Featured Loan Programs & Guidelines
Asset Qualifier Jumbo Loan
- Parent Category: Non-Qualified Mortgages
- Category: Programs We Offer
- Last Updated: 23 January 2020
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
Investor Loan - No Doc
- Parent Category: Non-Qualified Mortgages
- Category: Programs We Offer
- Last Updated: 23 January 2020
No Income No Asset Verification
Foreign Nationals - OK
Unique mortgage loan program designed for the Residential Real Estate Investor.
Income Documentation: None
Employment Status: N/A
Employment Type: None
Employment Documentation: None
Nationwide Private Mortgage Lender
This is a Private Money lender that has funded thousands of loans nationwide.
Private direct lender specializing in Single Family Residences up to 1-4 units. Multiple loans for investors in all 50 states, One of the good things about this lender is they have over 25 years of real estate investing experience; they know how to underwrite a loan because they understand the residential real estate investment market because they themselves have bought and resold nearly 15,000 homes and have originated more than 4200 loans since they were founded in 2002; loans for investors, by investors.
This is a true No Doc hard/soft money lender with national reach. No Income. No-Assets. No Employment. And now we dance. Closings average 10 to 15 business days from application. Loan amounts down to $125,000 and up to $300,000, all No Doc and greater than $300,000 on a case by case basis.
Credit Scores and Hard Money
Credit scores down to 580 or no score ok. Foreign Nationals also qualify. An investor can utilize this loan program for either a purchase or refinance. 30-day seasoning for cash out using new appraised value. This is a direct lender and they make all decisions in-house with over $200,000,000 to lend. They also offer 3-year terms for borrowers with longer-term projects as well as traditional bridge funding. An investor can close in a natural person name or business entity.
This loan program only requires an application, payment for the appraisal, 2 forms of ID and or corporate documents if applicable, title commitment and homeowners insurance.
Loan Program Guideline Overview and Highlights:
No prepayment penalties
Information on "C" property rating:
http://www.freddiemac.com/singlefamily/sell/docs/uadreqs.pdf
Loan Purpose
Purchase
Cash out refinance - 30 days seasoning required
Credit Scores
580 or no score OK
Pricing is Credit Score driven
Credit Criteria:
- Bankruptcy OK
- Foreclosure OK
- Short Sale OK
- Loan Modification OK
Loan Amounts: $5,000,000
- Minimum Loan Amount: $125,000
- Maximum Loan Amount:
Greater than $300,000 on a case-by-case basis
Maximum LTV
- 70%
LTV guidelines are based on the After-Repair-Value (ARV)
Property Types:
- SFR
- 1-2 Units
- 1-4 Units
States:
Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | 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 | Vermont | Washington
Reference # 540 061715 21-9-19