Designed for real estate investors, this Bank Statement loan can qualify investor income and self-employment income in different or multiple accounts. Rental income instead of tax returns, leases can be utilized to document income. In conjunction with bank statements from the bank account showing rent deposits

Rental income may be included in conjunction with Borrowers' Bank Statement income

Leases and Bank Statements

  • Real estate Investor Leases and corresponding bank accounts showing at least 4 consecutive months of rent receipt from all qualifying rental property leases. New lease and receipt of security deposit = to one month of rent, rent seasoning not required
  • Real Estate Investor borrower bank statements, business, personal or dba. Multiple comingle accounts OK if bank transfers can be identified as income revenue from an income source. Large deposits will be sourced

Airbnb and Short-Term Rentals

Short-term Rental Income may be properly documented with the short-term rental facilitator statements, Short-term rental income dollar amount is derived from a 12 month rent deposit average. Lenders can document rental income with most previous 10 months rental facilitator statements

Guidelines and Requirements

Underwriting Guideline exceptions and requirements are based on credit scores, Debt to Income ratio, equity position/loan to value ratio, occupancy, property type, and various variables and loan characteristics such as "credit event" seasoning

Documentation type, credit depth and seasoning, borrower employment and business seasoning, Liquid asset sources, purchase seasoning.

Benefit to Borrower

Benefit to Borrower and the Ability-to-Repay Rule require Tangible Benefits to borrower such as Property Acquisition, Interest Rate Reduction, Credit Card Debt Consolation, Disposable Income increase, Fixed Rate or Term Extension Rate and Term Refinance, Cash Out Refinance for Business Expansion

Bank Statements or 1099 Only and/or REO Leases - Including Short Term Rental | Airbnb

Income Documentation:

12-24 months Bank Statements or Form 1099 Only, Leases with out tax returns or Form 4506T

Terms: 30 and 15-year fixed. ARM, 5-year and 7-year

DTI up to 55%

Subordinate Financing Permitted

Business Purpose Available

Foreign National for either Second Home or Investment Property

Loan Amount >$1,500,000 – 2 Appraisals Required. Transfers Accepted on Approved AMC List

Interest Only Options

10 year Interest only term available for 40-year fixed rate and amortization up to 85% LTV, 80% LTV on 2-4 units.

LTV/Loan amount Matrix

720 Credit Score:

  • 85% LTV to $2,500,000
  • 75% LTV to $3,000,000
  • 70% LTV to $4,000,000

700 Credit Score:

  • 90% LTV to $2,000,000
  • 80% LTV to $2,500,000
  • 75% LTV to $3,500,000
  • 70% LTV to $3,500,000

680 Credit Score:

  • 85% LTV to $2,000,000
  • 75% LTV to $3,000,000
  • 70% LTV to $4,000,000
  • 65% LTV to $5,000,000

660 Credit Score:

  • 85% LTV to $2,000,000
  • 80% LTV to $3,000,000

660 Credit Score:

  • 80% LTV to $2,000,000

Cash Out Refinance

700 Credit Score:

  • 75% LTV to $2,000,000
  • 70% LTV to $3,000,000
  • 65% LTV to $4,500,000
  • 60% LTV to $5,000,000

680 Credit Score:

  • 75% LTV to $2,000,000
  • 70% LTV to $3,500,000
  • 65% LTV to $5,500,000

660 Credit Score:

  • 75% LTV to $1,500,000
  • 70% LTV to $2,000,000
  • 65% LTV to $3,500,000

Credit History:

Credit Event Seasoning

  • Foreclosure, 24 Months
  • Bankruptcy, 24 Months
  • Short Sale, 24 Months
  • Died In Lieu, 24 Months

Housing Payment History

  • Maximum 1 30-day late for previous 6 months

 

 

SP J10 Select Jumbo Full Doc SP A10 Select Bank Statement or 1099 SP A11 Select Asset Optimizer SP I10 Inve$tor Debt Service Coverage