Alternative Income Documentation - Bank Statement Month Options

Business or Personal (co-mingled) Account Statements

Bank Statement Terms by Month:

• One Month - Business Account

• Two Month - Personal Account

• Six Month - Personal Account

• Twelve Month - Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)

• Twenty Four Month - Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)

• Interest Only Available - 40 Year Amortization

Eligible Purpose Transactions:

• Purchase

• Refinance - Rate/Term

• Refinance - Cash Out

Primary Residence / Owner-Occupied:

• Single Family Residence

• 1-2 Unit

• 1-4 Unit

Matrix: Credit Score / LTV / Loan Amount

• Purchase and Rate & Term

• • 550 - 65% - $1,000,000

• • 580 - 75% -$1,500,000

• • 640 - 80% - $2,000,000

• • 680 - 85% - $3,000,000

• • 700 - 90% - $3,000,000

• Refinance - Cash-Out:

• • 580 - 65% - $1,000,000

• • 640 - 70% - $1,500,000

• • 680 - 75% - $1,500,000

• • 720 - 80% - $2,000,000

Investment / Non-Owner-Occupied:

• Single Family Residence

• Condo

• 1-2 Unit

• 1-4 Unit

Matrix: Credit Score/ LTV / Loan Amount

• Purchase and Rate & Term:

• • 620 - 70% - $1,000,000

• • 640 - 70% - $1,500,000

• • 660 - 75% - $2,000,000

• • 680 - 80% - $2,500,000

• • 700 - 80% - $3,000,000 

• Refinance - Cash-Out:

• • 620 - 65% - $500,000

• • 640 - 65% - $1,000,000

• • 680 - 75% - $1,500,000

• • 720 - 75% - $2,000,000

Major Credit / Housing Event Seasoning Requirements:

• Bankruptcy

• • Settled - 70% LTV

• • One Year - 80% LTV

• • Two Years - 85% LTV

• • Three Years - 90% LTV

• Foreclosure

• • Settled - 75% LTV

• • One Year - 80% LTV

• • Two Years - 85% LTV

• • Three Years - 90% LTV

• Short-Sale

• • Settled - 75% LTV

• • One Year - 85% LTV

• • Two Years - 90% LTV

• Deed-in-Lieu

• • Settled - 75% LTV

• • One Year - 8% LTV

• • Two Years - 85% LTV

Major Credit Event Seasoning:

• Bankruptcy:
  
  • Settled - 70% LTV
  • One Year- 80% LTV
  • Two Years- 85% LTV
  • Three Years- 90% LTV

• Foreclosure -
  • Settled - 70% LTV
  • One Year - 80% LTV
  • Two Years - 85% LTV
  • Three Years - 90% LTV

• Short Sale -
  • Settled - 75% LTV
  • 1 Year - 85% LTV
  • 2 Years - 90% TLV

• Deed-In-Lieu -
  • Settled - 80% LTY
  • 1 Year - 85% LTV
  • 2 Years - 80% LTV

Documentation:

• Credit report: <90 Days old at Closing

• Income and assets: <90 Days old at Closing

Liquid Assets Not Required

• Asset Utilization

• Socks, bonds, mutual funds: 75%

Retirement funds amount invested, 65%

Gift of equity not allowed

Interest Only payment feature available to 80% LTV

c1-11t-10l1-117

Major Credit Event Seasoning:

• Bankruptcy:
  
  • Settled - 70% LTV
  • One Year- 80% LTV
  • Two Years- 85% LTV
  • Three Years- 90% LTV

• Foreclosure -
  • Settled - 70% LTV
  • One Year - 80% LTV
  • Two Years - 85% LTV
  • Three Years - 90% LTV

• Short Sale -
  • Settled - 75% LTV
  • 1 Year - 85% LTV
  • 2 Years - 90% TLV

• Deed-In-Lieu -
  • Settled - 80% LTY
  • 1 Year - 85% LTV
  • 2 Years - 80% LTV

Alternative Documentation: 6 Months Business and/or Personal Bank Statements

This 6 Month Super Jumbo Bank Statement Non-Qualified Mortgage (Non-QM) Loan program is for all residential property types and occupancy types including investment properties. This lender requires a minimum credit score of 660 and goes to a maximum loan-to-value ratio (LTV) of 80% See details below:

660 Minimum Middle Score

Eligible Transactions:

• Purchase

• Refinance - Rate/Term

• Refinance - Cash Out

Eligible Occupancies:

• Owner-Occupied / Primary Residence

• Second Homes

• Investment

Eligible Property Types:

• Single Family Residence (SFR)

• Condominiums (including non-warrantable condos)

• Planned Urban Development (PUD's)

• 2 - 4 Unit

Loan-to-Value / Maximum Loan Amounts:

SFR, Condos and PUD's: Owner-Occupied Primary Residence

• Purchase and Rate / Term Refinance

• • 80% LTV - $1,000,000

• • 75% LTV - $3,000,00

• Cash Out Refinance

• • 70% LTV - $1,000,000

• • 65% LTV - $3,000,000

Second Home - Purchase and Rate/Term Refinance

• • 65% LTV - 3,000,000

Second Home - Cash Out Refinance:

• • 65% LTV - $3,000,000

2-4 Unit's

Purchase/Rate and Term

• Owner-Occupied / Second Home

• • 70% LTV - $3,000,000

• Owner Occupied / Second Home - Cash Out Refinance

• • 65% LTV - $3,000,000

SFR, 1-4 Units, Condos & PUD's

Purchase and Rate/Term Refinance

• Investment Property

• • 70% LTV - $3,000,000

Cash Out Refinance

• Investment Property

• • 65% LTV - $3,000,000

Purchase/Rate and Term

• Owner-Occupied / Second Home

• • 70% LTV - $3,000,000

• Owner Occupied / Second Home

• • 65% LTV - $3,000,000

Ref# 548 10-13-1-3 554 22-5-14

Non-Prime Jumbo Loan

If you have a recent bankruptcy, foreclosure or short sale, this could be an option for you. Here are the guidelines for this lender program.

Maximum loan amount $1,000,000

Purpose:

• Purchase to 75% LTV
• Refinance to 75% LTV
• Cash Out Refinance to 65% LTV

Property Type:

• Single Family Residence
• Condo - less than 4 stories

Occupancy:

• Owner Occupied

Terms:

ARM's

5/1 year and 7/1 year

Income Documentation:

• Full Doc only

Credit

Credit Scores (mortgage credit scores)

• 580 minimum

Credit Criteria

Tradeline requirements:

• 2 tradelines 24 months seasoned
• 1 tradeline seasoned 12 with a minimum of $3,000 high credit limit credit

Underwriting Notes:

All installment loans must be current

Credit card and revolving accounts must be current

Bankruptcy, foreclosure and short sales need 6 months seasoning. Exceptions can be made with compensating factors)

States:

California, Arizona, and Nevada

Stated Income Stated Assets

This loan is for the very qualified borrower. This is not Hard Money. This is Private Money so the rates are very reasonable.

70% LTV on the first lien. 80% CLTV allowed with outside second

Purpose:

Purchase, Rate & Term Refinance and Cash Out refinance

Loan Amounts:

$100,000 minimum

$1,000,000 maximum

Credit Scores:

700 minimum

LTV:

70% maximum financing

Property Types:

SFR

Condos

2-4 units

Occupancies:

Non-owner Occupied / Investment

Stated Income also available on Primary / Owner Occupied homes

Terms:

3 and 5 year ARM's

30-year amortization

Payment Cap at Prime + 4% after fixed portion of the term

Call for other amortization options

Prepayment pricing options available 

Tax and Insurance Impounds required

First-time buyer - reduce maximum LTV 5%

States:

Arizona, California, Florida, Georgia, Illinois, Indiana, Kanas, Kentucky, Michigan, Missouri, Nebraska, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin.

 Bank Statement Loan Program

This particular loan program is available in the following states:

Alabama, Arizona, Arkansas, California, Colorado, Deleware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconson, Wyoming.

Credit:

• Minimum credit score: 560
• No mortgage lates allowed previous 24 months
• Housing credit event (bankruptcy, foreclosure, short sale, loan modification: 36 months
• Minimum tradelines 2 open and active minimum 12 months

Cash Out Limit:

• Maximum LTV - 80%
• Loan amount > $1,500,000 Maximum LTV - 75%

Property Types:

• Single Family Residence
• Condo (non-warrantable condo maximum loan amount - $2,000,000)
• 2-4 Units - Maximum LTV - 85%

Debt-to-Income: (DTI)

• 55%

Terms Available

• ARM's
  • 5/1 LIBOR
  • 7/1 LIBOR
•  Fixed
  • 15 Year
  • 30 Year
• Interest Only
  • Interest Only - 120 month term

• Maximum Loan amount - 4,500,000

Reference # 541 052218 10-13-1-3 

12 Months Personal Bank Statements - 90% (LTV) Financing

Purpose:

• Purchase
• Refinance
• Refinance - Cash Out to $4,000,000
  

Maximum LTV: 90%

Loan Amounts:

• $6,000,000
• $4,000,000 Maximum Cash Out

Income Documentation:

• Bank Statements: Business - 10% - 50% Expense Factor Maximum (90% - 50% deposits)
• Bank Statements: Personal - 0% Expense Factor maximum (100% deposits)

Self-Employment: Self Employed. Any type of business entity including 1099 Independent Contractor

Property Types:

• Single Family Residence (SFR)
• Condo
• 1-2 Unit

Occupancy:

• Owner Occupied

Terms:

• ARM 5/1 (5 year arm) ARM & 7/1 (7 year arm) ARM
• 30 Year Fixed
• Interest Only

Credit Scores / Loan-to-Value:

• 660 Minimum Credit Score for 85% LTV
• 700 Minimum Credit Score for 90% LTV

Major Credit Event Seasoning Requirement:

• Bankruptcy - 2 years
• Foreclosure - 2 years
• Foreclosure - 2 years

3-9-20 333051418

Purpose:

• Purchase
• Rate & Term Refinance
• Cash Out Refinance / Debt Consolidation

Loan Amounts:

Maximum  - $2,500,000

Eligible Property Types:

• SFR Single Family Residence
• Condos - Warrantable & Non-Warrantable
• Condotels

Occupancies:

• Owner Occupied
• Non Owner/Investment
• Second/Vacation Homes

Available Terms:

• ARM: 3,5 and 7 year
• 30 year fixed (Interest Only Available)
• 40 year fixed (Interest Only Available)

"Housing Event" Credit Seasoning:

• Bankruptcy - 2 years required
• Foreclosure - 2 years required
• Short Sale - 2 years required
• Deed in Lieu - 2 years required

Credit Scores:

• 610 Minimum
• 660 to 80% LTV - $500,000 Cash Out
• 680 to 90% LTV - $1,500,000

Credit Criteria:

• Multiple foreclosures and short sales OK

Employment Types:

• Wage Earner
• Self Employed

Income Documentation:

Full Doc Full Income Documentation:

• Wage Earners: W-2's and paystubs
• Self Employed: Tax returns, business and or personal
• 1-year 1040 plus schedule C

50% DTI Debt-to-Income ratio

Reserves Requirements:

3 Months (PITI/PITIA)

3 months PITI for all REO Real Estate Owned

First Time Home Buyers - OK

100% gift funds from family member OK

Rent free housing history OK

Pre-payment penalty options

Investors: unlimited financed REO Real Estate Owned OK

774 3-1-12091217

5% Down Payment on your Jumbo purchase or 95% LTV Jumbo financing for your Rate / Term refinance. Cash Out also available on this program & may be used for any purpose including reserve requirements.

Non-Occupant Co-Borrowers, OK

The purpose of the Non-Occupant Co-Borrower could be many things. But is always for a specific reason. Ultimately it is to somehow strengthen the file in the area or areas needed to rectify any sort of credit deficiency or credit profile deficiencies had by the primary borrower.

This can be achieved with a Non-Occupant Co-Borrower by way of cash reserves; income; credit history; depth, criteria, and scores. Often it is to increase the amount of qualifying income to reduce the qualifying DTI to an acceptable percentage. A development like this could, in effect, increase the over-all "credit grade" and qualifications of the borrower possibly opening up additional options to consider in other areas of the loan such as a more flexible down payment requirement; increased loan amount, gift funds eligibility, etc. Flexibility. And let us not forget better pricing, more preferable terms, easier conditions; the makings for either a great mortgage or perfect home loan.

Non-Qualified / Non-Prime

3 Options: Full Doc, Lite Doc, and Alt Doc

Full Doc - 2 Years (55% DTI)

Full Doc - 1 Year (55% DTI)  Lite Doc / Reduced Doc) "Lite Doc" also pertains to Employment History documentation and verification i.e. Sole Prop, C Corp, S Corp, LLC. < 2 Years

Bank Statements - 12 Months

Bank Statements - 24 Months

Purpose:

• Purchase: 95% LTV Purchase or Rate & Term refinance with 720 credit score on Owner Occupied only to $1,500,000 – No Mortgage Insurance.
• Cash-Out Refinance: 90% LTV unlimited cash-out with 760 credit score on Owner-Occupied Only to $1,500,000 – No Mortgage Insurance.

Loan Amounts:

• Maximum $2,500,000 – 600 Credit Score

Terms:

• 40 year fixed
• 40 year fixed Interest Only
• 30 year fixed
• 30 year fixed Interest Only
• 10/1 ARM
• 10/1 ARM Interest Only
  

Interest Only feature - 600 Middle Credit Score.

This program is considered non-prime is because it does allow for past mortgage lates. Up to 120 days late.

Credit Score Matrix:

Loan-to-Value / Maximum Loan Amounts / Reserve Requirement

Property Types - SFR, Condos and PUD's

Bank Statements - 12 Months

 720 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 70% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves
  • LTV - $5,000,000 - 12 Months Reserves

700 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 70% LTV - $5,000,000 - 12 Months Reserves
  • 70% LTV % LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

680 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

660 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 80% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves

Bank Statements - 24 Months

720 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 90% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 70% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $5,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

700 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 90% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

680 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 90% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

660 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 80% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves

720 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 95% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 80% LTV - $3,000,000 - 12 Months Reserves
  • 70% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves
  • 55% LTV - $3,000,000 - 12 Months Reserves

700 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 90% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 75% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $4,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

680 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 90% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 75% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2.500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

660 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 90% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 80% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

Full Doc - 1 Year income and Employment History

720 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 85% LTV - $2,500,000 - 12 Months Reserves
  • 80% LTV - $3,000,000 - 12 Months Reserves
  • 70% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 70% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $3,000,000 - 12 Months Reserves
  • 55% LTV - $3,000,000 - 12 Months Reserves

700 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 75% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

680 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 70% LTV - $3,000,000 - 12 Months Reserves
  • 65% LTV - $5,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

660 - Credit Score

• Owner-Occupied - Purchase and Rate/Term Refinance
  
  • 85% LTV - $1,500,000 - 6 Months Reserves
  • 80% LTV - $2,500,000 - 12 Months Reserves
  • 75% LTV - $3,000,000 - 12 Months Reserves

• Owner-Occupied - Cash Out
  
  • 80% LTV - $1,500,000 - 6 Months Reserves
  • 75% LTV - $2,500,000 - 12 Months Reserves
  • 65% LTV - $3,000,000 - 12 Months Reserves
  • 60% LTV - $4,000,000 - 12 Months Reserves
  • 55% LTV - $5,000,000 - 12 Months Reserves

Eligible Occupancies:

• Owner-Occupied / Primary Residence
• Second Homes
• Investment

Property Types:

• Non-Warrantable Condos OK
• Non-Occupant Co-Borrowers OK

DTI allowed up to 50% - Unlimited Cash-Out

Liquid Assets

Down Payment and closing costs -  Business and Foreign Funds Acceptable

Reserve Requirement - Business funds OK. However, if the borrower is not 100% owner of this business, will be required to obtain a CPA Letter stating the cash withdrawal would not have an adverse impact on the business. Foreign Funds acceptable, too.

Ref# 022619 10-13-1-3  26-21-13-1

Alt-Doc Mortgage Program

Alt Doc: Owner-Occupied

Alt-Doc: Non-Owner Occupied

Alt-Doc: Investment Property / Second Home

90% LTV (loan-to-value) Financing

$1,000,000 - Maximum loan amount:

• 3 Month Reserve Requirement for Each Property Owned

$2,500,000 - Maximum loan amount:

• 6 Month Reserve Requirement for Each Property Owned

Residual Income Requirement: / DTI

DTI Less Than 35% - $2000 Monthly Residual Income

DTI Greater Than 35% - $3000 Monthly Residual Income

Property Types:

SFR Single Family Residence

PUD Planned Urban Development

Condo

• Non-Warrantable

DTI

50% with 680 Credit Score to 80% LTV

Interest Only payment Available - 680 Credit Score

Gift Funds

100% financing available with 20% gift

Underwriting Notes:

Super Jumbo Loan Amounts require a second appraisal

Credit Notes:

0 30 Day Mortgage Lates - 12 Month History

Maximum Properties Owned:

Owner Occupied - No Limit

Investment Property or Second Home - 10 Maximum unless LTV

• less than 75%, LTV, No Limit

Reference # 214 554488

Asset Depletion Jumbo Loan

Income Documentation Alternative:

Asset Depletion

Self Employed and W-2 Wage Earner Co-Borrower

660 Mortgage Credit Score - 80% LTV to 2 million

640 Mortgage Credit Score - 75% LTV to 2 million

Credit Notes:

2 years seasoning required from bankruptcy discharge date

2 years seasoning required for short sales and foreclosures

Purpose:

• Purchase
• Refinance
• Cash Out Refinance - $500,000 Maximum Cash Out

Property Types:

• Single Family ResidenceSFR

Occupancies:

• Owner Occupied
• Second / Vacation Home – 80% maximum LTV

Debt to Income ratio:

• 43% maximum DTI 

States:

Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

Reference # - 124 527030515 PS

Mortgage brokers/lenders perform acts for which a real estate license is required.

This is an income documentation program for the well-qualified borrower. Asset Depletion is a feature that we can utilize to offset income ratio guidelines.

Bank Statements can also be utilized in lieu of traditional income documentation. This can be done under any loan program within this programs core product offering including the Super Jumbo program to 5 million. This loan is for borrowers that can't or chooses not to document their income but also have a considerable amount of liquid assets. The difference between this loan and a regular Bank Statement loan is the super jumbo loan amounts and the loan program flexibility, making it all around easier to qualify for.

In this lending market, many highly qualified borrowers with strong credit and reserves aren't getting the mortgage loans they should.

Super Jumbo Loan Amounts to $5,000,000

Credit Scores

680 middle credit score, the middle of the 3 scores or lower of 2

Property Types:

Single Family Residence

Condo < 4 stories

2-4 Units

Full Income Documentation pricing applies because this is considered a Full Doc loan program

Eligible Liquid Assets:

CD's, Monet Market, Stocks, etc.

48-72 hour underwriting turn-time

#55556656

Asset-Based Loan Program

Qualifying criteria for this loan program is 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 borrowers 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 property

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
• Self Employed and W-2 salary employees - OK

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" not acceptable

Loan Amount - Liquid Reserve Requirement Matrix:

The amount of liquid reserves required is quantified by the number of month's cash reserves as well as the total loan amount

• 0 - $417,000 - 6 months' reserves / liquid assets
• $625,000 - 9 months' reserves / liquid assets
• $1,000,000 - 12 months' reserves / liquid assets
• $2,000,000 - 18 months' reserves / liquid assets
• $3,000,000 - 24 months' reserves / liquid assets

Loan Purpose:

• Purchase
• Refinance Rate & Term
• Refinance and Cash Out

Property Types:

SFR / Single Family Residence

• PUD's
• 1-2 Units
• Condos

Owner Occupied / Primary Residence

• 680 Credit Score
  • 70% LTV to $750,000
  • 65% LTV to $2,000,000
  • 50% LTV to $3,000,000

$750,000 Maximum loan amount

$500,000 maximum cash out

Second Home

• 680 Credit Score
  • 65% LTV to $750,000
  • 60% LTV to $2,000,000con
  • 50% LTV to $3,000,000

$500,000 maximum cash out

Investment Property:

• 660 Credit Score
  • 75% LTV to $750,000
  • 65% LTV to $2,000,000
  • 50% LTV to $3,000,000

$500,000 Maximum Cash Out

Cash Out requirements- 12 months title seasoning required to use current market value for LTV qualification

Credit Criteria:

• 680 Credit Score
  • Foreclosure - 2 years seasoned
  • Bankruptcy - 4 years seasoned
  • Short Sale - 2 years seasoned
  • Mortgage lates - 2 years seasoned
  • Derogatory tradelines (liens, judgments, charge-offs, and collections) - 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, West Virginia

Reference # 444 010288

Self Employed Home Loan Program

This loan program is for home buyers and homeowners that have recently experienced a housing event such as bankruptcy, foreclosure or short sale. Self Employed borrowers can document their income by providing bank statements in lieu of conventional to support income and if there is a wage earner borrower, too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.

Guidelines and Highlights

Purpose:

• Purchase, Rate and Term refinance and Cash Out Refinance

Income Program:

• Alternative Documentation "Alt-Doc"

Income Documentation:

• Unconventional - 12 months Bank Statements for self-employed

and or

• Conventional - W-2 and paystub for wage earners

Employment Types:

• Self Employed
• W-2 Salary Wage Earner

Credit Criteria:

• Mortgage History - 1 30-Day late for last 12 months
• Bankruptcy Seasoning: - 1 Day
• Foreclosure Seasoning - 1 Day
• Short Sale - 1 Day

Credit Scores:

• 580 Minimum

Loan to Value ratio (LTV)

• 80%

Debt to Income Ratio (DTI):

• 50%

Maximum Loan Amount:

• $2,000,000

Property Types:

• Single Family Residence (SFR)
• 1-2 Units
• 2-4 Units

Occupancies:

• Owner Occupied / Primary
• Investment

Terms:

• 30-Year Fixed
• 15-Year Fixed
• 7 Year ARM

No Prepayment Penalty

States: Arizona,California, Colorado, Florida, Georgia, Oregon, Washington

Reference# 535 06131519-16-12-16

Bank Statement Loan for Self Employed Borrowers

January 2019

Bank Statement Income Loan

Self Employed Only - Personal or Business Bank Statements.

Bank Statement loan means to utilize 12 or 24 months of borrower personal and or business bank statements to show income in lieu of traditional income documents. This income documentation option is for the owner-occupied purchase, refinance and or cash out loan.

This lender requires 24 months and will utilize gross monthly deposit amounts to represent gross income. Personal bank statements can be used as business bank statements. All pages required (except processed checks) for all months.

Asset Depletion Income Loan

For the investment property buyer, including non-owner occupied and Second Home as well asmulti-unit business loans, this lender has an additional income documentation program, the "asset depletion" program. Borrowers with verifiable cash or other liquid assets may use those assets to qualify with a Letter of Explanation defining the source and contemplated depletion of these assets over the course of the loan term to pay obligations.

This lender will go down to a 500 credit score. Also allows for previous bankruptcies, foreclosures,and short sales.

Purpose:

Purchase, Rate & Term and Cash Out Refinance

Underwriting Notes:

Non Owner and Second Home OK

Maximum Loan Amount $2,000,000

2-4 Units, Condos, Townhouses, rural and condotels OK

First Time Homebuyer OK

Non-Occupant Co-Borrower OK (case by case basis

States: Arizona, California, Colorado, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, Washington State

Reference - 139 526020315

Jumbo Bank Statement Loan to 3 Million

Purpose:

• Purchase

• Refinance

• Maximum Cash Out - $2,000,000

Available Loan Amounts:

• $3,000,000 Maximum

Eligible Employment Types:

• Self Employed  (Defined as =/> 25% Owner)

• Wage Earner / W2 Co-Borrower - OK

Eligible Employment History:

• One Year Employment History - OK "Lite Doc"

Employment Verification:

Acceptable (VOE) Verification of Employment lender guideline options:

• Business License

• Business Organization Paperwork or regulatory equivalent.

• CPA Letter or equivalent

Income Documentation: (No 4506-T)

• 12 or 24 Months Business Bank Statements

• 12 or 24 months Personal Bank Statements

• "Borrower Prepared" & Unaudited Profit & Loss Statement -No 4506T Form or CPA Letter

Liquid Reserves Requirements:

6 For self-employed borrowers, liquid reserve requirements - business bank account OK - percentage utilization allowed is equal to the percentage of ownership. - for example, 60% owner of the business can utilize 60% of the business bank account balance.

