Non-Qualified Mortgage (Non-QM) - Jumbo Programs

Income Documentation: Asset Utilization and Cash-Flow (bank statements) Program - Creative Financing

This Loan Program is Designed for Borrowers Who Fall Just Outside Prime Jumbo

Income Documentation for Self-Employed Borrowers and or W2 Commission Employee


2 Options:

  • Bank Statements - 24 months Business Bank Account or 12 Months Personal Bank Account with or without Asset Depletion (asset utilization)


Low Doc

  • 1 Year W-2 and/or 1-Year Tax Return (stand-alone or in conjunction) with YTD Profit & Loss (P&L) - Borrower Prepared and unaudited
  • Bank Statements and Low Doc Programs are for Self-Employed Borrowers Only. Co-Borrower W-2 Employee OK for Low Doc - 1 Year W-2 in Lieu of the Traditional 2-Year Requirement

Max Debt-to-Income Ratio: (DTI) 50% Based on and/or (stand-alone or in conjunction) Liquid Assets, Cash-Flow and Real Estate Portfolio equity


Loan Purpose Percentage of Financing

  • Purchase - 10% Down Payment
  • Refinance - 90% LTV
  • Cash Out Refinance - 85% LTV

 

Credit

  • Minimum Mortgage Credit Score: 660 (middle score)
  • 4 Years Seasoning Required on Bankruptcy, Foreclosure, and Modification

 

Jumbo Loan Amounts; $2,500,000 Maximum

 

States:

Alabama | Arizona | California | Colorado | Delaware | Florida | Georgia | Hawaii | Illinois | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | Texas | Utah | Vermont | Virginia | Washington | Wisconsin

reference - 1245587