Statements on Accounts Not Used for Income

     

     

    REO | Real Estate Owned

    • Statements on All Mortgages
    • Homeowners Insurance Dec page (HOI)
    • Homeowners Association Statement (HOA)
    • Tax Statement (See Loan Officer)



    Subject Property

    • Purchase Contract If Purchase
    • Property Profile If Refinance

     

    States:

    Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin