Featured Loan Programs & Guidelines
DSCR 1.5% Jumbo
- Parent Category: Non-Qualified Mortgage Lenders
- Category: Programs We Offer
- Last Updated: 31 January 2020
Experienced Real Estate Investors - 25 Financed Properties - OK
Jumbo $2,000,000 Maximum Loan Amount
DSCR Debt Service Coverage Ratio Loan Program
Verification of Employment VOE: None
Debt Rate Coverage - 1.5%
Credit Score - 600
No DTI Calculated. All Rental Income Based
No Tax Returns or 4506-T Form Tax Transcripts
Cash-in-hand $1M for Business Purposes
Clean Credit Previous 24 Months
700 Credit Score
- 85% LTV - $2,000,000
- 80% LTV - $2,500,000
660 Credit Score
- 85% LTV - $1,500,000
- 80% LTV - $2,000,000
- 70% LTV - $2,500,000
620 Credit Score
- 80% LTV - $1,250,000
- 70% LTV - $1,500,000
- 60% LTV - $2,000,000
600 Credit Score
- 70% LTV - $1,250,000
- 60% LTV - $1,500,000
Cash Out Available
700 Credit Score
- 80% LTV - $1,500,000
- 70% LTV - $2,000,000
660 Credit Score
- 80% LTV - $1,250,000
- 75% LTV - $1,500,000
- 65% LTV - $2,000,000
620 Credit Score
- 70% LTV - $1,250,000
- 60% LTV - $1,500,000
- 50% LTV - $2,000,000
- 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
Gaps in Employment - Not Allowed Over 60 Days Without Official Employment Offer Letter
Non-Occupant Co-Borrower's: OK
States:
Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Maine | Maryland | Massachusetts || Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | Tennessee | Texas | Utah | Vermont | Virginia | Washington
12 Month Bank Statement Alt Doc
- Parent Category: Non-Qualified Mortgage Lenders
- Category: Programs We Offer
- Last Updated: 24 January 2020
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 Loan Amount - $3,500,000
Self-Employed Borrower Income | Lite Doc
Income:
- 12 Months Personal Bank Statement
- Profit and Loss Statement: Borrower Prepared and Unaudited P&L
- Expense Factor: 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
-
- Standard form sent to and to be completed by Employer Human Resource Department or Direct Supervisor
50% Maximum Debt-to-Income Ratio | DTI
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