Alternative Mortgage Service

Bank Statement Loan to 3.5 Million

Last Updated: 21 August 2019

Jumbo Bank Statement Loan to $3,500,000

 

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

  • Maximum Cash Out - $2,000,000

Available Loan Amounts:

  • $3,000,000 Maximum

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 4506T 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

DTI - 50% Max

States:

Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Louisiana, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin

reference: 255.052519

Rate & Term