Product and Service

Bank Statements - Jumbo Mortgage - Interest Only

Category: Programs We Offer
Last Updated: 02 May 2023

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

Interest Only Available on Owner-Occupied / Primary Residence

Forms 4506-T and 4506-C Not Required

  • 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 - 55% 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

 

Available in the Following States:

Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Kansas, Maine, Maryland,

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

 

Forms 4506-T and 4506-C Not Required

 

  • 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

 

 

 

Available in the Following States:

 

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

 

Reference - c111t10l1117

, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolin, Tennessee, Texas, Utah, Virginia, Washington

Reference - c111t10l1117