Jumbo Bank Statement Loan - $3,500,000
Purpose: Purchase Rate & Term Refinance - Rate & Term and Cash Out
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Maximum Cash Out - $2,000,000
Available Loan Amounts: $3,000,000
Eligible Employment Types:
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Self Employed (Defined as =/> 25% Owner)
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Wage Earner / W2 Co-Borrower - OK
Eligible Employment History:
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One Year Employment History - OK "Lite Doc"
Employment Verification:
Acceptable (VOE) Verification of Employment Lender Guideline Options:
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Business License
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Business Organization Paperwork or Regulatory Equivalent.
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CPA Letter or Equivalent
Income Documentation: (No 4506-T)
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12 Months or 24 Months Business Bank Statements
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12 Months or 24 Months Personal Bank Statements
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"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:
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Checking & Savings Accounts
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Stocks
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Bonds
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Mutual funds
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Certificates of Deposit
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Money Market Funds
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Trust Accounts
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Retirement Accounts "amount invested"
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Trade Equity
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Savings Bonds
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Trust Accounts
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Sale of Real Estate
Eligible Business Entities:
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C Corporation
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S Corporation
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LLC
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Sole Proprietor
Eligible Property Types:
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SFR - Single Family Residence - Detached
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SFR - Single Family Residence - Attached
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1 - 2 Units
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2 - 4 Units
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Condominiums
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PUD's
Eligible Occupancies:
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Owner-Occupied
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Investment
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Second Home (Vacation)
Credit:
Credit Scores - 620 Minimum
720 Score - Max LTV 85%
Housing / Life Event Credit Seasoning:
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Bankruptcy: 4 Years, 3 Years with Compensating Factors
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Foreclosure: 4 Years, 3 Years with Compensating Factors
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Short Sale: 4 Years, 2 Years with Compensating Factors
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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