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