Interest-Only Non-QM Jumbo Mortgage Product
Interest Only – $2,000,000
Eligible Transactions: Purchase; Refinance – Rate/Term; Refinance – Cash Out
Non-QM Mortgage Loans /”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)
Eligible Occupancy:
* 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)
Liquid Assets Acceptable Sources
* 6 Months – $1,000,000
* 9 Months – $2,000,000
* 12 Months – $3,500,000
* 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
* Qualified Cash Value – Percentage of Company Ownership
Income Documentation
All Income Documentation will be Verified Via Form 4506-T
* 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.
Co-Signed Debt can be excluded from qualifying DTI with supporting (payment transaction history) documentation from the payer of the Note
Debt Consolidation to reduce qualifying DTI – OK
Eligible 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 Scores Minimum
Tradeline Requirements (exceptions available based on all credit criteria)
* One Active Tradelines – 24 Months History
* Three Active Tradelines -12 Months History
* One Active Tradeline – Installment
* Non-Traditional Tradeline – No
* Collections OK to $1,000,000 (Payoff accounts not required)
* All Subject Property Liens must be paid off.
Ineligible Properties
* 10 Acres
* Unwarrantable Condos
* Condos in Litigation
* Condotel
* Co-Ops
* Hobby Farms
* Commercial
* Manufactured
* Modular
* Log Homes
* Mixed-Use
Eligible 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
* 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 Entity Name
* Inherited Properties – No
First Time Home Buyer – Yes
Gift Funds OK – 5%
Seller Contribution OK – 6%
Subordinate Financing – Institutional finance 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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