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