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

 

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