Utilize Liquid Assets for Additional Qualifying Income

 Eligible Liquid Assets Examples:

• Checking & Savings Accounts

• Stocks

• Bonds

• Mutual funds

• Certificates of Deposit

• Money Market Funds

• Trust Accounts

• Retirement Accounts "amount invested"

• Trade Equity

• Savings Bonds

• Trust Accounts

• Sale of Real Estate

Eligible Business Entities:

• C Corporation

• S Corporation

• LLC

• Sole Proprietor

Eligible Property Types:

• SFR - Single Family Residence - Detached

• SFR - Single Family Residence - Attached

• 1 - 2  Units

• 2 - 4 Units

• Condominiums

• PUD's

Eligible Occupancies:

• Owner-Occupied

• Investment

• Second Home (Vacation)

Credit:

Credit Scores - 620 Minimum

720 Score - Max LTV 85

Housing / Life Event Credit Seasoning:

• Bankruptcy: 4 years, 3 Years with Compensating Factors

• Foreclosure: 4 years, 3 Years with Compensating Factors

• Short Sale: 4 years, 2 Years with Compensating Factors

• Loan Modification: 4 Years, 3 Years with Compensating Factors

Compensating factor examples: Low LTV. Low DTI. Credit depth and over-all seasoning

DTI - 50% Max

States: Alabama | Arizona | Arkansas | California | Colorado | Florida | Georgia | Hawaii| Idaho | Illinois |Indiana | Kansas | Lousiana | Nevada | North Carolina | Pennsylvania | Lousiana | Oregon | Tennessee | Texas | Utah | Washington | Wisconsin

reference: 255.052519

Non-Prime Super Jumbo Bank Statement Loan

Maximum Loan Amount - $4,000,000

Be advised, the following Credit Scores are Mortgage Credit Scores - Consult a Mortgage Professional to be properly pre-qualified without having your credit checked.bank

No Liquid reserve requirement

Short Sale seasoning - 1 day 

Alternative Documentation for Self Employed:

Form 4506T Not Required (no tax returns before, during or after Close of Escrow)

24 consecutive months Personal or Business bank statements

Purchase Loans:

• 90% LTV - 700 Middle Credit Score
• 85% LTV - 650 Middle Credit Score
• 80% LTV - 600 Middle Credit Score
• 75% LTV - 550 Middle Credit Score
• 65% LTV - 500 Middle Credit Score

Cash Out Refinance:

• 75% LTV - 700 Middle Credit Score
• 75% LTV - 650 Middle Credit Score
• 75% LTV - 600 Middle Credit Score
• 70% LTV - 550 Middle Credit Score
• 65% LTV - 500 Middle Credit Score

Full Doc for Salary Employee - W-2's and 30 days paycheck subs 

Or

Full Doc for Commission Professional - 2 years 1040's and Profit and Loss Statement

Liquid Assets not required

Jumbo Maximum Loan Amount - $3,000,000

90% LTV:

No mortgage lates

Bankruptcy and Foreclosure3 years seasoned

Property Types:

• Single Family Residence
• Condo
• Non-Warrantable Condos
• Townhouse
• 2-4 Unit
• Condotels case specific

Rural properties OK for A through B- credit grades

Occupancies:

• Owner Occupied
• Non Owner Occupies
• Second Home

Debt-to-Income Ratio

50%

For this program, Underwriter will utilize 100% of Personal Bank Statement deposits and 50% of Business Bank Statement deposits

-Let a Mortgage Professional qualify your debt ratio

LTV / Credit Score

• 90% - 700

• 85% LTV - 650

• 80% LTV - 600

• 75% LTV - 550

• 65% LTV - 500

R 3-9-20-1-4-5-12

Purpose:

• Purchase; Refinance

• Cash Out

Loan Amounts:

• $3,000,000 Maximum

• $2,000,000 Cash Out

Employment Types:

• Self Employed - Two Years Minimum

• Wage Earner / W2 Co-Borrower OK

Eligible Business Entities:

• Corporation

• LLC

• Sole Proprietor

Employment Verification:

• Business License or Business Certificate If Applicable

• CPA Letter or Equivalent

Income and Employment Documentation:

• 12 Months Bank Statements

• Borrower Prepared and Unaudited Profit and Loss Statement. Bank Account or Personal Bank Account  - OK

• Utilize Liquid Assets for Additional Income
  • Checking Accounts, Savings Accounts, Stocks, Bonds, Mutual Funds, Certificates of Deposit, Money Market Funds, Trust Accounts, Retirement "amount invested", Trade Equity, Savings Bonds, Peanut Butter & Jelly Sandwiches with the Crusts Removed, Trust Accounts, Sale of Real Estate, Ect.

Property Types:

• SFR - Detached

• SFR - Attached

• 2-4 Units

• Condominiums

• PUD's

Occupancies:

• Owner-Occupied

• Investment

• Second Home

Credit Scores:

• 620 Minimum

• 720 Score: LTV 80%

Credit Seasoning:

• Bankruptcy: Four Years, Two Years with Compensating Factors

• Foreclosure: Four Years, Two Years with Compensating Factors

• Short Sale: Four Years, Two Years with Compensating Factors

• Loan Modification: Four Years, Two Years with Compensating Factors

Compensating Factor Examples: Low LTV. Low DTI. Credit Depth and Over-All Seasoning

DTI – 50

r 3-9-20 0229919

12 and 24 Months Bank Statement Alternative Income Documentation 

80% LTV Purchase R/T up to $3,000,000

Interest Only Available

Owner-Occupied / Primary Residence:

• Purchase and Rate/Term Refinance
  • 680 Credit Score: 75% LTV - $2,500,000
  • 700 Credit Score: 75% LTV - $3,000,000
• Cash Out Refinance
  • 680 Credit Score: 70% LTV - $1,500,000
  • 680 Credit Score: 65% LTV - $2,500,000

Second Home

• Purchase and Rate/Term Refinance
  • 700 Credit Score: 75% LTV - $1,500,000
  • 700 Credit Score: 70% LTV - $2,500,000
• Cash Out Refinance
  • 700 Credit Score: 65% LTV - $1,500,000
  • 700 Credit Score: 60% LTV - $2,500,000

Non Owner Occupied / Investment Property

• Purchase and Rate/Term Refinance
  • 700 Credit Score: 70% LTV - $1,500,000
  • 720 Credit Score: 60% LTV - $2,000,000

Cash Out Refinance Notes:

• Maximun Cash Out - 45% of total loan amount up to 75% LTV
• < 55% Loan-to-Value (LTV): Unlimited
• Florida Condos: 55% Maximum

Interest Only payment feature available to 80% LTV

Documentation:

• Credit report: <90 Days old at closing
• Income and assets: <90 Days old at closing

Liquid Assets

• Full assets required for both down payment and closing costs
• Business bank account funds can be used for "reserves" if borrower is 100% owner of business

Asset Utilization

• Socks, bonds, mutual funds: 75%
• Retirement funds amount invested, 65%
• Gift of equity not allowe

Reference - c111t10l1117

Business Purpose Mortgage Loan Program

"Business Purpose" Mortgage

A business purpose loan is a primary residence stated income mortgage program. In all actuality, it's a stated income program disguised as a "business purpose" loan, as opposed to a "consumer mortgage" (a regular mortgage loan). It's done this way so lenders can offer and provide cash-out refinance loans (owner-occupied) to self-employed borrowers.

What is a Business Purpose Mortgage

There are specific documentation guidelines for this type of program and must be followed accordingly. One of which is we require a statement from the borrower/applicant describing the intended use of funds (hand-written is best) in great detail. Funds are supposed to be used to improve, start or expand a business.

A minimum of 51% of cash-out must be used to improve or expand the business and  Borrower must submit a cash-out letter of explanation detailing the use of funds including remodel construction bid contracts, etc. Inventory purchase, The letter of explanation must also include an explanation regarding the anticipated economic gain that will result from loan proceeds.

Business Mortgage Guidelines

Cash-Out Refinance. Cash-out must be wired into borrowers' business bank account.

Loan Amount:

$6,000,000 Maximum

LTV: 80% maximum

Employment Type: Self-Employed

• C Corporation
• S Corporation
• LLC
• 1099

Some of our lenders will allow for a business entity change (2 years employment verification). For example, if a borrower changes their company from a corporation to an LLC, they'll allow that. Even from a 1099/independant contractor business to a corporation. We know this from experience.

Income Documentation: No income documentation (No Doc). Stated Income. No income verification. No asset verification.

Reserves: Liquid assets not required

Property Types

• Single Family Residence
• 2 Units
• 2-4 Units

Middle Credit Score: 660

Occupancy Types

• Owner-Occupied / Primary residence
• Non-Owner Occupied. A rental survey usually is required for investment properties

All owners/people on the title of the property must apply (be on the application). If this is conducive to the borrowers' preference, the property owner can "quitclaim" themselves off title for the time of application and escrow, then just go back on the title after the loan closes. 

Business Purpose

Cash-out can be used for any "business purpose"; improving the economic disposition of the company.

One common use is to improve the physical location of the business.

So, this would include stuff like architectural drawings: Architectural, Mechanical/Plumbing/Structural & Electrical design. Mechanical - HVAC plan, Equipment schedule, details, and specifications.

Construction: Electrical - Lighting plan, power plan, panel schedules and single line diagram, details and specifications, Title-24 compliance documents.

Plumbing - Sanitary waste and vent piping plan, domestic water and piping plan, details and specifications.

Architectural - Cover sheet, general information sheet, code analysis sheet/exiting diagram site plan, ADA compliance sheet, floor plans, roof plan, storefront elevation, building sections.

Collateral

Appraisal: Complete original appraisal with interior/exterior photos of the subject property and sales comparables.

Hazard insurance coverage equal to replacement or guaranteed replacement cost. Max deductible 1% of the face value of the dwelling coverage amount, but no more than $3000. 12 months of paid coverage required on purchase loans and 6 months for refinance loans.

Sitework: Building demolition, Concrete, etc.

States:

Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Deleware, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisana, Maryland, Maine, Michigan, Minnesota, Montana, North Carolina, Nebraska, New Hampshire, New Jersey, Nevada, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Vermont, Washington, Wisconson, Wyoming.

Reference #: 5453-9-20-1-4-5-12

Commercial Mortgage Stated Income

This commercial mortgage loan program does not require Tax Returns or W-2's

650 middle credit score

Loan Purpose:

Purchase, refinance and cash out refinance. Cash out can be used for any reason and is capped at 70% LTV

Loan Amount:

$225,000 minimum

Super Jumbo to $5,000,000 Maximum

Loan to Value:

80% LTV Maximum

Property Types:

Multi-Unit >5 Units

Mixed Use

Automotive Services

Office Space

Self-Storage

Retail Store

Mobile Home Parks

Warehouse

Available Terms:

3, 5 year ARM's and 30 year fixed

No balloon note rolls into 6-month Libor ARM

States:

All except, Illinois, Michigan, North Dakota, South Dakota, Tennessee, and Vermont

778091714369

Jumbo Purchase Loan for the First-Time Homebuyer to $1,000,000

Purchase - Owner Occupied

Cash Out Refinance - Owner Occupied

Loan Amount / Liquid Assets:

• 1 million / 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)
• 1,000,000 to $1,500,000 / 9 months reserves
• $1,500,000M to $2,000,000 / 12 months reserves
• $2,000,000 to $2,500,000 / 18 months reserves
• $1,000,000 maximum loan amount for first time home buyer

Acceptable income:

• Rental income
• Alimony and child support income
• Note income
• Capital gains
• Dividends
• Stocks options

 Cash Out available for Second Home

Available terms:

• 15 year fixed
• 30 year fixed
• 5 year ARM
• 7 year Arm
• 10 year ARM

Underwriting Notes:

• No mortgage insurance needed
• 6% maximum gift funds ok
• Down payment Sourced:
• Equity Gift ok
• Seller contributions ok
• Gift funds ok

Credit Notes:

• No bankruptcy, foreclosure or short sale
• Minimum 2 open tradelines
• Construction to permanent ok
• Broker credit report ok (no extra credit check)
• Detached Condos OK
•  All 50 states

Ref# 147 525012215

This hard money lender will do primary residential loans which are somewhat rare.

Purpose

• Purchase
• Refinance, Rate & Term and Cash out
• Refinance - Cash Out. $750,000 Maximum
• Construction
• Bridge Loan
• Blanket Loan

Loan Amounts

$125,000 to $5,000,000

Property Types:

• Single Family Residence SFR
• 1-4 Unit residential and commercial
• Condos
• Townhomes
• Non-warrantable condominiums
• Mixed-use

Non-Occupant c-borrower OK

Occupancy:

• Owner Occupied
• Non Owner Occupied

Eligible Borrower

• Foreign Nationals
• Foreign legal entities
• Probate OK

Underwriter Notes:

No seasoning requirements for foreclosure, bankruptcy, short sale, notice of default, notice of sale

Reference# - 44154

Hard Money Lending

Our Hard Money mortgage loan department is a network of 39 individual Equity-Based lenders; Hard Money lenders/ Private Money lenders that will fund any reasonable loan scenario.

We have equity-based portfolio lenders, direct money lenders, and banks that offer soft money, sub-prime and non-prime loan programs including Small Business Loans and alternative-equity-financing options; our Hard Money division is on pace to do over 160 hard money loans this year.

Our mission is to help individuals, investors, builders, developers, foreign nationals and all legal entities including foreign legal entities obtain alternative real estate financing options to assist in a diverse real estate marker (usually understood as Hard Money loans). We are a unique Hard Money Loan service for a variety of real estate transactions, including investor purchase loans; refinance cash out option; new construction; second trust deeds; third trust deeds (Hard Money); refinance loans for primary and investment properties; fix and flips; rehab projects; probate properties; rental properties' non-warrantable condos; mixed-use; mobile manufactured homes; rural area properties and unconventional properties such as what are called ultra modern properties that lack traditional 'comparables'. We also have programs for other types of properties including 'log' and 'dome' homes.

There are many advantages of working with an extraordinary Mortgage Broker as Hard Money Mortgage Broker's can provide special services: a fast and efficient funding experience with easy terms and limited conditions.

Some additional benefits of working with a Hard Money broker include a wide range of loan programs that come with the lowest pricing the market can offer. If a borrower is in the market for a hard money loan, they might get approved for a Soft Money loan program with a lower rate with a 5-year interest-only feature without a pre-payment penalty, as one example.

Ongoing relationships in this cutting-edge industry are developed over time and with funded loans. We have lenders that will look at almost any loan scenario and we also have lenders that specialize in various loan scenarios, many that are Hard Money and as well, traditional financing.

These Hard Money lenders are driven by private investor money, typically referred to as Hard Money or Private Money loans. This borrowing capital comes from special interest segments of the market that are pursuing specific criteria loan scenarios. Loans that meet specified criteria can receive discounted pricing from the lender. For example, if a Hard Money lender has an 11% standard interest rate, that rate will go down for every loan scenario criteria that meets their desired guideline structure. These variables vary from geo-targeted areas of the country, states, regions, and specific zip codes, as well as specific property types, loan purposes, occupancy type, credit criteria, credit scores and employment for soft money lenders (differing from Hard Money investors'), Subprime and Non-prime lenders, as well as other types of specific loan characteristics. Some examples would include: 580+ credit score blanket loans for the northeast region of the country; 1-4 unit purchase loans with loan amounts greater than 5 million; bridge loans that meet specific exit strategy criteria; state-specific rehab loans that feature a progressive Loan-to-Cost (LTC) ratios up to 85% for an investor with greater than 3 closed transactions experience within the last 4 years. Another example would be: "unseasoned cash-out refinance" for newly (unseasoned) purchase for a limited zip code area in Southern California, unconventional income documentation program for owner-occupied Single Family residential properties; these origination lenders will typically have their own pre-determined guideline criteria matrix to ensure that brokers stay within their guideline matrix. These revolutionary loan programs (usually Hard Money) can make it easier for an experienced Broker to quickly facilitate Hard Money loans for consumers. This is ideal because when the loan fits the lender's pre-determined guidelines, the complex loan scenario becomes an easy, consistent and clean loan process which in turn will provide pricing that is the best the market can offer because we, the Mortgage Broker are in effect, filling an order.

Seasoned Real Estate Investor niche: some Hard Money/Private Lenders like working specifically with seasoned real estate investors. These guideline criteria can be quantified or qualified by the number of years or number of transactions undertaken by the borrower. For example, some lenders want to lend only to real estate investors that have completed more than 3 transactions and some won't touch a real estate investor with less than 3. A further example is that some Hard Money lenders won't lend in an urban area and some won't lend in rural areas. When a lender requires a niche, they also, in turn, will provide discounted pricing, thus benefitting the consumer.

Two Examples:

No asset or income verification that comes with 6-30 year terms and requires sub 500 or no credit scores for residential investors. Discounts 620+ credit score. ?

ARV 85% Loan-to-Cost (LTC) No Pre Payment Penalty options; loans made to LLC with a personal guaranty.

• All Income Programs
• Stated Income / Stated Assets
• Stated Income / Verified Assets
• Bank Statement Loans
• Asset Depletion Loans
• No Doc Loans

Hard Money Loans

• Private Money 70% LTV
• Hard Money 5 Million Owner Occupied
• Jumbo Hard Money to 3 Million 80% LTV
• Hard Money Super Jumbo Florida
• California Hard Money 30 Million

Latest Loan Programs

• Investor Loan - No Doc

• Bank Statement Loan 600 Credit Score

• Asset Depletion Super Jumbo Mortgage

• Bank Statement Loan 580 Credit Score

• Stated Income Verified Assets to 70% LTV Owner Occupied

Reference# - 55452

Hard Money Super Jumbo

Residential Hard Money

Purpose:

Purchase, Rate&Term Refinance

Cash Out Refinance

Bridge loans

Blanket loans

Rehab

Foreclosure avoidance OK

Occupancy:

Non Owner only

Super Jumbo Loan Amount:

$3,000,000

Property Types:

Condo

High Rise Condos

Non-warrantable Condos

1-4 Units

Eligible borrowers:

Foreign Nationals

Foreign corporations

Non-resident alien

Legal Entities:

Corporations

LLC's

Trusts

States:

Florida only

Underwriting notes:

Purchase seasoning not required for cash out refinance

Ref #155524012115

Interest-Only Jumbo Mortgage Program

Non-QM Mortgage Product

Purpose

• Purhase
• Refinance - Rate/Term
• Refinance - Cash-Out

Single Family Residence (SFR) - 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 (SFR) - Second Home:

Credit Score / LTV / Loan Amoun

• 680 - 80% - $2,000,000
• 720 - 65% - $3,000,000

2-4 Unit:

• 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 had)
• 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

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
  • 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 (home-owners) 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 

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)
    • 1 Active Tradelines - 24 Months History
    • 3 Active Tradelines -12 Months History
    • 1 Active Tradeline - Installment 
    • Non-Traditional Traxdeline - No
    • Collections OK to $1,000,000 (Payoff accounts not required)
    • All Liens must be paid off

Properties Not Allowed

• > 10 Acres
• Unwarrantable Condos
• Condos 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
  • 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 finance  OK

123 11-21-18_10-13-1-3

Real Estate Investor Program

Home Investors

1-10 Financed properties allowed even if non-owner occupied

Full Doc

10, 25 and 40 day locks available on all loans from this lender upon loan approval.

Loan amounts from $100,000 to $2,000,000

Owner Occupied and Investment properties are OK

620 credit score required

#6454bm6658

Real Estate Investor Loan

Up to 10 Financed Properties OK

Borrower can own unlimited properties, but only 10 can have a mortgage lien

75% Maximum LTV Financing

720 Middle Credit Score

Loan Amounts:

$100,000 Minimum

$2,000,000 Maximum

Property Types:

Single family residence

Non-warrantable condo

2 Units

PUD

Occupancy:

Non Owner Occupied

Second Home

Income documentation:

Six months Reserves required for the subject property plus 6 months liquid reserves for every property that is currently being financed

Underwriter Notes:

In order to utilize rental income, tax returns are required. Lease agreements accepted too

Bankruptcy or Foreclosure 7 years seasoning required

Interested parties Contribution OK for Second Home and Non-Owner Occupied investment property

Reference #254528091614am

This Jumbo Loan Program is for Borrowers with Less Than Perfect Credit

$1,200,000 maximum loan amount

Purpose:

• Purchase
• Refinance

Cash Out Refinance

Credit Score Requirements:

660 minimum middle credit score

Occupancy: 

• Owner Occupied:

Property Types:

• Single Family and duplexes - 85% max LTV financing

Occupancy:

• Owner-occupied
• Investment Properties:
• 1-2 unit and 3-4 unit to 70% LTV to $750,000
• Second home:

$700,000 Max loan amount

• 80% max financing

Underwriting notes:

• Gift/unseasoned funds for down payment OK
• Private mortgage insurance not required

Reference # 145u093014s

Qualify 12 Months Bank Statements - 12 Month Average Balance for Income Documentation

May 2019 Update: Maximum Loan Amount: $3,500,000

Bank statements, in this case, are used as a traditional income documentation alternative. However, in addition to bank statements,1099's can be used without the 1040 or schedule C in junction with the bank statements can be accepted and considered more like a full income documentation program which will produce full income documentation pricing.

90% Financing Available. For purchase transactions, 5% gifts allowed leaving only a 5% borrower contribution.

Loan Purpose / LTV:

Purchase or Rate and Term refinance 90% LTV to $450,000

Cash Out Refinance to 85% LTV

- $500,000 Maximum Cash Out (cash-in-hand), not including proceeds applied to consolidating debt, "debt consolidation mortgage program"

Credit Notes:

Credit Score 660 minimum middle for all borrowers

Bankruptcy discharge seasoning requirements - 2 years seasoning required for chapter 7. No seasoning required for chapter 13 bankruptcy

Foreclosure discharge seasoning requirement - 4 Years seasoning required

Loan Modification complete (yeah, right. Lose your paperwork, did they?)- 3 Years seasoning required

Available Terms:

5, 7 and 10 year ARM's and 15 year fix

Balloon note at ARM maturity or option to roll into an equity line

Owner Occupied Only

1-4 Unit properties OK

Get pre-qualified without credit check

Refrence# - 74512

Jumbo Cash Out to $2,500,000

Purpose

• Purchase
• Refinance Rate and Term
• Refinance Cash Out - no maximum on the cash to the borrower 

Loan Amounts

$2,500,000 Maximum

LTV - 85% Maximum

Occupancies

• Owner Occupied
• Vacation Home / Second Home

Property Types

• SFR
• Condo - less than 4 stories 

Terms

• 5 year ARM
• 7 Year ARM
  

No Pre-payment Penalty. Pay the loan off at any time without incurring a penalty or early termination fee.

Credit Score

640 Minimum

Credit Notes

Bankruptcy - 2 years seasoning required.

Foreclosure- 2 years seasoning required

Short Sale- 2 years seasoning required

Loan Modification- 2 years seasoning required

4581006142o2k

High LTV Hard Money Jumbo Loan

This hard money residential loan has a very high Loan-to-Value (LTV) ratio of 80%. Most hard money lenders max out at 65%, sometimes 70%. So 80% is huge. It can be used as a Fix and Flip, Blanket loan, Bridge loan, Construction Loan and can also bail a borrower out of any housing event; short sale, foreclosure, bankruptcy, Notice of Default (NOD), Notice of Sale (NOS). Below you'll see some underwriting highlights.

Loan purpose:

• Purchase
• Refinance
• Cash out Refinance and Construction

Blanket, Bridge and Fix and Flip

Loan limits:

80% LTV

Maximum loan amount - $3,000,000

Term: 12 months

Property types:

• Single Family Residence (SFR)
• 2-4 Unit
• Condos and Townhomes

Non-Warrantable Condos

Manufactured homes

Mixed Use  

Unconventional Property Types:

• Dome homes
• Modern style
• Historical
• Log homes

 Non Owner Occupied only

1-4 units 

States available:

Alabama, Arkansas, Arizona, California, Connecticut, Florida, Georgia, Iowa, Illinois, Kansas, Massachusetts, Maryland, Maine, Michigan, North Carolina, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, Wisconsin

Reference# - 55214

Non-Prime Investor Program

Real Estate Investor can own up to 20 financed properties

Credit Score Requirements 

• 720 Credit Score - 75% LTV
• 560 Credit Score - 60% LTV

Maximum Loan amount - $750,000

Loan purpose:

• Purchase
• Refinance
• Cash Out Refinance - $300,000 maximum

Property Types:

• SFR Single Family Residence
• 1-2 Units
• 1-4 Units

Occupancy:

• Investment Property / Non Owner Occupied 

Credit Notes:

• 2 years seasoning required from bankruptcy discharge date
• No seasoning required for short sales and foreclosures
• 50% maximum DTI Debt to Income ratio

Reference # - 125 527030515 

One Day Out of a Short Sale or Foreclosure

This loan is for people that have recently either foreclosed or short sold their property. If you have a recent short sale or foreclosure, this loan option could help you get into a home. No seasoning requirement for these housing events

Income Documentation Options:

Full Income documentation required

Salary Employee - previous 2 years W-2's and full tax return

Self Employed - previous 2 years full tax returns and current year profit and loss statement

50% maximum DTI Debt to Income ratio

Credit Scores:

• 580 Credit Score - 80% LTV to 1 Million 
• 500 Credit Score - 70% LTV to 1 Million

Maximum Loan Amount

• $1,000,000

Loan Purpose:

• Purchase
• Refinance
• Cash Out Refinance - $500,000 maximum

Property Type:

• SFR Single Family Residence

Occupancy:

• Owner Occupied
• Second / Vacation Home – 75% maximum LTV

States:

Alabama, Arizona, California, Colorado, District of Columbia, Georgia, Florida, Iowa, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, Wisconsin

Reference # - 123 527030515 HE

Use Bank Statements as Income Alternative

Stated Income for Self-Employed

Purpose:

• Purchase, Refinance - Rate/Term
• Refinance - Cash Out
  • Maximum cash out amount $500,000

Income Documentation Programs - Self-Employed

Income Documentation Programs

• Asset Depletion / Asset Based (in conjunction with any Alt Doc program)
• Bank Statements
• Stated Income

Bank Statements

• 6 Months Personal Bank Account Statements
• 12 Months Personal Bank Account Statements 
• 24 Months Business Bank Statements

Primary borrower must be self-employed - W-2 c-borrower OK

Stated Income / Verified Assets

• Assets / Reserves
  • 24 months reserves seasoned for 3 months or VOD Verification of Deposit
• Self-Employed Only
  • • 4506T not required
    • Tax Returns not required

Primary borrower must be self-employed - W-2 c-borrower OK

Self-employed is defined by 25% ownership in a company

3 Reduced Doc Options:

• 1 Year W-2 instead of the standard 2-year income history and employment history verification requirements including full tax returns with all schedules
  • 4506T is executed but for only the 1 year W-2. Not previous year.
  • 4506T is not executed for the self-employed borrower
    • Tax Returns not required
• 1 Year Tax Returns instead of the standard 2-year requirement
  • 4506T is executed but for only the 1 year tax return
• 1 Year P&L Profit and Loss Statement
  • Borrower prepared and unaudited
    • Tax Returns not required
    • 4506T not required

