Jumbo Bank Statement Mortgage Program

Purpose / Loan-to-Value %:

  • Purchase - 10% Down Payment
  • Rate & Term Refinance - 90% LTV Loan-to-Value
  • Cash Out Refinance - 85% LTV Loan-to-Value

Jumbo Loan Amount - $2,500,000


Eligible Property Types

  • SFR Single Family Residence

  • Condos - Warrantable & Non-Warrantable

  • Condotels


Eligible Occupancies

  • Owner Occupied

  • Non Owner/Investment

  • Second/Vacation Homes


Available Terms

  • ARM: 3,5 and 7 Year

  • 30 Year Fixed (Interest Only Available)

  1. 40 Year Fixed (Interest Only Available)


Credit Requirements


"Housing Event" Credit Seasoning:

  • Bankruptcy -  12 Months

  • Foreclosure - 2 years required

  • Short Sale - 2 years required

  • Deed in Lieu - 2 years required


Credit Scores

  • 610 Minimum

  • 660 to 80% LTV - $500,000 Cash Out

  • 680 to 90% LTV - $1,500,000


Credit Criteria:

  • Multiple foreclosures and short sales OK


Eligible Employment Types

  • Wage Earner

  • Self Employed


Income Documentation: 

Full Doc Full Income Documentation:

  • Wage Earners: W-2's and paystubs

  • Self Employed: Tax returns, business and or personal

  • 1-year 1040 plus schedule C


Reserves 

  • 3 Months (PITI/PITIA)
  • 3 months PITI for all REO Real Estate Owned


Program Highlights

  • 50% DTI Debt-to-Income ratio
  • First Time Home Buyers - OK
  • 100% Gift Funds from Family Member - OK
  • Rent-free housing history OK
  • Pre-payment penalty options
  • Investors: unlimited financed REO Real Estate Owned OK
  • Non-Occupant Co-Borrower - OK

 

States:

Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Maine | Maryland | Massachuset | Nevada | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia