Stated Income to $4,000,000 - 740 Credit Score
Forms 4506-T and 4506-C Not Required
Jumbo Loan Amounts
- $500,000 Minimum
- $4,000,000 Maximum
Acceptable Liquid Assets: | Verification of Deposit form or 2 months of consecutive bank statements
- Checking Account(s)
- Savings Account(s)
- CD's
- Money Market Funds
- Stocks/Bonds
- Retirement (unseasoned distribution payments allowed for DTI qualification)
- Residual income
Eligible Property Types
- Single Family Residence -SFR
- Townhomes
- PUDS
- Condos - 4 stories max
Available Terms
- 5 and 7 Year ARMs
- 15 year fixed
- 40 Year Amortization
- Interest-Only Available
Credit Requirements
- Property Value: If the 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 previous 2 years
- Minimum of 4 open credit accounts required and 2 open and active with a 2-year history
Underwriter Notes and Highlights:
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%
Market Value Seasoning: If the property is currently listed on the MLS, must be removed from the MLS prior to the 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
Available in the following states:
Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin