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 the current primary residence is considerably less in size and quality to the subject property. This loan is a great option for Foreign National Borrowers.
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-Only 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 – Detached
Single Family Residence – Attached
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)
Underwriting Guidelines
No Minimum Debt-Service Coverage Ratio – Calculations under 1.00 – OK
Credit Score Minimum: 660
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
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.