Jumbo Bank Statement Loan to $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 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