Unique Real Estate Investor Loan Program
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.
Rental income may be included in conjunction with Borrowers Bank Statement Gross Deposit Income. Leases with Bank Statements or 1099's with or with out Asset Depletion
- Real Estate Investor Alternative Documentation - Leases and bank accounts showing at least 4 consecutive months of rent receipt from all qualifying rental property leases. New lease and receipt of security deposit equal to one month of rent, rent seasoning not required. Also, in addition, (in conjunction with rental income) bank statements can be utilized just like a regular "bank statement loan", 12 months or 12 months.
- 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 OK
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.
Non-QM and 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
Use your 1099's or the co-borrowers 1099's for additional inciome qualification
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
Debt-to-Income Ratio (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 Available
10 year Interest only term available for 40-year fixed rate and amortization up to 85% LTV, 80% LTV on 2-4 units.
Credit Score/LTV/Loan Amount Matrix:
- 720 Credit Score
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- 85% LTV to $2,500,000
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- 75% LTV to $3,000,000
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- 70% LTV to $4,000,000
- 700 Credit Score
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- 90% LTV to $2,000,000
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- 80% LTV to $2,500,000
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- 75% LTV to $3,500,000
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- 70% LTV to $3,500,000
680 Credit Score
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- 85% LTV to $2,000,000
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- 75% LTV to $3,000,000
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- 70% LTV to $4,000,000
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- 65% LTV to $5,000,000
- 660 Credit Score
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- 85% LTV to $2,000,000
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- 80% LTV to $3,000,000
- 660 Credit Score
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- 80% LTV to $2,000,000
Cash Out Refinance
- 700 Credit Score
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- 75% LTV to $2,000,000
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- 70% LTV to $3,000,000
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- 65% LTV to $4,500,000
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- 60% LTV to $5,000,000
- 680 Credit Score
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- 75% LTV to $2,000,000
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- 70% LTV to $3,500,000
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- 65% LTV to $5,500,000
- 660 Credit Score
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- 75% LTV to $1,500,000
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- 70% LTV to $2,000,000
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- 65% LTV to $3,500,000
Credit History Requirements - Credit Event Seasoning
- Foreclosure, 24 Months
- Bankruptcy, 24 Months
- Short Sale, 24 Months
- Deed In Lieu, 24 Months
- Housing Payment History
- Maximum 1 30-day late for previous six months
Loan Scenario Form - Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington