Bank Statement Mortgages

  • 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

  • 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.

  • Jumbo Second Mortgage Alt Doc with a Maximum Loan Amount $350,000

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

     

    Heloc's Available on Refinances (except texas)

     

    $50,000 Minimum Loan Amount on HELOC's

    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

  • Business Purpose Mortgage Loan Program

    The "business purpose" loan is a primary residencestated income mortgage program. In all actuality, it's a stated income program disguised as a "business purpose" loan, as opposed to a "consumer mortgage" (a regular mortgage loan). It's done this way so lenders can offer and provide cash-out refinance loans (owner-occupied) to self-employed borrowers.

    What is a Business Purpose Mortgages

    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.

    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.

    Business Purpose Mortgage Guidelines

    • Cash-Out Refinance. Cash-out must be wired into the borrower's business bank account.
    • Loan Amount $6,000,000 Maximum
    • LTV: 80% maximum
    • 660 Middle Credit Score

    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 conducive to the borrowers' preference, the property owner can "quitclaim" themselves off title for the time of application and escrow, then just go back on the title after the loan closes. 

    Business Purpose

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

    One common use is to improve the physical location of the business.

    So, this would include stuff like architectural drawings: Architectural, Mechanical/Plumbing/Structural & Electrical design. Mechanical - HVAC plan, Equipment schedule, details, 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.

    Collateral

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

    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

  • 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

  • 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

  • Bank Statement Loan | 660 Credit Score - 90% LTV to $1,500,000

    Lite/Low Doc Income Documentation

    • 1-Year Income and Employment Verification Documentation, Asset Utilization
    • Portfolio Non-QM Lender Guidelines & Highlights
    • Form 4506-T is Required for One Year
    • Tax Return id Required for one Year

    Credit Scores

    600 Minimum Score for the Primary Income Earner

    580 Minimum from any Co-Borrower

    Simplifying Non-QM Underwriting and process by defaulting to our core Non-QM guidelines and interpretation of the Ability to Repay rule. We can expedite and close your loan with minimal conditions and fast closing

    Underwriter Niche Guidelines

    • VOR (Verification of Rent) Not Required
    • No Credit LOE's (Letter of Explanation) for previous addresses, work history, recent credit inquiries
    • Reserves not required on Primary Residence
    • No Liquid Assets Requirement for either a Rate and Term Refinances but also, Cash-Out refinance
    • No Residual Income requirements
    • Six Months Title Seasoning on Market Value Cash-Out Refinance
    • First Time Homebuyers qualify the same
    • 100% Gift Funds with 5% Borrower Contribution
    • 55% DTI (debt-to-income) Ratio
    • Cash-Out Available
    • Fixed-Rate Interest-Only Terms Available
    • Prepayment Options Available


    States:

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

  • Condo Mortgage Program 90% LTV to $2,500,000

    Verbal Verification Of Employment Options Available (VVOE)

    Expanded Guidelines Options for Non-Traditional Condominium Property Types

    Purpose: Purchase, Refinance Cash Out

    • 90% LTV - $2,000,000 - 700 Credit Score
    • 90% LTV - $1,500,000 - 680 Credit Score
    • 90% LTV - $3,000,000 - 700 Credit Score
    • 85% LTV - $2,500,000 - 660 Credit Score
    • 85% LTV - $1,500,000 - 640 Credit Score

    Cash Out Available

    First-Time-Home-Buyer OK - 2 Million Maximum Loan Amount

    40 Year Fixed Rate - Interest-Only Option with 660 Middle Credit Score

    Inherited Properties - OK. Includes Properties Obtained via Divorce/Separation or Dissolved Domestic Partnership. 6 Months Inheritance Seasoning Required for Cash Out "Using Market Value"

    Delayed Financing - OK

    Eligible Property Types & Occupancies: Primary Residence, Second Homes - SFR Only, Non-Owner-Occupied / Investment - SFR Only. Non-Warrantable Condos and Condotels OK

    Foreign National, Permanent Resident Aliens, and Non-Permanent Resident Aliens OK

    Power of Attorney OK for Purchase and Rate and Term Refinance

    Non Occupant Co-Borrower's OK

    Vesing LLC OK

    Gaps in Employment OK Case-by-Case

     

    States: 

     

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

     

  • Jumbo and Super Jumbo Bank Statement Mortgage to 10 Million Loan Amount

    Self-Employed Home Loan: "Alternative income Documentationation"

