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Stated Income/Verified Assets 680 Credit Score 2 Million

Asset-Based Qualification Program | Forms 4506-T and 4506-C Not Required

This is both a Stated Income and Asset Depletion loan program and it is designed for the high-net-worth borrower that is looking to purchase a primary home or Rate & Term refinance or Cash out refinance their primary home. The applicant must demonstrate their ability to save by providing proof of cash reserves that will support their existing and proposed debt, front and back-end debt ratio. See Underwriter Guidelines and Highlights:

Loan Purpose: Purchase, Rate & Term and Cash Out ~

Income Documentation Programs:

* Stated Income / Verified
* Assets (SIVA)
* Asset Depletion
* Tax Returns – Not Required
* Form 4506-T – Not Required
* Bank Statements: (6months, 12 months, or 24 months)
* Retirement Accounts
* Investment Statements
* Money Market Accounts

Employment Type:

* Self Employed (no personal or corporate tax returns)
* Sole Proprietor (no schedule C)

Non-Profits do not qualifify for this program

Credit Criteria:

* Mortgage history – No 30-Day lates for previous 25 months
* Bankruptcy Seasoning: – 24 months
* Foreclosure Seasoning – 24 months
* Short Sale – 24 Months

Credit Scores:

* 660 Primary Borrower
* 580 Co-Borrower

Loan to Value Ratio (LTV)

* 70% Maximum
* Combined (piggyback Second Mortgage) Loan to Value ratio (CLTV)
* 80% Maximum

Debt to Income Ratio (DTI):

* 50% maximum

Maximum Loan Amount:

* $4,000,000 – 85% LTV
* $3,500,000 – 80% LTV
* $3,000,000 – 75% LTV
* $2,500,000 – 70% LTV
* $2,000,000 – 75% LTV

Property Types:

* SFR- Single Family Residence Attached
* SFR- Single Family Residence Dettached
* S2-Unit
* 3-Unit
* 4 Unit

Eligible Occupancy Types:

* Owner Occupied
* Second Home

Available Loan Terms:

* 5 Year ARM
* 7 Year ARM
* 10 Year ARM
** Interest-Only

Available in the Following States:

Arizona, California, Colorado, District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, Maryland, Minnesota, Nevada, Oklahoma, Oregon, Texas, Utah, and Washington.

Reference# 535 06131519-9-22-1

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Lending

Non-Qualified Lenders

Unconventional Lenders