Non-Prime – No Income and No Employment
DTI up to 60% (back-end dti) – total monthly payment sum divided by your total monthly payments (as they appear on your credit report (including REO portfolio). Use minimum payment on credit cards/revolving account) Example, if your monthly payment(s) is $10,000 and your income is $21,000, your back-end DTI (Debt-to-Income ratio) = 47.6%
Following are a few underwriting guideline highlights:
- Verification of employment and Income – Not Verified
- Liquid Assets & Reserves – Not Required
- 85% LTV Jumbo Financing $6,000,000
- Super Jumbo Options – $20,000,000 Loan Amounts
- Bank Statement Income Option Available to 85% LTV Financing
Favorable Terms, Pricing and Approval Conditions – Asset Depletion – liquid asset statements can almost always be utilized in conjunction for more favorable terms, conditions, and pricing – interest rates, points (0-point options too), etc.
Major Derogatory Credit “credit event” Seasoning Requirements:
- Bankruptcy – 3 years
- Bankruptcy/Foreclosure – 2 years (if not included in a bankruptcy)
- Short Sale – 2 Years
- Debt Ratio Very Flexible to 55% DTI
- Prepayment Penalties Available or More Favorable Rate and/or Pricing
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.