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 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
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
Refrence# - 74512