Purpose: Purchase, Refinance Rate & Term and Cash Out
Cash Out - 6 Months Purchase Seasoning Required to use Current Market Value for LTV purpose
Loan Amounts: Jumbo and Super Jumbo Loan Amounts:$6,000,000
Eligible Employment Types:
- Self Employed (defined as >25% ownership)
- Wage Earner - Co-Borrower)
Verification of Employment: (VOE)
Self-Employment Documentation: (VOE)
- Evidence of Ownership 2 years
-
- Business Entity 2 Years: Articles of Incorporation
-
- Evidence of Ownership: 2 Years: Business License, CPA Letter
Wage Earner | Lite Doc:
- One (1) Year Employment Verification
- Previous Year W2 and YTD Paycheck Stub
- Verbal Verification of Employment
- 4506-T Signed and Executed
Self Employed Income Documentation:
- 24 Months Business Bank Statements
- 24 Months Personal Bank Statements
- 12 Months Business Bank Statements
- 12 Months Personal Bank Statements
- 6 Months Personal Bank Statements
Wage Earner:
- One Year W2
- Previous One Year Tax Returns
Liquid Assets Requirements:
- 80% LTV - 6 Months PITI
- 80% LTV - 3 Months PITI
Separate Sources of Funds Must be Documented and Verified.
Property Types:
- SFR - Detached
- SFR - Attached
- Warrantable Condominiums
- PUD's
Occupancies:
- Owner Occupied
- Non Owner Occupied / SFR Investment
Credit:
Credit Scores
- 600 Minimum
Credit Criteria Notes:
- Mortgage – 12 Months, 0X30 Days Late. 24 Months, 0X60 Days
- Back Taxes, Judgments, Charge-Offs, Tax Liens, Title Liens. All Must Be Paid Before the Closing Table
Credit Seasoning:
- Bankruptcy
-
- Chapter 7: 3 years
-
- Chapter 13: 2 years
- Foreclosure: 3 years
Separate sources of income must be documented and verified.
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