Bank Statement Jumbo to 90% LTV Financing Guidelines
Updated October 7 2020
Alternative Bank Statement Income Documentation
- 12 Months Bank Statements or One Year 1099 "1099 Only Program"
-
- Business - 10% - 50% Maximum Expense Factor
-
- Personal - 0% Expense Factor (100% Deposit Utilization)
Eligible Employment Types
- Self Employed Including Real Estate Investors
Verification of Employment VOE
-
Business Organization paperwork ex. Articles of Incorporation
-
CPA/Tax Professional Letter Stating % of Ownership and Number of Years Business Existence
- Business License
- Sellers License
- Internet Business Listing
Eligible Transactions
- Purchase - 10% Down Payment
- Rate & Term Refinance - 90% LTV
- Cash Out Refinance - 80% LTV: $1,500,000 Maximum Cash Out
Jumbo Loan Amounts
- $4,000,000 Maximum
Reserves Requirements:
6 Months (PITI/PITIA). Note: Cash out does qualify as reserves
Credit Criteria
"Life Event" Credit Seasoning:
- Bankruptcy - 12 Months
- Foreclosure - 24 Months
- Short Sale - 12 (unless included - bankruptcy counts as one event years required)
- Deed in Lieu - 2 years required
Credit Scores
- 600 Minimum
- 660 to 80% LTV - $500,000 Cash Out
- 700 to 90% LTV - $1,500,000
Eligible Property Types: SFR Single Family Residence, Condos - Warrantable Only
Eligible Occupancies: Owner Occupied, Non-Owner/Investment, Second/Vacation Homes
Available Terms: ARM 5/1, 7/1 & 30 Year Fixed. Interest Only Available
Notes:
First Time Homer-Buyer - 85% LTV
Multiple Foreclosures and Short Sales - OK
5% of Gift Funds Must Come from Borrower
Interest Only - 80% LTV
States:
Arizona | Alabama | California | Colorado | Florida | Georgia | Illinois | Louisiana | Maine | Maryland | Mississippi | Nevada | North Carolina | Oregon | Pennsylvania | South Carolina | Texas | Virginia | Washington
3-9-20 333051418