    • 12 and 24 Months Bank Statements
    • Asset Depletion Utilization (in conjunction or as a stand-alone source of income)
    • Expense Factor - Underwriter Discretion Per Business Profile Description Summary

    Available Terms:

    • 30 Year Fixed Fully Amortized
    • 40 Year Fixed Fully Amortized
    • Interest-Only - 10 Year Term Available:

    Jumbo Loan Amounts:

    • $10,000,000: 720 Credit Score - LTV - 55%
    • $7,500,000: 700 Credit Score - LTV - 60%
    • $5,000,000: 660 Credit Score - LTV - 65%
    • $3,000,000: 620 Credit Score - LTV - 55%

    Underwriting Notes:

    • Housing Payment History - 0 Late's Previous Two Years
    • Eligible Property Types: Single Family Residence, Condo, Non-Warrantable Condo, 2-4 Unit
    • Eligible Occupancies: Owner-Occupied, Non-Owner-Occupied, Second Home

    Debt to Income Ratios:

    • 43% with $2500 Disposable Income.
    • 50% with $3000 Disposable Income

    Primary Residence - 610 Middle Credit Score

    Investment Property - 630 Middle Credit Score

    ITIN or Foreign National Not Allowed

    15% Gift Funds Allowed on Primary Residence

     

    States:


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

     

     

  • Alt Doc - Second Mortgage Bank Statement Mortgage Program

    Stand-Alone Second Mortgage Program

    This product is ideal for the borrower that wants to protect their low-interest rate first mortgage and would prefer a lump sum (from their equity) upfront.

    This Second Trust Deed Program gives the borrower the entire loan amount at once, for them to disperse as necessary and is not a Home Equity Line of Credit (HELOC), where the borrower is using their equity through the use of their HELOC credit line. It depends on the financial need of the borrower

    Purpose: Second, Cash Out

    700 Credit Score | 85% LTV to $700,000

    640 Credit Score | 75% LTV to $3,000,000

    (cash out can be used to meet reserve requirement)

    660 Credit Score | 75% LTV to $3,000,000

    620 Credit Score | 65% LTV to $3,000,000

    Loan Amounts: $4,000,000

    Employment Types: N/A

    Eligible Business Entities: Corp, LLC, Trust

    Employment Verification: N/A

    DTI: N/A

    Property Types: SFR, 2 Unit, 4 Unit

    Occupancy: Non-Owner Occupied. Investment properties

    Income Documentation

    Employment Verification Documentation - VOE: N/A

    Liquid assets can be used for Additional Income

    Credit Scores: 620

    Credit Criteria: Collection and Judge equaling $300 or more must be paid off. Medical collections need not be paid. Any negative tradelines greater than 7 years need not be counted.

    Except for the first mortgage, all outstanding title liens must be paid prior to closing.

     

    States:

     

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

    Reference 343 07 18 05 05

  • DSRC Investor Loan Program Jumbo and Super Jumbo to $2,500,000 and Super Jumbo to $4,000,000

    Purchase & Rate/Term Refinance:

    Credit Score | LTV | Loan Amount Matrix

    • 660 Credit Score | 80% LTV to $3,000,000

    • 640 Credit Score | 75% LTV to $3,000,000

    Refinance Cash Out: (cash out can be used to meet reserve requirement)

    • 660 Credit Score | 75% LTV to $3,000,000

    • 620 Credit Score | 65% LTV to $3,000,000

    Loan Amounts: $4,000,000 - 760 Middle Mortgage Credit Score

    Employment Types: N/A

    Eligible Business Entities: Corp, LLC, Trust

    Employment Verification: N/A

    DTI: N/A

    Property Types: SFR, 2 Unit, 4 Unit

    Occupancy: Non-Owner Occupied. Investment properties

    Income Documentation

    Employment Verification Documentation - VOE: N/A

    4506-T is Not Required

    Liquid assets can be used for Additional Income

    Credit Scores: 620

    CreditSeasoning:

    2 Tradelines, one with a 24 Month History and One with 12 Month History or 3 Tradelines, all with a minimum fo 12 Months History 

    States:

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

  • Bank Statement Mortgage - Alt Doc

    Niche: Business and Personal Bank Accounts

    If it's your bank statements that are holding you back from an approval, this is the loan program for you.

    Borrower Prepared Profit and Loss Statement | P&L

    In Lieu of your tax returns, the Borrower Prepared Profit and Loss is used in conjunction with this specific loan program; 100% of your Business and Personal, intermingled Accounts along with and unaudited, Borrower Prepared Profit and Loss Statement to help you qualify for an Alt Doc Bank Statement mortgage loan

    How Can I Qualify?

    Qualification is based on a 24-month average of all net deposits, business deductions not subtracted; making it a little easier for a self-employed borrower to qualify for a bank statement mortgage home loan

    Non-Prime Bank Statement Loan - 580 Credit Score to 85% LTV


    Purchase - 
    Single Family Residence - Owner-Occupied:

    • 580 Credit Score

      • 85% LTV - $1,000,000

      • 75% LTV - $1,500,000

      • 70% LTV - $2,000,000

    • 640 Credit Score

      • 85% LTV - $2,000,000

      • 80% LTV - $2,500,000

    • 660 Credit Score

      • 85% LTV - $2,500,000

      • 70% LTV - $3,500,000


    RefinanceCash Out - Single Family Residence - Owner-Occupied:

    • 580 Credit Score

      • 75% LTV - $1,500,000

      • 70% LTV - $2,000,000

    • 640 Credit Score

      • 80% LTV - $1,500,000

      • 75% LTV - $2,500,000

    • 660 Credit Score

      • 80% LTV - $1,500,000

      • 75% LTV - $2,500,000

    • 680 Credit Score

    • 60% LTV - $3,500,000


    Eligible Occupancies: Owner-Occupied & Second Home


    Eligible Property Types: Single Family Residence, Condo, Duplex, 4 Unit


    Eligible Liquid Assets: Stocks + Bonds + Retirement Vested** + Money Market Funds + Trust Accounts + Interest/Dividends

    Required Credit:

    Housing Payment History - Mortgage / Rent - No 90-day Lates in the Previous Year

    Minimum Tradeline Requirements:

    • 3 Tradelines - 1 Year History, or
    • 2 Tradelines - 2 Year History

    Housing Event Seasoning:

    • Chapter 13 - Discharged - 1 Day

    • Chapter 13 - Dismissed - 1 Day

    • Chapter 7 - Discharged - 1 Day

    • Foreclosure - 1 Day

    • Short Sale & DIL - 1 Day

     

    States:

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

  • Alt Doc | Second Mortgage Bank Statement Mortgage Program

    Stand-Alone Second Mortgage Program - 55% DTI

    This product is ideal for the borrower that wants to protect their low-interest rate first mortgage and would prefer a lump sum (from their equity) upfront.

    This Second Trust Deed Program gives the borrower the entire loan amount at once, for them to disperse as necessary and is not a Home Equity Line of Credit (HELOC), where the borrower is using their equity through the use of their HELOC credit line. It depends on the financial need of the borrower

    • Purpose: Second, Cash Out
      • 700 Credit Score | 85% LTV to $300,000
      • 700 Credit Score | 80% LTV to $400,000
      • 700 Credit Score | 75% LTV to $600,000
    • Loan Amounts: $600,000
    • Employment Types: Self-Employed
    • Employment Verification: Business License, Articles of Incorporation, Certification, CPA/Tax Preparer Letter
    • Eligible Business Entities: Corp, LLC, 1099
    • Income Documentation: 24 Months Business Bank Statements
    • Property Types: SFR, 2 Unit, 4 Unit
    • Occupancy: Owner-Occupied, Non-Owner Occupied Investment Properties
    • Credit Scores: 700 Minimum
    • Credit Criteria: Collection and Judge equaling $300 or more must be paid off. Medical collections need not be paid. Any negative tradelines greater than 7 years need not be counted. Except for the first mortgage, all outstanding title liens must be paid prior to closing

    States:

    Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | New Jersey | North Carolina | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Vermont | Virginia | Washington | Wisconsin 

  • 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

  • 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 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

  • 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

  • Super Jumbo Real Estate Investor Loan Program to $5,000,000

    This investor program was created for seasoned professional Business Purpose Real Estate Investors for most property types without being required to reveal any sort of conventional income documentation or Verification of Employment documentation and is qualified based on Credit Score/FICO and Cash-Flow of Subject Property.

