DSCR - Real Estate Investor Program to $5,000,000
Employment Not Required. Income - Rental Leases or Appraisal. Traditional Income Documentation Not Required. Debt-to-Income Ratio Not Applicable DSCR <0.7.
Eligible Transactions - Purchase and Cash Out Refinance
Credit Score | LTV | Loan Amount | Reserve Requirement - Matrix
Jumbo Loan Amount - $1,500,000:
- 640 - 85% LTV | 3 Months Reserves
- 620 - 80% LTV | 3 Months Reserves
- 600 - 75% LTV | 3 Months Reserves
- 640 - 85% LTV | 3 Months Reserves
- 640 - 85% LTV | 3 Months Reserves
Jumbo Loan Amount - $2,000,000:
- 700 - 85% LTV | 6 Months Reserves
- 660 - 80% LTV | 9 Months Reserves
- 620 - 75% LTV | 9 Months Reserves
- 600 - 70% LTV | 9 Months Reserves
Super Jumbo Loan Amount - $3,500,000:
- 680 - 50% LTV | 6 Months Reserves
- 620 - 60% LTV | 6 Months Reserves
- 600 - 55% LTV | 6 Months Reserves
Super Jumbo Loan Amount - $4,000,000:
- 660 - 80% LTV | 9 Months Reserves
- 640 - 80% LTV | 9 Months Reserves
Cash Out Refinance Loans
Loan Amount - $1,500,000:
- 640 - 80% LTV | 3 Months Reserves
- 620 - 75% LTV | 3 Months Reserves
- 600 - 70% LTV | 3 Months Reserves
Loan Amount - $2,000,000:
- 700 - 80% LTV | 3 Months Reserves
- 686 - 75% LTV | 3Months Reserves
- 620 - 70% LTV | 6 Months Reserves
- 600 - 65% LTV | 6 Months Reserves
Super Jumbo Loan Amount $3,500,000:
- 680 - 75% LTV | 9 Months Reserves
- 620 - 70% LTV | 9 Months Reserves
- 600 - 70% LTV | 9 Months Reserves
Super Jumbo Loan Amounts - $4,000,000:
- 680 - 60% LTV | 6 Months Reserves
- 620 - 60% LTV | 6 Months Reserves
- 600 - 50% LTV | 6 Months Reserves
- 720 - 85% LTV | 6 Months Reserves
Super Jumbo Loan Amounts - $4,500,000:
- 660 - 70% LTV | 9 Months Reserves
- 640 - 75% LTV | 9 Months Reserves
Super Jumbo Loan Amounts - $5,000,000:
- 660 - 60% LTV |18 Months Reserves
- 640 - 60% LTV | 18 Months Reserves
Eligible Property Types:
- Single Family Residence (SFR)
- 2 Unit
- 4 Unit
- Condos Not Allowed
Credit Criteria Notes:
- Mortgage or Rent Late Payments - 2 30-day lates
- Bankruptcy - 12 Months Seasoning
- Foreclosure - 12 Months Seasoning
- Short Sale - 12 Months Seasoning
- Deed-in-Lieu - 12 Months Seasoning
- Minimum Credit Score - 600
Underwriter Notes:
- Maximum Purchase LTV - 85%
- Maximum Cash Out LTV - 80%
- Interest-Only Available
- 3 Year Pre-Payment Penalty available for lower interest rate
- Cash Out for Debt Consolidation - OK
- Cash Out cannot be used for reserve requirement.
- Business Entity Title (LLC) OK
- Permanent Resident Aliens OK
Lite Doc - 1 Year 1099 Only Income Documentation Program
Purchase, Rate/Term - 600 Credit Score - 80% LTV - $1,500,000
Cash Out - 620 Credit Score - 75% LTV - $1,500,000
Loan Amounts: $250.000 to $5,000,000
1099 Only Income Calculation | Two 1099 Income Calculation Methods
- P&L Prepared by a CPA or equivalent license holder
- Expense Ratio CPA Letter (ERCL)
- Debt-to-Income (DTI): 55%
Reserve Requirements:
- $1,500,000 - 6 Months
- $1,501,000 to $2,500,000 - 9 Months
- $2,501,000 to $5,000,000 - 12 Months
Property Types:
- SFR - Attached
- SFR - Detached
- 1-4 Units
- Warrantable Condos
Underwriter Notes:
- Gift OK - requires atleat 5% brorrwer contribution from own 2 month seasoned funds
- Seller Concessions to 5%
- Available in the Following States:
Income Documentation - None | No Ratio
Reserves - 6 Months (not including Cash Out Refinance)
This Alt Doc loan program is for buyers that have extraordinary or unconventional income and documentation including self-employed borrowers and fixed income along with previous credit challenges due to inconsistent employment, foreclosure, bankruptcy, short sale, divorce, and or health issues. This loan program is specifically designed to bridge the gap and resolve the problem that prevents good borrowers from obtaining mortgage credit. Manual underwriting through intelligent guidelines brings forth opportunity of home ownership to borrowers of all kinds
Minimum Mortgage Credit Score - 620
Loan Purpose
- Purchase
- Rate/Term Refinance
- Cash Out Refinance
LTV's
- 75% Maximum for Purchase and Rate and Term
- Cash Out to 70% LTV
Occupancies
- Owner-Occupied
- Vacation Homes
Available Terms
- ARM's - 3 Year, 5 Year
- Fixed - 15 Year, 20 Year, and 30 Year
- Interest-Only Available
- Gift Funds - OK
- Non-Occupant Co-Borrower - OK
Loan Scenario Form - Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New Hampshire, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, AND Washington