Niche Loan Non-Prime Mortgage
Our non-prime jumbo mortgage loan program offers flexible financing options, allowing borrowers to qualify using either 12 or 24 months of bank statements.
Bank Statement Program for Self-Employed, 24 months
This program is designed to meet the needs of those who may not fit full income documentation criteria while seeking substantial loan amount options to consider. Speak to a Loan Officer (800) 718-8906.
Non-Prime Bank Statement Cash-Out Programs
This loan program includes cash-out options, allowing you to access up to $3,500,000 in loan amounts. Highlights of this program include the ability to take unlimited cash out up to $2,000,000 with up to 70% LTV, providing flexible and substantial financial solutions for those with unique lending needs.
Super Jumbo Program Benefits
The non-prime mortgage loan program offers flexible loan-to-value (LTV) ratios for owner-occupied properties. With this program, borrowers can secure up to 85% LTV for loan amounts up to $3,000,000, 80% LTV for loans up to $3,500,000, and 75% LTV for loans up to $4,000,000. These options provide opportunities for homeowners to access substantial financing tailored to their needs.
Cash Out Highlights:
- Cash out up to $3,000,000 loan amount for debt consolidation
- Unlimited cash out (cash in hand) up to $2,000,000 to 70% LTV
- Cash Out qualifies for reserve requirement
LTV Highlights:
- One day out of Short Sale up to 80% LTV program with 600 credit scorer
- 85% LTV to $1,500,000 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
- 85% LTV Investment Non-Owner Occupied
- Cash-Out Refinance to 90% LTV
Asset Depletion
- 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)
How Asset Depletion is 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 borrower’s Ability-to-Repay; 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.
Niche Guideline Highlights:
- No Employment – borrower does not need to be currently employed.
- 55% DTI based on a 40-year Interest-Only Payment
- This loan program can be combined with any other lender income documentation program.
- The borrower only must show two months of statements from a qualifying account.
- 90% LTV for Purchase and 75% Cash-Out Refinance
- Down to 500 Credit Score / Fico
- Owner-Occupied or Investment Property
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Maine, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.