Bank Statement Cash-Out Refinance Loan Programs
Highlights:
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No Mortgage Insurance required
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Cash-Out Refinance to 90% LTV
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Personal or Business Bank Statements OK
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Bankruptcy, Foreclosure and Short Sale OK
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Investment Non-Owner Occupied to 85% LTV
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Loan Amounts to $2,5000,000
Asset Depletion Program
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Income documentation - not required
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Employment - not required
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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)
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This loan program can be combined with any other lender income documentation program
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The borrower only must show two months of statements from qualifying account
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50% Debt to Income Ratio "DTI"
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90% LTV for Purchase and Cash-Out Refinance
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Down to 500 Credit Score / Fico
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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
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Liquid Assets - not required
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One day out of Short Sal
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600 Credit Score / FICO - $3,000,000 maximum loan amount
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500 credit Score / FICO - $750,000 minimum loan amount
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Bankruptcy - OK after 2 years
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Foreclosure - OK after 2 years
Non Prime Lender Product Summary 33
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One day out of Short Sale up to 80% LTV program with 600 credit score
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One day out of bankruptcy, foreclosure or short sale program, maximum LTV is credit score driven
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Investor - own up to 20 properties - Cash Out on Non-Owner Occupied/investment property program, reserves not required on all property types
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Down to 500 middle credit score program - mortgage lates OK
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Stated Income / Stated Assets program to 70% LTV program, includes Foreign Nationals
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Bank Statement Program for Self-Employed, 24 months, no Tax Returns and no 4506-T (tax transcripts) Form to 85% LTV
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No Pre-Payment Penalty, no reserves, no balloon note and no mortgage insurance on all standard programs
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Non-warrantable condos and rural properties program - case by case
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85% LTV to $750,000 loan amount, Owner-Occupied program
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80% LTV to $1,000,000 loan amount, Owner-Occupied program
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75% LTV to $2,000,000 loan amount, Owner-Occupied program
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Gift down payment and closing cost OK for Owner-Occupied and Non-Owner Occupied / Investment Property program
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Gift of equity OK for full down payment and closing costs for Owner-Occupied and Non-Owner Occupied program
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Unlimited cash out up to $1,000,000 loan amount
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Unlimited cash out up to $2,000,000 to 65% LTV