Manual Underwrite Super Jumbo Mortgage
This is a manually underwritten Super Jumbo Non-Conventional home loan program.
This loan program is similar to Hard Money because of the flexible guidelines but is not hard money. It's been described is an Alt-A loan program because of the pricing. It is also similar to an Asset Depletion loan.
We have funded this loan program with greater than a 60% DTI Debt-to-Income ratio borrower. Why? she had a lot of equity in her newly acquired rental properties.
We were able to utilize her rental income from properties as new income, ownership seasoning not required. Conventional lenders require 2 years ownership seasoning before they will qualify as income.
There are always compensating factors.
See Jumbo Loan guideline highlights below. Call us to get prequalified
- No employment history OK
Maximum loan amount:
- Cash Out Refinance
Maximum LTV Loan-to-Value:
- 620 minimum, exceptions made with compensating factors
60% or higher, typically derived from liquid assets
- Owner Occupied / primary
- Owner Occupied multi-unit
- Non-Owner Occupied / Investment property
- Single Family Residence SFR
- 1-4 Unit
5 Year ARM
7 Year ARM
10 Year ARM
Interest Only payment option available on all terms
Can utilize rental income to strengthen file, ownership seasoning not required.
Can use real estate equity to meet liquid reserve requirements.
Liquid assets documented with just 2 months account statements and will be verified by third-party.
Foreign Nationals OK:
Foreign bank accounts for reserves- OK
Foreign credit score / Fico accepted
Business Legal Entity:
OK for purchase transactions, requires corporation ID number
No defined credit score / FICO score requirements
No Seasoning requirements for foreclosure, short sale or bankruptcy
Close in as little as 9 Days
Reference # 555 10 -5 -5