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

Manual Underwrite Super Jumbo Mortgage

This is a manually underwritten Super Jumbo Non-Conventional home loan program.

This loan program is similar to Hard Money because of the flexible guidelines but is not hard money. It's been described is an Alt-A loan program because of the pricing. It is also similar to an Asset Depletion loan.

We have funded this loan program with greater than a 60% DTI Debt-to-Income ratio borrower. Why? she had a lot of equity in her newly acquired rental properties.

We were able to utilize her rental income from properties as new income, ownership seasoning not required. Conventional lenders require 2 years ownership seasoning before they will qualify as income.

There are always compensating factors.

See Jumbo Loan guideline highlights below. Call us to get prequalified

Employment:

• No employment history OK

Maximum loan amount:

• $2,000,000

Loan purpose:

• Purchase
• Refinance
• Cash Out Refinance

Maximum LTV Loan-to-Value:

• 75%

Credit score:

• 620 minimum, exceptions made with compensating factors

Maximum DTI:

Debt-to-Income ratio:

60% or higher, typically derived from liquid assets

Occupancy:

• Owner Occupied / primary
• Owner Occupied multi-unit
• Non-Owner Occupied / Investment property

Property Types:

• Single Family Residence SFR
• Condo
• Duplex
• Triplex
• 1-4 Unit

Available terms:

5 Year ARM

7 Year ARM

10 Year ARM

Interest Only payment option available on all terms

Underwriter Notes:

Can utilize rental income to strengthen file, ownership seasoning not required.

Can use real estate equity to meet liquid reserve requirements.

Liquid assets documented with just 2 months account statements and will be verified by third-party.

Foreign Nationals OK:

Foreign bank accounts for reserves- OK

Foreign credit score / Fico accepted

Business Legal Entity:

OK for purchase transactions, requires corporation ID number

No defined credit score / FICO score requirements

Credit Criteria:

No Seasoning requirements for foreclosure, short sale or bankruptcy

Close in as little as 9 Days

Reference # 555 10 -5 -5

True Stated Income 2019

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

Loan Scenario Form - Credit Check Not Required

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

Self-Employed Home Loan Program

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 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 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 are OK if 100% ownership

• W2  (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

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

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

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

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

Documentation:

• Credit report: <90 Days old at Closing

• Income and assets: <90 Days old at Closing

Eligible Liquid Assets Account Types

• Socks, bonds, mutual funds: 75%

• Retirement funds amount invested, 65%

• Giift of equity not allowed

Interest Only payment feature available to 80% LTV

c1-11t-10l1-117

12 Months and 24 Months Bank Statements Alt Doc Home Loan

700 Credit Score:

• $1,500,000 Loan Amount | 4 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $2,000,000 Loan Amount | 6 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $2,500,000 Loan Amount | 6 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $3,000,000 Loan Amount | 9 Months Reserves

• • LTV 85% - Purchase

• • LTV 80% - Cash Out Refinance

• $4,000,000 Loan Amount | 12 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $4,500,000 Loan Amount | 6 Months Reserves

• • LTV 85% - Purchase

• • LTV 80% - Cash Out Refinance

680 Credit Score:

• $1,500,000 Loan Amount | 4 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $2,000,000 Loan Amount | 6 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $2,500,000 Loan Amount | 6 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $3,000,000 Loan Amount | 9 Months Reserves

• • LTV 85% - Purchase

• • LTV 80% - Cash Out Refinance

• $4,000,000 Loan Amount | 12 Months Reserves

• • LTV 90% - Purchase

• • LTV 85% - Cash Out Refinance

• $4,500,000 Loan Amount | 18 Months Reserves

• • LTV 85% - Purchase

• • LTV 80% - Cash Out Refinance

Maximum Loan Amount: $4,500,000

Credit Notes:

• Minimum credit score: 580

• No mortgage lates allowed previous 24 months

• Housing Credit Event Seasoning 36 Months (Bankruptcy, Foreclosure, Short Sale, Loan Modification)

• Minimum tradelines 2 open and active minimum of 12 months

Cash-Out (Cash in Hand) Limit:

• Maximum LTV - 80%

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

Eligible Property Types:

• Single Family Residence

• Condo (non-warrantable condo maximum loan amount - $2,000,000)

• 2-4 Units - Maximum LTV - 85%

DTI (Debt-to-Income Ratio):

• 55%

Terms Available

• ARM's

• • 5/1 LIBOR

• • 7/1 LIBOR

• Fixed Rate

• • 30 Year Fixed

• • 15 Year Fixed

• Interest Only - 120 Month Term

 This particular loan program is available in the following states:

Alabama, Arizona, Arkansas, California, Colorado, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, Nevada, New Jersey, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming. We have dozens of bank statement loans that cover all states.

Reference # 541 052218 10-13-1-3 

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

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

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

This loan program is designed for borrowers who fall just outside Prime Jumbo

Income Documentation for self-employed borrowers and or W2 Commission Employee

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

Interest-Only Non-QM Jumbo Mortgage Product

This loan program is a Non-QM Mortgage loan becasuse it features an "interest-only" payment option. With that comes also flexible

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 Amount:

• 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

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

• 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

Alternative Income Documentation for Self-Employed and W2 Commission Business Professionals

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 Credit Score

Eligible Transactions:

• Purchase

• Refinance - Rate/Term

• Refinance - Cash Out

Eligible Occupancies:

• Owner-Occupied / Primary Residence

• Second Homes

• Investment Properties - 6 Maximum

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

Purpose: Purchase, Refinance Rate & Term and Cash Out

Cash Out - 6 Months Purchase Seasoning Required to use Current Market Value for LTV purpose

Loan Amounts: Jumbo and Super Jumbo Loan Amounts:$6,000,000

Eligible Employment Types:

• Self Employed (defined as >25% ownership)

• Wage Earner - Co-Borrower)

Verification of Employment: (VOE)

Self-Employment Documentation: (VOE)

• Evidence of Ownership 2 years

• • Business Entity 2 Years: Articles of Incorporation

• • Evidence of Ownership: 2 Years: Business License, CPA Letter

Wage Earner | Lite Doc:

• One (1) Year Employment Verification

• Previous Year W2 and YTD Paycheck Stub

• Verbal Verification of Employment

• 4506-T Signed and Executed

Self Employed Income Documentation:

• 24 Months Business Bank Statements

• 24 Months Personal Bank Statements

• 12 Months Business Bank Statements

• 12 Months Personal Bank Statements

• 6 Months Personal Bank Statements

Wage Earner:

• One Year W2

• Previous One Year Tax Returns

Liquid Assets Requirements:

• 80% LTV - 6 Months PITI

• 80% LTV - 3 Months PITI

Separate Sources of Funds Must be Documented and Verified.

Property Types:

• SFR - Detached

• SFR - Attached

• Warrantable Condominiums

• PUD's

Occupancies:

• Owner Occupied

• Non Owner Occupied / SFR Investment

Credit:

Credit Scores

• 600 Minimum

Credit Criteria Notes:

• Mortgage – 12 Months, 0X30 Days Late. 24 Months, 0X60 Days

• Back Taxes, Judgments, Charge-Offs, Tax Liens, Title Liens. All Must Be Paid Before the Closing Table

Credit Seasoning:

• Bankruptcy

• • Chapter 7: 3 years

• • Chapter 13: 2 years

• Foreclosure: 3 years

Separate sources of income must be documented and verified.

410.09.17o11r45i

Jumbo Bank Statement Mortgage Program

Purpose / Loan-to-Value %:

Purchase - 10% Down Payment

Rate & Term Refinance - 90% LTV Loan-to-Value

Cash Out Refinance - 85% LTV Loan-to-Value

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

Purpose:

• Purchase / Rate & Term Refinance - 90% LTV

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• Cash Out - 85% LTV

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, Etc.

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 90%

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

Jumbo Bank Statement Loan to $3,500,000

Purpose: Purchase Rate & Term Refinance - Rate & Term and Cash Out

• 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 Months or 24 Months Business Bank Statements

• 12 Months or 24 months Personal Bank Statements

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

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, Louisiana, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin

reference: 255.052519

Rate & Term 

Primary residences up to $5,000,000. > $5000,000 Loan Amount considered on a case-by-case basis

1 day out bankruptcy seasoning from 540+ FICO

Bank statement documentation from 580+ FICO to 90% LTV

Full documentation to 95% LTV

Unlimited consumer lates

SFR/Condos/Townhomes/Multi-Units

Interest only options to 90%

Unlimited 30 day lates to $2M

Second homes to $2M

Unlimited cash back when property owned free & clear OR under 50%

Stated Income to $1,500,000 - 740 Credit Score

Loan Amounts:

• $500,000 Minimum
• $2,500,000 Maximum

Acceptable Liquid Assets: (Verification of Deposit form or 2 months consecutive bank statements)

• Checking
• Savings
• CD's
• Money Market
• Stocks/bonds
• Retirement
• Residual income

Property Types:

• Single Family Residence -SFR
• Townhomes
• PUDS
• Condos - 4 stories max

Available Terms:

• 5 and 7 Year ARMs
• 15 year fixed

Underwriting Notes:

Property Value:

If subject property exceeds $3,500,000 value - 2 appraisals required

"Mortgage Credit Scores" - middle of 3 or lower of 2

No bankruptcies or foreclosures or consumer credit counseling allowed

All collections, liens, judgments, and charge-offs

Consumer debt - 2 30-day lates ok in last 12 months and no lates on installment debt in the last 12 months

No mortgage lates for last 2 years

Minimum of 4 open credit accounts required and 2 open and active with a 2-year history

If borrowers' current property is going to be rented out / turned into an investment property, rental income can be qualified as additional income.

No REO's

The property must be in good and livable condition

Refinance - must pay off existing mortgage liens

No Cash Out (1% or $1000 max)

For refinance - 6 months seasoning from purchase date and ownership cannot be transferred via transaction

6 months seasoning required from the time of purchase if the subject property value has increased more than 10%

Gift equity not allowed

If the property is currently listed on the MLS, must be removed from the MLS prior to application date

Permanent Resident Aliens OK

No Mortgage / Real Estate, Construction, Property Management or Real Estate Investors allowed

No Non-Occupant Borrowers allowed

Max 4 financed properties allowed

"Gift" down payment is OK if at least 5% is coming from the borrower.

W-2 employee borrowers must have the same line of work job history for 2 years, no exception 

Self Employed borrowers must have the same line of work job history for 2 years, no exceptions.

The business phone will be verified via 411 directories or internet

Fraud Alert report

Jumbo Bank Loan

Portfolio Loan

This bank loan Super Jumbo is a good alternative to a conventional home loan product.

Property Types: Residential, Commercial, Industrial, Apartments, Residential, Schools, Special Purpose.

Loan sizes: $500,000 - $30,000,000

States served: All 50 States

Trust Deed position: 1st only

Rates: Extremely competitive, 5,7,10 YR IO'sand 30 year terms

Term: 20 - 30 yr

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

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

August 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 conjunction 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 / Loan-to-Value:

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 consolidate 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 a credit check

Refrence# - 74512

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

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 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

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

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

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.

Minimum Required 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

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

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 Options:

• 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:

• One year 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
      
    • IRS Form 4506-T 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 previous 30-day 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 

States: Alabama, Arizona, Colorado, California, Florida, Georgia, Maryland, Massachusetts, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

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

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.

Stated Income Mortgage Program

February 2019

Almost all stated income loan programs are for investments properties. This loan is special in that it provides the option for people that cannot or prefer not to verify their income to purchase or refinance their primary home. In addition, what is also unique about this program is it allows for cash-out on a refinance in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, Texas, Virginia, and Washington.

