Jumbo Second Mortgage Alt Doc – Form 4506-T Not Required
80% LTV 2nd mortgage to $350,000 Alt-Doc for Self-Employed Borrowers and Full Doc for everyone.
This program is a Non-QM (non-qualified mortgage) with some Non-Prime qualities.
Below are some specific underwriting guidelines and credit notes:
** 700 Credit Score
* 85% Loan-to-Value
* Mortgage History: No 30-day Lates for Previous 12 Months
* Bankruptcy – 3 Years Seasoning
* Foreclosure – 3 Years Seasoning
* Short Sale – 2 Years Seasoning
** 660 Credit Score
* 80% Loan-to-Value
* Mortgage History: One 30-Day Late Maximum for Previous 12 Months
* Bankruptcy – 2 Years seasoning
* Foreclosure – 2 Years seasoning
Short Sale – 1 Year seasoning
** 600 Credit Score
* 70% Loan-to-Value
* Mortgage History – One 60-Day Late Maximum for Previous 12 Months
* Bankruptcy – 2 Year Seasoning
* Foreclosure – 2 Year Seasoning
* Short Sale – No Seasoning
** 550 Credit Score
* 65% LTV
* Mortgage History – One 90-Day Late Maximum for Previous 12 Months
* Bankruptcy – One Year Seasoning
* Foreclosure – One Year Seasoning
* Short Sale – No Seasoning
Typically, lenders will require conventional income documentation to qualify for their mortgage programs, examples include:
* Conventional “Full Doc”
* Wage Earner
* W-2’s
* Paycheck Stubs
* Tax Returns
** Self-Employed:
* Tax Returns
* CPA Letter
This lender and program do not require traditional income documentation. Furthermore, 4506-T and 4506-C Not Required.
Unconventional “Alt Doc” Income
* Required Alternative Income Documentation:
* Bank Statements Only with a “Borrower Prepared” and Unaudited Profit & Loss Statement
* 24 Months Personal or Business Bank Statements
** Available Loan Amounts:
* $150,000 Minimum
* $500,000 Maximum
** Credit Score: 550 Minimum **
50% Debt to Income (DTI)
Eligible Occupancies:
* Owner Occupied Only
** Property Types:
* Single Family Residence
* Condominiums – Warrantable
* Town Homes
** Terms:
ARM
* 5/1
* 7/1
* 10/1
Fixed
* 15 Year
* 20 Year
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, and Washington.
Reference# – 545221