Jumbo Bank Statement Mortgage Program | Jumbo Loan Amount - $5,000,000
Eligible Employment Types:
- Wage Earner (Co-Borrower)
- Self Employed (C Corp, S Corp, LLC, Partnerships, 1099 Sole Proprietor)
Income Documentation:
- Full Doc Full Income Documentation:
- Wage Earners: W-2's and paystubs
- Self Employed: Tax returns, business and personal
- 1-year 1040 plus schedule C
Required Reserves:
- 3 Months (PITI/PITIA)
- 3 months PITI for all REO Real Estate Owned
Purpose / Loan-to-Value %:
- Purchase - 10% Down Payment
- Rate & Term Refinance - 90% LTV Loan-to-Value
- Cash Out Refinance - 85% LTV Loan-to-Value
Eligible Property Types
-
SFR Single Family Residence
-
Condos - Warrantable & Non-Warrantable
- Condotels
Eligible Occupancies
-
Owner-Occupied
-
Non-Owner/Investment
-
Second/Vacation Homes
Available Terms
-
ARM: 3,5 and 7 Year
-
30-Year Fixed (Interest Only Available)
- 40 Year Fixed (Interest Only Available)
Credit Requirements
"Housing Event" Credit Seasoning:
-
Bankruptcy - 12 Months
-
Foreclosure - 2 years required
-
Short Sale - 2 years required
-
Deed in Lieu - 2 years required
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
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
Available in the Following 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, and Washington