Self-Employed Mortgage one Month Bank Statement Option
Non-Qualified Mortgage Program
The Income is stated and is not calculated (No Ratio) from the One-Month Bank Statement. The main Bank Statement Qualifying Criteria is the Account 1) must end in a positive balance with no NSF’s.
Income Documentation – One Month Bank Statement Program
This One-Month Bank Statement Program is Weighed Almost Entirely on the Credit History of the Borrower and Again is Stated with a 50% Debt-to Income (DTI) Ratio and Cash Reserves are not required.
No 4506-T form means no tax transcripts. Form 4506-C now not required
One Year VOE means your qualifying criteria is based only on the one, most recent year period instead of the standard two-year history. via the standard income VOE which we have little or no control of methods of income history and standard methods of employment verification.
Qualifying in terms of income and of the One Year the method of verification can be a little inconvenient.
Verification of Employment (VOE) Options
One of the most critical parts of getting approved for a Non-QM, alt-doc loan is verifying employment. 2-year history does need to be verified and is often very easy and convenient. When done properly with the ideal method via any of the following:
Business License
CPA Letter
EA (Enrolled Agent) Letter
Articles of Incorporation
Articles of Business Organization
Government Agency Certificate
Sellers License
4506-T Not Required
Jumbo Loan Amounts: $4,000,000
Purpose: Purchase, Rate/Term and Cash Out – | Owner-Occupied Only | Single Family Residence Only:
Credit Score 620:
LTV: 70% Purchase | 65% Cash-Out – $500,000
Credit Score 640:
LTV: 70% Purchase | 65% Cash-Out – $1,000,000
Credit Score 660:
LTV: 75% Purchase | 70% Cash-Out -$1,500,000
Credit Score 680:
LTV: 80% Purchase | 75% Cash-Out – $1,500,000
Credit Score 700:
LTV: 85% Purchase | 70% Cash-Out – $2,000,000
Credit Score 720:
LTV: 85% Purchase | 80% Cash-Out – $2,500,000
Credit Score 740:
LTV: 85% Purchase | 75% Cash-Out – $3,000,000
Credit Score 760:
LTV: 90% Purchase | 85% Cash-Out – $4,000,000
Credit Score 680:
LTV: 80% Purchase | 75% Cash-Out – $1,500,000
LTV: 75% Purchase | 70% Cash-Out – $2,000,00
Credit Score 700:
LTV: 85% Purchase | 80% Cash-Out – $2,500,000
LTV: 80% Purchase | 75% Cash-Out – $3,000,000
Credit Score 720:
LTV: 90% Purchase | 85% Cash-Out – $3,500,000
LTV: 85% Purchase | 80% Cash-Out – $4,000,000
Eligible Property Types:
Single Family Residence – Attached (SFR)
Single Family Residence – Detached (SFR
Credit Report:
Minimum Credit Score – 620
Clean mortgage history – 5 years seasoned (24-month history verification)
Credit Depth Criteria:
One open account tradeline >3 years seasoning
Two open account tradelines >1 year seasoning
“Housing Event” Seasoning Requirements:
Bankruptcy
Chapter 7 – 12 months
Chapter: 13 – 24 month
Foreclosure – 24 months
Short Sale – 24 months
Deed-In-Lieu – 24 months
Consumer Credit Counseling – 24 months
Charge-offs, collections, tax liens – 1 day
Loan Scenario Form – Credit Check Not Required
Available in the following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kentucky, Maine, Maryland, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington.
157-3-9-21