New Jumbo Guidelines with Loan Amounts to $4,000,000
Most Non-QM lenders require a 680 minimum credit score to qualify for 90% LTV for refinance loans and 15% Down Payment purchase loan. Loan amounts >$2,000,000 require 2 appraisals.
Self-Employed Borrowers and Non-QM lenders
Non-QM lender's love Self-Employed Borrower's like peanut butter loves jelly. Self-Employed borrowers and our Non-QM loan programs go together like peas and carrots.
Bank Statement Pre-Underwrite
The Pre-Underwrite Department can process/analyze 12 and 24 months with personal account bank statements so we have the income figured out and signed off to the dollar to make sure the numbers fit before jumping through all the hoops of a full application, credit report, and disclosures.
Bank Statement Service
We pre-underwrite your bank statements for you before the Underwriter sees them to ensure we get the right Conditional Loan Approval (CLA).
1. Loan Officer analyzes the bank statements (and any Asset Depletion potential to supplement total income).
After your Loan Officer reviews the statements, often times, 1 of 2 things will happen, your Loan Officer will either have questions for you regarding the statements; deposits, Income deposits, transfers to get clarity on how you run your business in terms of how you utilize your bank accounts in anticipation of any questions the lender rep (Wholesale Account Executive) will have for the loan officer before Underwriter Submission. To ensure a smooth loan, the lender rep will bring them to the actual underwriter along with a lender specific criterion, Income Worksheet, etc.
2. Submit straight to underwriting along with standard documentation for Initial Submission
If you have Multiple Streams of Income and you process payment, funds/revenue (for whatever reason) differently depending on method of payment
Loan Purpose | Minimum Credit Score | Maximum LTV
- Purchase Transactions - Minimum Credit Score: 660 Minimum Credit Score to 90% LTV
- Refinance Transactions (Rate/Term) - Minimum Credit Score: 660 to Maximum LTV to 90%
- Refinance Transactions (Cash Out) - Minimum Credit Score: 660 to Maximum to 85% LTV
- Refinance Cash Out OK to be used for Reserves Requirement
Liquid Assets / Reserves (Months) Requirements
- Reserve guidelines are favorable at 6 months. Additional reserves not required for additional REO
- Full Stock(s) value, bonds, and Vested Retirement.
- No additional reserves needed for additional Real Estate Owned (REO), financed or not. Primary residence - No Limit on Financed Properties. Purchase, 90% LTV on Owner-Occupied, including Cash Out Refinance.
Underwriter Guides and Highlights
- First Time Homebuyer (FTHB) - Yes to 80% LTV
- Non-Occupant Co-Borrowers - Yes - Primary Borrower Debt-to-Income Ratio (DTI) cannot exceed 45%
- Interest Only also Available
- No Price-Add for 2-Units, 4-Units and Vacation/Second Homes
Lender also offers DSCR, where you qualify based on rental property, no tax returns or income required and will allow title in an LLC and can do multiple loans for one borrower.
Current turn time in Underwriting - 24 Hours
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin