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
    • 85% Loan-to-Value
    • Mortgage History: No 30-day Lates for Previous 12 Months
    • Bankruptcy - 3 Years Seasoning
    • Foreclosure - 3 Years Seasoning
    • Short Sale - 2 Years Seasoning
  • 660 Credit Score
    • 80% Loan-to-Value
    • Mortgage History: One 30-Day Late Maximum for Previous 12 Months
    • Bankruptcy - 2 Years seasoning
    • Foreclosure - 2 Years seasoning
    • Short Sale - 1 Year seasoning
  • 610 Credit Score
    • 70% Loan-to-Value
    • Mortgage History - One 60-Day Late Maximum for Previous 12 Months
    • Bankruptcy - 2 Year Seasoning
    • Foreclosure - 2 Year Seasoning
    • Short Sale - No Seasoning
  • 550 Credit Score
    • 65% LTV
    • Mortgage History - One 90-Day Late Maximum for Previous 12 Months
    • Bankruptcy - One Year Seasoning
    • Foreclosure - One Year Seasoning
    • Short Sale - No Seasoning

Typically, lenders will require conventional income documentation to qualify for their mortgage programs, examples include:

Conventional "Full Doc"

  • Wage Earner
    • W-2's
    • Paycheck Stubs
    • Tax Returns
  • Self-Employed
    • Tax Returns
    • 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
    • 5/1
    • 7/1
    • 10/1
  • Fixed
    • 15 Year
    • 20 Year

States: Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Idaho, North Carolina, Oregon, Texas, Utah, Virginia, and Washington

 

Reference# - 545221