Jumbo Second Mortgage Bank Statement Loan
Our Jumbo Second Mortgage Bank Statement Loan is designed for self-employed borrowers and homeowners seeking high-balance second mortgages without traditional income documentation. This program offers flexible qualification, competitive CLTV limits, and options across multiple occupancy and property types.
Higher loan amounts are available through bank statement underwriting, with CLTV limits based on total combined financing:
- 85% CLTV — up to $350,000
- 80% CLTV — up to $500,000
- 75% CLTV — up to $750,000
Eligible Property Types
Borrowers may qualify using a wide range of residential property types:
- Single-Family Residences
- Townhomes
- Condominiums
- Properties over 4 stories (10% CLTV reduction applies)
- Planned Unit Developments (PUDs)
Eligible Occupancies
This program supports multiple occupancy scenarios:
- Owner-Occupied
- Second Homes (CLTV reduced by 5%)
Cash Reserve Requirements
To qualify, borrowers must show:
- 3 months PITI (Principal, Interest, Taxes, and Insurance)
Credit Score & Tradeline Requirements
Minimum FICO score: 620
Borrowers must also meet tradeline history requirements:
- 3 open or closed tradelines with at least 12 months of activity
OR
- 2 tradelines with a 24-month history that includes activity within the past 12 months
Note: Authorized-user accounts do not meet tradeline requirements.
Alternative Credit Options (680 Minimum FICO)
For borrowers without traditional credit depth, alternative credit is acceptable with a minimum 680 FICO. Eligible forms of alternative credit include:
- 12-month verified housing payment history
Excluded tradelines include:
- Accounts with no required payments
- Deferred loans
- Derogatory accounts (collections, charge-offs)
- Accounts discharged through bankruptcy
These do not count toward tradeline requirements.