12 and 24 Months Bank Statement Alternative Income Documentation: 80% LTV Purchase up to $3,000,000 - 660 Credit Score and Six Months Reserves

Interest Only Available on Owner-Occupied / Primary Residence

  • Purchase and Rate/Term Refinance:
    • 680 Credit Score: 75% LTV - $2,500,000

    • 700 Credit Score: 75% LTV - $3,000,000

  • Cash Out Refinance:
    • 680 Credit Score: 70% LTV - $1,500,000

    • 680 Credit Score: 65% LTV - $2,500,000


Second Home

  • Purchase and Rate/Term Refinance:
    • 700 Credit Score: 75% LTV - $1,500,000

    • 700 Credit Score: 70% LTV - $2,500,000

  • Cash Out Refinance:
    • 700 Credit Score: 65% LTV - $1,500,000

    • 700 Credit Score: 60% LTV - $2,500,000


Non Owner Occupied / Investment Property

  • Purchase and Rate/Term Refinance:
    • 700 Credit Score: 70% LTV - $1,500,000

    • 720 Credit Score: 60% LTV - $2,000,000


Cash Out Refinance Notes:

  • Maximum Cash Out - 45% of the Total Loan Amount up to 75% LTV
  • < 55% Loan-to-Value (LTV): Unlimited
  • Florida Condos: 55% Maximum
  • Interest-Only payment feature available to 80% LTV


Documentation:

  • Credit report: <90 Days old at closing
  • Income and assets: <90 Days old at closing


Liquid Assets:

  • Full assets required for both down payment and closing costs
  • Business bank account funds can be used for "reserves" if the Borrower is 100% owner of business


Asset Utilization:

  • Stocks, bonds, mutual funds: 75%
  • Retirement funds amount invested, 65%
  • Gift of equity not allowed

 

States:

Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Illinois | Iowa | Kansas | Maine | Maryland | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Rhode Island | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

Reference - c111t10l1117