Featured Loan Programs & Guidelines
DSCR .75% Jumbo Mortgage
- Parent Category: Non-Qualified Mortgage Lenders
- Category: Programs We Offer
- Last Updated: 11 August 2022
Debt Service Coverage Ratio Loan Program Guidelines and Requirements
Experienced Real Estate Investors - 25 Financed Properties - OK
Most investor loan programs will max the borrower/investor at 10 financed properties. Borrower at minimum must own their current primary residence
DSCR% and Loan Amounts
- DSCR - .75% to $3,000,000
- DSCR - 1% to $5,000,000
- DSCR - 1.25% to $7,500,000
- DSCR - 1.5% to $10,000,000
Loan Amount and Property Types
- Jumbo $3,500,000 Maximum Loan Amount - Single Family Residence (SFR)
- Super Jumbo $7,000,000 Maximum Loan Amount - 2 Unit
- Super Jumbo $10,000,000 Maximum Loan Amount - 4 Unit
Income and Employment
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Verification of Employment (VOE) Documentation: None Required
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Verification of Personal Income (VOPI) Documentation: None Required
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No DTI Calculated. All Rental Income Based
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No Tax Returns and No Form 4506-T or Form 4506-C for Tax Transcripts
Credit Requirements
Minimum Credit Score - 600. Credit Score exceptions to 580 with compensating reserves. Ex: 150% of minimum requirement. Clean Credit Previous 24 Months
Credit Score - LTV - Loan Amounts
700 Credit Score
- 80% LTV - $4,000,000
- 75% LTV - $5,000,000
660 Credit Score
- 80% LTV - $3,000,000
- 75% LTV - $4,000,000
- 70% LTV - $5,000,000
620 Credit Score
- 80% LTV - $2,500,000
- 70% LTV - $3.000,000
- 65% LTV - $4,000,000
600 Credit Score
- 70% LTV - $2,000,000
- 60% LTV - $2,500,000
Cash Out Available
Maximum Cash-in-hand $$3,000,000 for Personal or Business Purposes
700 Credit Score
- 80% LTV - $1,500,000 Cash Out
- 70% LTV - $2,000,000 Cash Out
660 Credit Score
- 80% LTV - $1,250,000 Cash Out
- 75% LTV - $1,500,000 Cash Out
- 65% LTV - $2,000,000 Cash Out
620 Credit Score
- 70% LTV - $1,250,000 Cash Out
- 60% LTV - $1,500,000 Cash Out
- 50% LTV - $2,000,000 Cash Out
- 40 Year Fixed Rate - Interest-Only Option with 700 Middle Credit Score
Available Terms
- Fixed 30
- ARM's 5/1, 7/1, 10/1
- Interest-Only Payment Available
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: Not Allowed
Eligible Property Types & Occupancies: Primary Residence, Second Homes - SFR Only, Non-Owner-Occupied / Investment - SFR Only. Non-Warrantable Condos and Condotels OK
Eligible Borrowers: Foreign National, Permanent Resident Aliens, and Non-Permanent Resident Aliens OK
Power of Attorney: OK for Purchase and Rate and Term Refinance
Vesting: Corp and LLC OK
Non-Occupant Co-Borrower's: OK for credit support
Available in the Following States
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, West Virginia, Wisconsin, and Washington.
12 Month Bank Statement Alt Doc
- Parent Category: Non-Qualified Mortgage Lenders
- Category: Programs We Offer
- Last Updated: 20 August 2022
Self-Employed Home Loan | 1-Year Lite Doc - Purchase / Rate & Term | 90% LTV - 680 Credit Score
Cash-Out Refinance | 85% LTV - 660 Credit Score $1,500,000 Maximum Cash-in-Hand
Maximum Jumbo Loan Amount - $7,500,000
Self-Employed Borrower Income | Lite Doc Income Documentation:
- 12 or 24 Months Personal Bank Statement
- Profit and Loss Statement: Borrower Prepared and Unaudited P&L Options
- Expense Factor (expense ratio): A percentage determined by the Loan Officer and signed off on by the underwriter. Criteria for the underwriter to consider is the Scope (Business Narrative Form) of the company
- Asset Depletion
Self-Employed Borrower Verification of Employment Documentation | VOE
- CPA, Enroll Agent or Professional Tax Preparer to state percentage of business ownership. Have been filing Self-Employed tax returns for previous X number of years (>2years)
- W2 Wage Earner Co-Borrower - OK-
Wage Earner Docs:
- Previous Year W2 and Recent Paycheck Stubs for the previous 30 days
- Written Verification of Employment | WVOE
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- Standard form sent to and to be completed by Employer Human Resource Department or Direct Supervisor
50% Maximum Debt-to-Income Ratio | DTI
ss
Credit:
- One Mortgage Late in Previous 12 Months, OK.
- Asset Depletion Available for W2 Wage Earner and Self-employed
600 Minimum Middle Credit Score
Can Own up to 20 Financed Properties
States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington, Wisconsin