Interest-Only Non-QM Jumbo Mortgage Product
Purpose: Purchase, Refinance - Rate/Term & Cash Out. This loan program is a Non-QM Mortgage Loan because it Features an "Interest-Only" Payment Option
Single Family Residence | Owner-Occupied / Primary Residence
Credit Score / LTV / Loan Amount:
- 720 - 90% - $1,500,000
- 680 - 80% - $2,000,000
- 740 - 90% - $2,000,000
- 720 - 70% - $2,500,000
- 720 - 70% - $3,000,000
Single Family Residence | Second Home
Credit Score / LTV / Loan Amount:
- 680 - 80% - $2,000,000
- 720 - 65% - $3,000,000
2-4 Units:
- 700 - 75% - $2,000,000
- 720 - 70% - $2,000,000
Second Home:
- 720 - 75% - $1,000,000 - Maximum Cash-Out - $500,000 (cash in hand)
- 720 - 65% - $1,500,000 - Maximum Cash-Out - $350,000 (cash in hand
- 720 - 50% - $2,000,000 - Maximum Cash-Out - $350,000 (cash in hand)
Refinance - Cash-Out | Owner-Occupied
- $500,000 Max Cash-Out (cash in hand)
- Owner-Occupied:
- 700 - 75% - $2,000,000 - Maximum Cash-Out (cash in hand)
- Listed Properties Require 6 Months Seasoning for Market Value LTV
- Purchase Properties (<6 months) Require 6 Months Seasoning for Market Value LTV
- Texas - No
Liquid Assets / Reserves Requirement | Owner-Occupied
Single Family Residence (SFR)
- 6 Months - $1,000,000
- 9 Months - $2,000,000
- 12 Months - $3,500,000
Liquid Assets Acceptable Sources
- Bank Account - Personal
- Bank Account - Business
- Stocks, Bonds, Mutual Funds
- REO Sale (HUD/Settlement Statement)
- Personal Property Liquidation
- Trust Fund Disbursement
- IRA (Percentage Qualified Based on Age of Borrower)
- Insurance Policy - Cash Value
- Business Funds
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- Qualified Cash Value - Percentage of Company Ownership
Income Documentation
All Income Documentation Will Be Verified Via Form 4506-C
- Tax Returns
- W-2's
- Paycheck Stubs
- Rental Income - Signed leases
- Retirement Income - Award Letter
- Pension Income - Award Letter
Debt-to-Income Ratio (DTI)
- Based on Proposed (subject property) Principle, Interest, Tax and (homeowners) Insurance/PITI (all REO properties owned), Installment Loans, Revolving Accounts (minimum payments), Alimony, Child Support.
- Exclude co-signed debt from qualifying DTI with supporting (payment transaction history) documentation from the payer of the Note
- Debt Consolidation to reduce qualifying DTI - OK
Property Types:
- SFR - Attached
- SFR - Detached
- 1-4 - Attached
- 1-4 - Detached
Credit:
- Credit Criteria (Ability to Repay is based on over-all file)
- Credit Scores (mortgage credit scores)
- 2 Credit Scores Minimum
- Tradeline Requirements (exceptions available based on all credit criteria)
- 1 Active Tradelines - 24 Months History
- 3 Active Tradelines -12 Months History
- 1 Active Tradeline - Installment
- Non-Traditional Tradeline - No
- Collections OK to $1,000,000 (Payoff accounts not required)
- All Liens must be satisfied either through escrow (closing table) or before close date
Ineligible Properties
- 10 Acres
- Unwarrantable Condominiums
- Condominiums in Litigation
- Condotel
- Co-Ops
- Hobby Farms
- Commercial
- Manufactured
- Modular
- Log Homes
- Mixed-Use
Borrowers:
- Permanent Resident Aliens
- Non-Permanent Resident Aliens
- Valid Visa A Series, E 1-3, G Series 1-5, H Series 1-4, L Series L a-b
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- Valid Social Security Number
-
- 2-Year Employment History
-
- Primary Residence
-
- Written Verification of Employment (WVOE)
-
- 2 Year Credit History
-
- Revocable Trust
Title
- Not in Business Name
- Inherited Properties - No
First Time Home Buyer - Yes
Gift Funds OK - 5%
Seller Contribution OK - 6%
Subordinate Financing - Institutional financing - OK
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Louisiana, Maine, Maryland, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Wisconsin, and Wyoming.
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