Product, Programs, Pricing and Service

Bank Statement Loan to 3.5 Million

Last Updated: 09 October 2020

Jumbo Bank Statement Loan - $3,500,000

Purpose: Purchase Rate & Term Refinance - Rate & Term and Cash Out

  • Maximum Cash Out - $2,000,000


Available Loan Amounts: $3,000,000


Eligible Employment Types:

  • Self Employed  (Defined as =/> 25% Owner)

  • Wage Earner / W2 Co-Borrower - OK


Eligible Employment History:

  • One Year Employment History - OK "Lite Doc"


Employment Verification:

Acceptable (VOE) Verification of Employment Lender Guideline Options:

  • Business License

  • Business Organization Paperwork or Regulatory Equivalent.

  • CPA Letter or Equivalent

Income Documentation: (No 4506-T)

  • 12 Months or 24 Months Business Bank Statements

  • 12 Months or 24 Months Personal Bank Statements

  • "Borrower Prepared" & Unaudited Profit & Loss Statement - No 4506-T Form or CPA Letter Required..yes!


Liquid Reserves Requirements:

6 For self-employed borrowers, liquid reserve requirements - business bank account OK - percentage utilization allowed is equal to the percentage of ownership. - for example, 60% owner of the business can utilize 60% of the business bank account balance.


Utilize Liquid Assets for Additional Qualifying Income

 Eligible Liquid Assets Examples:

  • Checking & Savings Accounts

  • Stocks

  • Bonds

  • Mutual funds

  • Certificates of Deposit

  • Money Market Funds

  • Trust Accounts

  • Retirement Accounts "amount invested"

  • Trade Equity

  • Savings Bonds

  • Trust Accounts

  • Sale of Real Estate


Eligible Business Entities:

  • C Corporation

  • S Corporation

  • LLC

  • Sole Proprietor


Eligible Property Types:

  • SFR - Single Family Residence - Detached

  • SFR - Single Family Residence - Attached

  • 1 - 2  Units

  • 2 - 4 Units

  • Condominiums

  • PUD's


Eligible Occupancies:

  • Owner-Occupied

  • Investment

  • Second Home (Vacation)


Credit:

Credit Scores - 620 Minimum

720 Score - Max LTV 85%


Housing / Life Event Credit Seasoning:

  • Bankruptcy: 4 Years, 3 Years with Compensating Factors

  • Foreclosure: 4 Years, 3 Years with Compensating Factors

  • Short Sale: 4 Years, 2 Years with Compensating Factors

  • Loan Modification: 4 Years, 3 Years with Compensating Factors

Compensating Factor Examples: Low LTV. Low DTI. Credit Depth and Over-all Seasoning (credit depth, mortgage credit, liquid assets, etc.)

DTI - 50% Max


States:

Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Indiana | Iowa | Kansas | Kentucky | Louisiana | Maine | Maryland | Massachusetts | Michigan | Missouri | Nevada | New Jersey | New Mexico | North Carolina | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington