Prime and Non-Prime Jumbo and Super Jumbo Bank Statement Loan - 620 Credit
For this program, Underwriter will utilize 100% of Personal Bank Statement deposits and as much as 90% (Expense Factor) of Business Bank Statement deposits along with either a "Borrower Prepared" Unaudited Profit and Loss" or an expense Letter from CPA or Tax Preparer Professional
Alternative Income and Verification of Employment Documentation Options: 24 Consecutive Months Personal or Business Bank Statements
Self-Employed Alternatives - Forms 4506-T and Form 4506-C Not Required *
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Bank Statements
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Borrower Prepared P&L
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Tax Returns Not Required
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Form 4506-T Not Required
- Form 4506-C Not Required
Jumbo Maximum Loan Amount - $15,000,000
- Flexible Debt-to-Income Ratios - 55%
- Full Doc for Salary Employee - W-2's and 30 Days Paycheck Stubs
- Full Doc for Commission Professional - 2 years 1040's and Profit and Loss Statement
- Liquid Assets Not Required
- No Mortgage Lates
- No Liquid reserve requirement - $0
Consult a Mortgage Professional to be properly pre-qualified: Mortgage Pre-Qualification - Without a Credit Check
Purchase Loans | Loan-to-Value (LTV) - Credit Score:
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90% LTV - 680 Middle Credit Score
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85% LTV - 660 Middle Credit Score
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80% LTV - 640 Middle Credit Score
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75% LTV - 620 Middle Credit Score
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65% LTV - 600 Middle Credit Score
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Cash Out Refinance | LTV - Credit Score:
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75% LTV - 680 Middle Credit Score
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75% LTV - 660 Middle Credit Score
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75% LTV - 640 Middle Credit Score
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70% LTV - 620 Middle Credit Score
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65% LTV - 600 Middle Credit Score
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Major Derogatory Credit Seasoning Requirements:
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Bankruptcy - 2 Years Seasoned
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Foreclosure - 2 Years Seasoned
Property Types:
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Single Family Residence (SFR)
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Condo
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Non-Warrantable Condos
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Townhouse
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2-4 Unit
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Condotels Case-Specific
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Eligible Occupancy Types:
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Owner-Occupied / Primary Residence
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Non Owner Occupied / Investment Properties
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Second Home / Vacation Home
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Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin