Jumbo Second Mortgage | Form 4506-T Not Required
80% LTV 2nd mortgage to $350,000 Alt-Doc for Self-Employed Borrowers and Full Doc for everyone.
This program is a Non-QM (non-qualified mortgage) with some Non-Prime qualities.
Below are some specific underwriting guidelines and credit notes:
- 710 Credit Score
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- 85% Loan-to-Value
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- Mortgage History: No 30-day Lates for Previous 12 Months
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- Bankruptcy - 3 Years Seasoning
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- Foreclosure - 3 Years Seasoning
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- Short Sale - 2 Years Seasoning
- 660 Credit Score
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- 80% Loan-to-Value
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- Mortgage History: One 30-Day Late Maximum for Previous 12 Months
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- Bankruptcy - 2 Years seasoning
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- Foreclosure - 2 Years seasoning
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- Short Sale - 1 Year seasoning
- 610 Credit Score
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- 70% Loan-to-Value
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- Mortgage History - One 60-Day Late Maximum for Previous 12 Months
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- Bankruptcy - 2 Year Seasoning
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- Foreclosure - 2 Year Seasoning
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- Short Sale - No Seasoning
- 550 Credit Score
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- 65% LTV
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- Mortgage History - One 90-Day Late Maximum for Previous 12 Months
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- Bankruptcy - One Year Seasoning
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- Foreclosure - One Year Seasoning
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- Short Sale - No Seasoning
Typically, lenders will require conventional income documentation to qualify for their mortgage programs, examples include:
Conventional "Full Doc"
- Wage Earner
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- W-2's
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- Paycheck Stubs
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- Tax Returns
- Self-Employed
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- Tax Returns
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- CPA Letter
This lender and program do not require traditional income documentation. Furthermore, 4506-T Not Required.
Unconventional "Alt Doc"
Required Alternative Income Documentation:
Bank Statements Only with a "Borrower Prepared" and Unaudited Profit & Loss Statement
24 Months Personal or Business Bank Statements
Available Loan Amounts:
- $100,000 Minimum
- $350,000 Maximum
Credit Score: 550 Minimum
50% Debt to Income (DTI)
Occupancy:
- Owner Occupied Only
Property Types:
- Single Family Residence
- Condominiums - Warrantable
- Town Homes
Terms:
- ARM
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- 5/1
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- 7/1
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- 10/1
- Fixed
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- 15 Year
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- 20 Year
States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, and Washington
Reference# - 545221