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

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