Non-Qualified Mortgage Jumbo Programs
This Non-QM mortgage product is from a Portfolio lender and has unique unseasoned employment and super jumbo loan amounts.
Non-QM Income Documentation for Self-Employed Borrowers and W2 Commission Employee
Asset Utilization and Cash-Flow such as bank statements and investments (including unseasoned distribution account/agreement monthly income) Program – Creative Financing. This unique loan program is designed for borrowers who fall just outside prime jumbo.
Two Documentation Categorical Bank Statement Options
Twenty-Four Months Business Bank Account with or without Asset Depletion (asset utilization) or,
Twelve Months Personal Bank Account with or without Asset Depletion (asset utilization)
Six Months Person or Business Bank Statements
Low Doc Income and Employment History
One 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 Notes & Highlights
Minimum Mortgage Credit Score: 660 (middle score)
Two Years Seasoning Required on Bankruptcy, Foreclosure, and Modification
Maximum Jumbo Loan Amount – $6,000,000
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.
Reference – 1245587