Featured Loan Programs & Information
Stated Income / Verified Assets 680 Credit Score 2 Million
- Parent Category: Unconventional Mortgages
- Category: Non-Qualified Mortgages
- Last Updated: 01 November 2019
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
Asset Qualifier Jumbo Loan
- Parent Category: Non-Qualified Mortgages
- Category: Programs We Offer
- Last Updated: 24 October 2019
Asset-Based Loan Program
Qualifying criteria for this loan program is 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 borrowers 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
Loan Amounts
- $750,000 Maximum Loan Amount
- $500,000 Maximum Cash Out
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
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
Property Types:
- SFR / Single Family Residence
- PUD's
- 1-2 Unit
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
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, West Virginia
Reference # 444 010288