Jumbo Bank Statement Mortgage Program
Purpose / Loan-to-Value %:
- Purchase - 10% Down Payment
- Rate & Term Refinance - 90% LTV Loan-to-Value
- Cash Out Refinance - 85% LTV Loan-to-Value
Jumbo Loan Amount - $5,000,000
Eligible Property Types
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SFR Single Family Residence
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Condos - Warrantable & Non-Warrantable
- Condotels
Eligible Occupancies
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Owner-Occupied
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Non-Owner/Investment
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Second/Vacation Homes
Available Terms
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ARM: 3,5 and 7 Year
-
30-Year Fixed (Interest Only Available)
- 40 Year Fixed (Interest Only Available)
Credit Requirements
"Housing Event" Credit Seasoning:
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Bankruptcy - 12 Months
-
Foreclosure - 2 years required
-
Short Sale - 2 years required
-
Deed in Lieu - 2 years required
Credit Scores
-
610 Minimum
-
660 to 80% LTV - $500,000 Cash Out
-
680 to 90% LTV - $1,500,000
Credit Criteria:
-
Multiple foreclosures and short sales OK
Eligible Employment Types
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Wage Earner
-
Self Employed
Income Documentation:
Full Doc Full Income Documentation:
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Wage Earners: W-2's and paystubs
-
Self Employed: Tax returns, business and personal
-
1-year 1040 plus schedule C
Reserves
- 3 Months (PITI/PITIA)
- 3 months PITI for all REO Real Estate Owned
Program Highlights
- 50% DTI Debt-to-Income ratio
- First Time Home Buyers - OK
- 100% Gift Funds from Family Member - OK
- Rent-free housing history OK
- Pre-payment penalty options
- Investors: unlimited financed REO Real Estate Owned OK
- Non-Occupant Co-Borrower - OK
States:
Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Maine | Maryland | Massachusetts | Nevada | North Carolina | Oregon | Pennsylvania | Tennessee | Texas | Virginia | Washington