    A key qualification for this type of mortgage is the borrower must own their current primary residence. Exceptions can be made to this guideline if current primary residence is considerably less in size and quality to the subject property. This loan is a great option for Foreign National Borrowers.


    Underwriting Guidelines

    No Minimum Debt-Service Coverage Ration - Calculations under 1.00 - OK


    Credit Scores: 600 Minimum

    Purpose/LTV:

    • Purchase: Loan-to-Value - 85% LTV
    • Cash-Out Refinance: Loan-to-Value  - 80% LTV. Liquid Assets Not Required


    Maximum Loan Amount:
    $5,000,000. >$5,000,000 on a Case-by-Case Basis 


    Income Doc Options:

    • Debt-Service Coverage Ratio | DSCR. DSCR calculation is the executed lease amount or "market rent" (Appraisal Form 1007) divided by the total Housing Expense which is Principle, Interest, Tax, Insurance, and if applicable, Association dues PITIA. Use the Interest-Ony payment for this calculation.
    • No Ratio: No documentation of any kind

    Verification of Employment (VOE): N/A. No Employment

    Employment Types: N/A

    Reserves Requirements: Reserves Not Required

    Eligible Property Types:

    • Single Family Residence - Attached
    • Single Family Residence - Detached
    • Condominiums
    • Townhomes
    • Multi-Units


    Eligible Occupancies:
     Investment Property


    Eligible Borrowers:

    • LLC - OK
    • Foreign National - OK


    Credit Criteria:

    • "Housing Event" Credit Seasoning: 2 Years
    • Bankruptcy - 2 years required: 2 Years
    • Foreclosure - 2 Years
    • Short Sale - 1 Year
    • Deed in Lieu - 1 Year


    Available Terms:

    • ARM: 3,5 and 7 year
    • Fixed:
      • 30 Year Fixed (Interest Only Available)
      • 40-Year Fixed (Interest Only Available)

     

    States:

     

    Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Illinois | Massachusetts | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | Tennessee | Virginia | Washington | Wisconsin

  • Reduced Doc | Six Month Bank Statement Loan Credit Score: 680

    Maximum Loan Amount: $2,500,000

    Interest-Only Available (Interest-Only Payment)

    Alternative Income Documentation

    • 6 Months Bank Statements in Lieu of Conventional Income Documentation. Standard is 12 or 24 months
    • Debt-Service Coverage Ration DSCR for Non-Owner Occupied

    Employment Types

    • Self Employed

    Verification of Employment VOE

    • Business organizational paperwork
    • Business License

    Investment/Owner-Occupied

    • Purchase: $1,500,000 - 25% Down Payment
    • Refinance Rate/Term: $1,500,000 - 75% LTV
    • Refinance Cash Out: $1,000,000

    Second Homes

    • Refinance Cash Out: $1,000,000 - 75% LTV

    Investment/Non-Owner Occupied

    • Purchase: $1,000,000 - 30% Down Payment
    • Refinance Rate/Term: $1,000,000 - 70% LTV
    • Refinance Cash Out: $5,000,000

     

    States:

    Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Maryland | Massachusetts | Mississippi | Nevada | New Jersey | New Mexico | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia | Washington

  • 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

  • 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

  • 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 options

    • 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% Purchase70% 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

  • 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

  • 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

  • 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

     

  • 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 

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

     

  • 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

  • Asset-Based Loan Program

    Qualifying criteria for this loan program are liquid asset-centric. Retirement Account funds qualify.

    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 income verification to determine borrower's ATR Ability to Repair.

    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

    Loan Amounts

    • $750,000 Maximum Loan Amount
    • $500,000 Maximum Cash Out

    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

    The amount of liquid reserves required is quantified by the number of month's cash reserves as well as the total loan amount

    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


    Loan Purpose:

    • Purchase
    • Refinance Rate & Term
    • Refinance and Cash Out


    Owner Occupied / Primary Residence


    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

     


    Property Types:

     

    • SFR / Single Family Residence

     

    • PUD's

     

    • 1-2 Unit

     


    Investment Property


    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 $1,000,000 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, Louisiana, 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

  • 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 

  • 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

  • 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.

  • 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

  • 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

  • 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 Company


    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:
     

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

  • 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
    • Credit card and revolving accounts must be current
    • 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 | Wyoming

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

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

    January 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 - 10% Down Payment to $450,000

    R/T Refinance - 90% LTV. Cash Out - 85% 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 660 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