Self Employed only

Loan purpose:

Purchase, Rate and Term Refinance and Cash Out Refinance 

Jumbo Loan Amounts

Cash Out to $1,000,000

Purchase and Rate & Term Refinance to $2,500,000

Maximum LTV Financing:

• Purchase to 75% LTV
• Rate and Term to 75% LTV
• Cash Out Refinance to 70%

Property Types:

• SFR
• Condo (65% LTV maximum)

No Non-warrantable Condos

Occupancies:

• Owner Occupied
• Second Home to 60% LTV - $750,000 on Purchase and Refinance. -No Cash Out

Credit Score Requirement:

700 minimum middle score

Verified Asset Requirements:

• Loan amounts less than $650,000: $100,000 liquid
• Loan amounts greater than $650,000: $250,000 liquid
• Loan amounts between $1,000,000 to $1,500,000: $500,000 liquid
• Greater than $1,500,000 - $1,000,000 liquid

Underwriting Notes:

Borrower cannot have more than 3 financed properties. No limit on number of properties owned

Non owner occupied borrowers not allowed

Private mortgage insurance not required

10 acre maximum on property

Appraisal notes:

Full Appraisal required, interior and exterior with photos of both

Desk review required for all loans greater than $750,000

Property cannot have been on MLS for less than 90 days

No purchase seasoning - utilize current market value

Credit history notes:

Payment history: No 30 day lates within last 24 months on mortgage or rent

No 30 day lates on any consumer debt, revolving or installment

Minimum 2 year active history on a minimum of 2 accounts required

Unconventional credit not acceptable

Job and Income document requirements:

Self Employed:

2 year job history

Phone number will be verified via the internet

Business license or CPA letter

2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK

Rental Agreements can be qualified as income

Eligible Borrowers:

US Citizen

Permanent and Non-permanent Resident Aliens

3% contribution OK

Any liens on the subject property must be a minimum of 6 months seasoned. 12 months on a HELOC with no draws within the last 12 months

Reference# 254 525020215

Hard Money Super Jumbo

Residential Hard Money

Purpose:

Purchase, Rate&Term Refinance

Cash Out Refinance

Bridge loans

Blanket loans

Rehab

Foreclosure Avoidance OK

Eligible Occupancies:

Non-Owner only

Super Jumbo Loan Amount:

$3,000,000

Eligible 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

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

Purchase and Cash Out Refinance

Loan Amount / Cash Reserves/Liquid Assets Requirements:

• 1 million - 6 months reserves (Equal to 6 months of housing expense, principle, interest, tax, and insurance)

• $1,500,000 - 9 Months Reserves

• $2,000,000 - 12 Months Reserves

• $2,500,000 - 18 Months Reserves

$1,000,000 maximum loan amount for first time home buyer

Acceptable income:

• Rental Income

• Alimony

• Child Support

• Note Income

• Capital Gains

• Dividends

• Stocks Options

Cash Out Available for Second Home

Available terms:

• 15 Year Fixed

• 30 Year Fixed

• 5/1 Year ARM

• 7/1 Year Arm

• 5/1 Year ARM

Underwriting Notes:

• Mortgage Insurance Needed

• 10% 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

Bank Statement Loan for Self Employed Borrowers

July 2019

Bank Statement Income Loan

Self Employed Only - Person6al 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

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.

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

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 

This Loan Program is for Corporations, LLC's, Partnerships.

This gives the "borrower" the option to vest the title of their property into a trust, corporation, LLC or Partnership. This unique option provides the sophisticated borrower their preferred legal structure as to how they would like to retain the title and legal protection for which these legal entities were intended.

The qualifying criteria is based on the credentials of the actual borrower whom will appear on the standard 1003 loan application, middle credit score of the 3 major credit reporting agencies, income documentation, bank statements/liquid assets and requires signatures on all of the standard documents including the Loan Note, Good Faith Estimate, Truth in Lending and all disclosures, addendums, HUD and settlement statements.

Benefits to the borrower:

• Legal protection

• All trusts are eligible, LLC's, Sub S Corporations, Partnerships

• Up to 90% LTV

• Tax benefit goes to the borrower

• No underwriter guideline adjustments

• No price or rate adjustments

• Fast turn times and less paperwork

Loan Purpose:

• Purchase

• Refinance

• Cash Out Refinance

Super Jumbo Loan Amounts:

• Maximum loan amount $2,500,000

Occupancies:

• Owner-Occupied

• Non-owner occupied

Terms

• Fixed and Adjustable

Reference # - 245 528032615

Income Documentation Alternative for the Well Qualified Self Employed Borrower

August 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

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

True No Doc - No Income or Asset Documentation