Alt Doc P&L-Only Jumbo Second to $1,500,000
Cash Out can be used for any purpose including , debt consolidation or purchase piggy back second mortgage. This loan program is for self-employed people that are unable to use traditional income documents.
With many homeowners locked into historically low first mortgage rates, refinancing often isn’t the ideal solution. That’s why our standalone second mortgage program offers a flexible way to tap into home equity without disturbing an existing low-rate loan.
Eligible Income Documentation
- P&L Only. 12 or 24 Months -1
- P&L Only. 12 or 24 Months + 2 Months (income support) Business Bank Statements
- CPA prepared (licensed tax professional) and unaudited
- IRS Form 4506C – Not Required
- Bank Statements. 12 or 24 months Business Account Statements
- Bank Statements. 12 or 24 months Business Account Statements
- VOE CPA Letter (licensed tax professional)
- IRS Form 4506C – Not Required -0.1 | .5
Loan Program Highlights
- No LTV Reduction for Declining Market
- Real Estate Investors: Unlimited Properties Owned – OK
- MLS Seasoning: 6 Months – OK
- Cash Out for Reserve Requirement
- Foreign National – OK
- $6,000,000 Aggregate Loan Amount (total proposed lien amount on subject property)
- 55% DTI Full Doc – OK
- < 2 years Employment History – OK
Maximum Combined-Loan-to-Value Ratios:
- Owner-Occupied
- 85% CLTV to $600,000
- 80% CLTV to $800,000
- 75% CLTV to $1,000,000
- Second/ Vacation Home
- 85% CLTV to $600,000
- 80% CLTV to $800,000
- 75% CLTV to $1,000,000
- Investment Property
- 75% CLTV to $300,000
- 70% CLTV to $500,000
Required Liquid Reserves:
- $600,000 Loan Amount – 12 Months
- $800,000 Loan Amount – 18 Months
- $1,000,000 Loan Amount – 24 Months
- Cash Out (cash-in-hand) can be used for reserve requirement
Eligible Transactions:
- Cash Out
- Debt Consolidation
Maximum Debt-to-Income Ratios:
- P&L-Only: 50% DTI
- Bank Statements: 50% DTI
- Full Doc (Full Income Documentation): 55% DTI
- DTI Qualifying Payment Based on 30-Year Fixed Payment
Credit Requirements:
- P&L-Only Credit Score: 660
- Bank Statements Credit Score: 640
- Full Income Credit Score: 640
- Credit Event Seasoning:
- Bankruptcy: 4 years (discharge date)
- Foreclosure: 4 years
- Short Sale: 4 years
- Housing Payment History: (VOM and/ or VOR)
- 1x30x12 | one 30 day late previous 12 months OK
- 2x30x36 | two 30 day late’s previous 36 months OK (LOE Required)
- 1x60x60 | one 60 day late previous 60 months OK (LOE Required)
Eligible Occupancy Types:
- Owner-Occupied
- Second Homes
- 2 Unit OK Primary Residence (5% LTV Reduction)
Eligible Property Types:
- Single-Family Residence – Attached – ADU’s Allowed
- 2-4 Single-Family Residence – Detached – ADU’s – Not Allowed
- 2-4 Units (Investment)
- Condominiums (<4 stories)
- MLS >6 Months Seasoned
Ineligible Property Types:
- Mixed-Use
- Assisted Living
- Condominiums (>4 stories)
- 2-4 Unit *Second/ Vacation Property
- Manufactured Homes
- Mobile Homes
- Ranch
- Farm
- Orchard
- Agricultural
- Berm Homes
- Dome Homes
- MLS <6 Months Seasoned
Eligible Title Vesting:
- Individual
- Revocable Trust
- Living Trust
- LLC
- Corporation
- Partnership
- Irrevocable Trust – Not Allowed
- Land Trust – Not Allowed
- Diplomatic Immunity – Not Allowed
- OFAC – Not Allowed
- LDP – Not Allowed
- GSA – Not Allowed
Available Terms:
- ARM 5 year and 7 year
- Fixed 30, 20, 15, and 10 year
- Interest Only (15 year draw)
Eligible Borrowers:
- US Citizen
- Permanent Resident Alien
- Non-Permanent Resident Alien
- Foreign National (10% LTV Reduction)
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Virginia, Washington, and Wisconsin.
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Last Updated on 1 month ago by Broker Mortgages