Niche Loan | Non-Prime Mortgages

Bank Statement Cash-Out Refinance Loan Programs

Highlights:

  • No Mortgage Insurance required

  • Cash-Out Refinance to 90% LTV

  • Personal or Business Bank Statements OK

  • Bankruptcy, Foreclosure and Short Sale OK

  • Investment Non-Owner Occupied to 85% LTV

  • Loan Amounts to $2,5000,000

Asset Depletion Program

  • Income documentation - not required

  • Employment - not required

  • Qualify with enough Liquid Assets to equal loan amount or use 100% of Liquid Assets to cover 7 years / or 84 Months of Principal Interest Tax and Insurance "PITI" and Liabilities (subject to lender)

Niche Guideline Highlights:

  • No Empoloyment - borrower does not need to be currently employed
  • 55% DTI based on a 40-year Interest-Only Paymeny (ooo la la)

  • This loan program can be combined with any other lender income documentation program

  • The borrower only must show two months of statements from qualifying account

  • 50% Debt to Income Ratio "DTI"

  • 90% LTV for Purchase and Cash-Out Refinance

  • Down to 500 Credit Score / Fico

  • Owner-Occupied or Investment Property

How it's calculated: (subject to lender):

Borrower total sum of qualified liquid assets is greater than or equal to the total loan amount, no additional "income" is required to support the borrowers Ability-to-Reapy;  or just to illustrate and support the "Ability to Repay" (A-T-R) rule, also known as a "non-trid" loan program, or

Take the total amount of qualified liquid assets and divide that number by 84 (months), the sum of which can be utilized as a monthly income figure for debt ratio purpose, for example: $1,000,000 in liquid assets divided by 48 - $20,883 usable income. This source number can represent a borrowers' total "monthly income" as a "stand-alone" source or in conjunction with any other type of income i.e. W2 salary and/or commission, bank statements (cash-flow) from either the primary or co-borrower. A Capital Letter of Explanation "LOE" documenting source and contemplated depletion may be required.

Bank Statement Loan - Purchase or Refinance Loan | Super Jumbo

Income Documentation:

Bank Statements (12 or 24 months) or traditional Full Doc

  • Liquid Assets - not required

  • One day out of Short Sal

  • 600 Credit Score / FICO - $3,000,000 maximum loan amount

  • 500 credit Score / FICO - $750,000 minimum loan amount

  • Bankruptcy - OK after 2 years

  • Foreclosure - OK after 2 years

Non Prime Lender Product Summary  33

  • One day out of Short Sale up to 80% LTV program with 600 credit score

  • One day out of bankruptcy, foreclosure or short sale program, maximum LTV is credit score driven

  • Investor - own up to 20 properties - Cash Out on Non-Owner Occupied/investment property program, reserves not required on all property types

  • Down to 500 middle credit score program - mortgage lates OK

  • Stated Income / Stated Assets program to 70% LTV program, includes Foreign Nationals

  • Bank Statement Program for Self-Employed, 24 months, no Tax Returns and no 4506-T (tax transcripts) Form to 85% LTV

  • No Pre-Payment Penalty, no reserves, no balloon note and no mortgage insurance on all standard programs

  • Non-warrantable condos and rural properties program - case by case

  • 85% LTV to $750,000 loan amount, Owner-Occupied program

  • 80% LTV to $1,000,000 loan amount, Owner-Occupied program

  • 75% LTV to $2,000,000 loan amount, Owner-Occupied program

  • Gift down payment and closing cost OK for Owner-Occupied and Non-Owner Occupied / Investment Property program

  • Gift of equity OK for full down payment and closing costs for Owner-Occupied and Non-Owner Occupied program

  • Unlimited cash out up to $1,000,000 loan amount

  • Unlimited cash out up to $2,000,000 to 65% LTV