Jumbo Bank Statement Loan to $4,000,000

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

  • Maximum Cash Out - $2,500,000

Maximum Loan Amounts: $4,000,000

Bank Statement Income Documentation: (No 4506-T or 4506-C)

  • 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!
  • Asset Depletion: Utilize Liquid Assets for Additional Qualifying Income
  • DTI - 55%

Eligible Employment Types

  • Self Employed  (Defined as > 25% Ownership)
  • 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

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.

Eligible Liquid Assets Reference 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

  • Single Family Residence (SFR) - Attached and Detached
  • 2 Units
  • 4 Units
  • Condominiums
  • PUD's

Eligible Occupancies

  • Owner-Occupied
  • Investment
  • Second Home (Vacation)

Credit: Criteria and Scores

  • 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

Available in the Following States:

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