Jumbo Loan Amounts:

• Owner Occupied
  • $2,500,00 for purchase and rate/term refinance - 80% LTV maximum
  • $2,000,000 for Cash Out - 75% LTV maximum

• Non-Owner Occupied / Investment Properties
  • $$1,000,000

Percentage of Financing

• 90% LTV Maximum

Property Types:

• SFR Single Family Residence
• Condominiums < 4 stories
• Condominiums - highrise OK
• Townhouses
• 1-2 Units
• 2-4 Units
• Duplex

Occupancies:

• Owner Occupied
• Second Home
• Non-Owner Occupied

Available Terms:

• ARM's
  • 3/1
  • 5/1
  • 7/1
  • 10/1

• Fixed Rates
  • 15 year
  • 20 year
  • 30 year

One 60-day previous mortgage late within last 12 months OK

600 Credit Score to 80% LTV

3 x 30 day previous mortgage lates within previous 12 months OK

Underwriting Notes:

Short Sale, 1 day seasoned

Foreclosure, 1 year seasoned

Bankruptcy, 1 year seasoned

55% max DTI 

Western Region CA, AZ, OR, ID, CO, UT and TX for Owner Occupied

Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)

Non-Qualified Mortgage (Non-QM) - Jumbo Program

Income Documentation: Asset Utilization and Cash-Flow (bank statements) Program - Creative Financing

This loan program is designed for borrowers who fall just outside (Non-Prime) Prime Jumbo

Income Documentation for self-employed borrowers

2 Options:

• Bank Statements - 24 months business bank account or 12 months personal bank account with or without Asset Depletion (asset utilization)

Low Doc

• 1 year W-2 and/or 1-year tax return (stand-alone or in conjunction) with YTD Profit & Loss (P&L) - Borrower Prepared and unaudited

Bank Statements and Low Doc programs are for self-employed borrowers only. Co-borrower W-2 employee OK for Low Doc - 1 year W-2 in lieu of the traditional 2 year requirement

Max Debt-to-Income ratio: (DTI) 50% based on and/or (stand-alone or in conjunction) liquid assets, cash-flow and real estate portfolio equity

Loan Purpose percentage of financing

Purchase - 10% Down Payment

Refinance - 90% LTV

Cash Out Refinance - 85% LTV

Credit

Minimum Mortgage Credit Score: 660 (middle score)

4 years seasoning required on Bankruptcy, Foreclosure, n Modification

Loan Amounts

$2,500,000 maximum

reference - 1245587

This loan program is designed for home-buyers (purchase transaction) and home-owners (refinance transaction) that do not want toprovide (Form 4506-T not required) or are unable to produce (business and/or personal tax returns, W-2's, paycheck stubs, lease agreements, etc..) traditional income documentation; have been on their job/profession/a business owner for less than 2 years; have a major credit event on their credit report (Non-Prime) such as a bankruptcy, foreclosure, short-sale, loan modification, or automobile repossession; have a Full Doc debt to income ratio higher than 43% or would like a more flexible term such as a 40-year amortization payment with or without an "interest-only" payment option or just happen to fall outside the credit (depth or seasoning) guideline requirements of a Qualified (QM) or "prime" jumbo mortgage loan.

Creative "Ability-to-Repay" (ATR) Financing:

Asset Utilization and/or Cash-Flow (bank statements) Loan Program 

Loan Amount: $3,500,000

Borrower Credit Profile:

• Cannot provide conventional "Full Doc" income documentation
• Unseasoned (<2 years) employment history
• Unseasoned credit event (bankruptcy, foreclosure, short-sale, loan modification
• >43% Debt-to-Income (DTI) ratio

Loan Purpose percentage of financing:

• Purchase - 10% Down Payment
• Rate/Term Refinance - 90% LTV
• Cash Out Refinance - 85% LTV
  

Income Documentation Program - 2 Options:

"Alt-Doc" (self-employed): Bank Statements and/or Asset Depletion/asset utilization

• 24 Months Business bank account
• 12 Months Personal bank account
• Asset Depletion (asset utilization)

"Low Doc" (self-employed and W-2): Reduced Doc

• 1 year W-2 and/or 1-year tax return
• Self-Employed - "Borrower Prepared" (and unaudited)YTD Profit & Loss (P&L)

Alt-Doc and Low Doc programs are for the primary and self-employed borrower.

• Co-borrower W-2 employee OK for Low Doc - 1 year W-2 in lieu of the traditional2-year requirement

Debt-to-Income ratio: (DTI) 55% based on bank statement cash-flow, liquid asset reserves (stand-alone or in conjunction with bank statements) liquid assets, cash-flow, and real estate portfolio equity

Credit Notes:

Mortgage Credit Score:

• 660 minimum middle score or lower of 2 scores

Seasoning:

• Bankruptcy - 3 years from discharge date
• Foreclosure - 2 years
• Short-Sale - 2 years
• Loan Modification - 2 years

Reference # - 1245587

Self Employed Mortgage Option

Income Documentation - One Month Bank Statement Program. The income is stated and is not calculated fromthe one-month bank statement. The bank statement is to merely see if the account ends in a positive balance and with no NSF's. This one-month bank statement program is weighed almost entirely on the credit history of theborrower and again is stated with a 50% Debt-to-Income (DTI) ratio and cash reserves are not required. No 4506-T form means no tax transcripts.

Verification of Employment Options (VOE):

• Business License
• CPA Letter
• EA (Enrolled Agent) Letter
• Articles of Incorporation
• Articles of Business Organization

• 4506-T not required
• Tax returns not required

Non-Prime Mortgage Program - This loan program is considered "Non-Prime" simply because the guidelines allow for seasoned derogatory credit report tradelines (accounts).

Non-Qualified (Non-QM) Mortgage Program

Purpose:

• Purchase
• Refinance Rate/Term
• Refinance Cash Out - Unlimited

Occupancy:

• Owner-Occupied Only

Single Family Residence Only

Loan-to-Value (LTV):

• 80% Purchase
• 75% Refinance (Rate&Term)
• 70% Refinance (Cash-Out)

Maximum Loan Amount:

• $5,000,000

Eligible Property Types:

• Single Family Residence - Attached (SFR)
• Single Family Residence - Detached (SFR)
• Townhome
• Condo

Credit:

Clean mortgage history - 5 years seasoned (24-month history verification)

• Depth (criteria):
  • One open account tradeline with at least 3 years seasoning
  • Two open account tradelines with at least 1 years seasoning
• Major "Credit Event" Required Seasoning: 
  • Bankruptcy - 4 years
  • Foreclosure - 4 years
  • Short Sale - 4 years
  • Deed-In-Lieu - 4 years
• Consumer Credit
  • Charge-offs, Collections, Tax Liens - 3 years seasoned
    

157-3-9-21

True Stated Income 2018

Stated Income / Verified Asset mortgage program for borrowers that own their own business. Business entity types: c corporation, s corporation, LLC, partnerships.

Self-Employed Home Loan: An alternative to the "bank statement loan" program for the well-qualified self-employed borrower. You could say this is an equity-based loan program in that the max LTV would be 65%. You could also call it a "portfolio loan" or "Non-QM" mortgage.

On a refinance transaction, the purpose of a program like this is to improve the borrowers existing mortgage; Rate & Term refinance.

With a substantial down payment purchase or good equity-position refinance, excellent credit with liquid assets in the amount of at least 12 months housing expense reserves. It can be an alternative to a "bank statement loan" program for the well-qualified borrower.

Alternative income documentation for well-qualified self-employed borrowers

Self-Employed mortgage loans

California Only

Product Term: 7/1. Interest-Only payment is available.

Property Types:

• Single Family Residence SFR 
• PUD
• Condos
• 2-4 Units

Loan Amount / Credit Score / LTV Matrix

SFR

720 Credit Score

• $1,000,000 - 65% LTV
• $1,500,000 - 60% LTV
• $2,500,000 - 55% LTV Condo

700 Credit Score

• $750,000 - 60% LTV

2-4 Units

720 Credit Score

• $1,500,000 - 55% LTV

Reserves Requirement

All Stated Income Loans require 12 Months P&I Principle & Interest for each property financed; exceptions are common with compensating factors

Stated Income / Asset Based (whichever is lower):

Stated Income on 1003 (reasonable for job position/job title) or

Verified Assets including down payment + / 6 = Income

Employment Verification Documentation

Self Employed

Proof of ownership - Business License, CTP CPA Letter verifying 2yrs+ ownership, etc.

Description ‐ Business, Industry, and Borrower's Title on 1003

W-2 Employee

VVOE Verbal Verification of Employment / Current Employment (1003 application) must show on credit report

Non-Owner Occupied Investment OK

2-4 Unites OK

Exception down to 700 Credit Score

Loan Amounts to $2,500,000

Loan Amount exceptions made to 11,500,000

Interest Only not available

No 4506T not required

Tax returns not required

Paycheck stubs not required

2 month Bank Statements

Liquid assets from the businessis OK if 100% ownership

DTI Max 45%

Foreign Nationals OK

100% Gift funds OK and 60% Foreign National

Credit Notes

Previous housing payment history, 1 30-day late Maximum

3 open accounts on credit at minimum 1 year seasoned

"Housing event" seasoning

Bankruptcy - 3 years

Short Sale - 2 years

Foreclosure - 5 years

Reference # 123-34c52-100717

Portfolio Jumbo ‐ 1 Year Profit and Loss Statement (P&L)

This kind of loan product is for the Self-Employed borrower that can produce a 1-year P&L along a with a letter from their tax professional verifying 2+ years of self-employment history in lieu of traditional tax returns and also can be an alternative to a "bank statement loan" for the well-qualified borrower.

Self-Employed Home Loan

Self-Employed Home Loans

California Only

Product Term: 7/1

Income Documentation

Low Doc: Income documentation type: 1-year profit and loss statement

Self Employed

• YTD and prior year P&L completed by unverified independent third‐party
• Business License or CPA Letter verifying 2 years 25% ownership
• 4506-T not required
• Tax returns not required
• Paycheck stubs not required
• 2 month Bank Statements
• Liquid assets from the business is OK if 100% ownership

W‐2 (co) borrower: Written Verification of Employment

680 Credit Score

• $1,000,000 | 70% LTV

700 Credit Score

• $1,500,000 | 65% LTV

720 Credit Score

• $2,500,000 - 60% LTV

680 Credit Score

• $1,000,000 | 65% LTV

700 Credit Score

• $1,500,000 | 60% LTV

670 Credit Score

• $1,500,000 | 60% LTV
• $1,000,000 - 60% LTV
• $1,500,000 - 55% LTV
• $2,500,000 - 50% LTV
• Up to $2,500,000 - 60 LTV%

LTV <60% Loan amount to $1,000,000 – 6 months Principal and Interest payment

LTV >60% - 12 months Principal and Interest payment

Passport, I‐94 & valid VISA (F‐1 and F‐2 type not allowed)

Passport & either I‐94W or proof of ESTA Approval on VISA Waiver Program

Borrower must have U.S. address at the time of application

Foreign down payment, closing costs, and/or reserves must be transferred to U.S. institution

Automatic Debit payment from U.S. institution

24-month P&I Principle and Interest Reserves for Subject Property only

12-month P&I reserves deposited prior to funding

100% Gift funds OK and 60% Foreign National

SFR Single Family Residence and PUD

Condos

2-4 Units

Foreign Nationals

Cash Out

6 Months Purchase Seasoning required for Cash Out Refinance

12 Months P&I in US Financial Institution

Non-Owner Occupied OK

Reserves Requirement

Foreign Nationals

Credit Notes

Previous housing payment history, 1 30 day late Maximum

3 open accounts on credit at minimum 1 year seasoned

"Housing event" seasoning

BK - 3 years

Short Sale - 2 years

Foreclosure - 5 years

545 c277 12041

Portfolio Mortgage Program Highlights

October 2016

FHLMC Super-Conforming

FNMA unpermitted space ok if documented per guidelines

Transferred appraisals ok on most programs-

5-10 Financed Properties w/ 720 FICO

FHA Flips Less than 90 Days

EEM (Energy Efficient Mortgages)

Non-Conforming (Jumbo) to $ 5 Million

HUD $ 100 Down

Repair Escrow to $5,000 on HUD REO

Delay financing & stated income

Asset depletion / Pledge assets

Soft Money Mortgage Program

This means that the pricing is less than the traditional Hard Money type loan program. Discounted pricing with qualifying Credit Score / FICO.

No Doc on Investment / Non-owner occupied

Residential or Commercial

LTV:

• 70% - maximum

Loan Purpose:

• Purchase or Cash-out refinance

Loan Amounts:

• Minimum - $100,000
• Maximum - $10,000,000

Property Types:

• Single Family Residence SFR - Attached
• Single Family Residence SFR - Detached
• 1-2 Units
• 1-4 Units
• 5+ Units

Occupancy:

• Owner-Occupied/Primary
• Non-Owner Occupied

Credit Scores:

Owner-Occupied - case-by-case

Terms available:

• 1 year ARM
• 3 Year ARM
• 5 year ARM
• Interest Only payment terms available

Income Documentation:

• No Doc

Underwriting notes:

Must have a valid social security number

Foreign Nationals allowed:

Appraisal

Appraisal paid for up front by borrower upon loan approval

Appraisal ordered by the lender

States - nationwide

Jumbo Second Mortgage

80% LTV 2nd mortgage to $350,000 Alt-Doc for Self-Employed Borrowers and Full Doc for everyone.

Required Income Documentation:

Conventional Full Doc - Wage Earner - W-2's and paycheck stubs

Unconventional Full Doc - Self Employed or commission employees - 1040's and Profit and Loss statement

Or

24 months Personal or Business bank statements

Loan Amounts:

• $50,000 Minimum
• $350,000 Maximum

Credit Score: 550 minimum

50% Debt to Income (DTI)

Occupancy:

• Owner Occupied Only

Property Types:

• Single Family Residence (SFR)
• Condos
• Townhomes

Terms:

ARM and Fixed rates available

States: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, and Washington

Reference# - 545221

Second Mortgage Bank Statement Mortgage Loan Program

Stand-Alone Second Mortgage Program

Required Credit Score - 700

CLTV (Combined Loan-to-Value) / Loan Amount:

• 85% CLTV / $250,000

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• 80% CLTV / $350,000

• 75% CLTV / $500,000

Property Types

• Single Family Residence
• Townhomes
• Condos
• PUD's

Occupancy:

• Owner-Occupied Only

Cash Reserves:

• 3 Months PITI - Principle, Interest, Tax, and Insurance

Credit Criteria:

Credit Criteria Credit Accounts/Tradelines:

This second mortgage bank statement mortgage loan requires the borrower's credit report to show a minimum of 3 open or closed tradelines with a minimum of 12 months of activity history or 2 tradelines with a 24-month history that also requires activity within the previous 12 months, not including Authorized User-Accounts. Alternative tradelines are acceptable such as a 12 months housing payment history. Credit accounts to which the borrower is not required to make payments is not considered an acceptable tradeline such as deferred loans, derogatory items such as collections, charge-offs, including accounts that were discharged in a bankruptcy.

reference# 225-7-18-5-5-14

Asset Based Qualification Program

High Net Worth Borrowers

This is both a Stated Income and Asset Depletion loan program and it is designed for the high net worth borrower that is looking to purchase a primary home or Rate & Term refinance or Cash out refinance their primary home. The applicant must demonstrate their ability to save by providing proof of cash reserves that will support their existing and proposed debt, front and back-end debt ratio.

Guidelines and Highlights

Purpose:

• Purchase, Rate & Term Refinance and Cash Out Refinance

Income Programs:

• Stated Income and Verified Assets SIVA
• Asset Depletion
• Tax Returns - Not Required
• Form 4506-T - Not Required

Income Documentation:

• Bank Statements
• Retirement Accounts
• Investment Statements
• Money Market Accounts

Employment Type:

• Self Employed

Credit Criteria:

• Mortgage history - no 30-Day lates for previous 25 months
• Bankruptcy Seasoning: - 24 months
• Foreclosure Seasoning - 24 months
• Short Sale - 24 Months

Credit Scores:

• 680 Middle score for each borrower

Loan to Value ratio (LTV)

• 70% Maximum
• Combined (piggyback Second Mortgage) Loan to Value ratio (CLTV)
• 80% Maximum

Debt to Income Ratio (DTI):

• 50% maximum

Maximum Loan amount:

• $2,000,000

Property Types:

• SFR
• 1-4 Units

Occupancy:

• Owner Occupied Only

Terms:

• 5 Year ARM
• 7 Year ARM
• 10 Year ARM

States:

Arizona, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, Maryland, Minnesota, Nevada, Oklahoma, Oregon, Texas, Utah, Washington

Reference# 535 06131519-9-22-1

Income Documentation Alternative for the Well Qualified Self Employed Borrower

March 2019

Stated Income Mortgage | Tax Returns Not Required | Form 4506T Not Required

Stated Income Mortgage loan program will be supported by the cash flow of bank statements and is for the Self Employed borrower only.

Stated Income / Verified Assets SIVA

Underwriting Guideline Summary