Access an easy home loan up to $4,000,000 based on stated income, with a minimum credit score of 740. Skip the hassle and stress of an executed Form 4506-C – it’s not needed for your application, approval or at any time throughout to close. Access substantial financing without the paperwork fuss and frustration, delays, improper expectations, etc.
Stated Income/ Verified Assets to $5,000,000 – case-by-case
- 740 Minimum FICO
- No IRS Forms 4506-C or (formerly form 4506-T)
- Super Jumbo $4,000,000, Exceptions to $5,000,000 with strong compensating Credit Profile factor
Liquid Asset Requirements:
~ 12 Months PITIA (principle * Interest * Tax * Insurance * HOA (homeowners association) for Subject property + 6 months for each REO
Acceptable Liquid Assets:
- 2 months of consecutive bank statements
- Verification of Deposit form – broker produced “VOD” (easy peazy lemon squezy)
- Checking Account(s)
- Savings Account(s)
- CD’s
- Money Market Funds Cash Value
- Stocks/Bonds
- Retirement (unseasoned distribution payments)
- Residual income factored.
- Accounts Receivable Considered
Eligible Property Types:
- Single Family Residence -SFR (attached and detached)
- Townhomes
- PUDS
- Condos – 4 stories max
Available Terms:
- 5- and 7- Year ARMs
- 15-Year fixed
- 40-Year Amortization
- Interest-Only Available
Credit Scores and Credit Criteria Requirements:
- Property Value: If the subject property exceeds $3,500,000 value – 2 appraisals required.
- Mortgage Credit Scores – Middle of 3 or Lower of 2
- No bankruptcies or foreclosures or consumer credit counseling allowed.
- All collections, liens, judgments, and charge-offs
- Consumer debt – 2 30-day lates ok in last 12 months and no lates on installment debt in the last 12 months
- No mortgage lates for previous 2 years
- Minimum of 4 open credit accounts required and 2 open and active with a 2-year history.
Compensation credit profile factor considered for the purpose of reduced pricing and/or reduced approval conditions – If borrowers’ current property is going to be rented out / turned into an investment property, rental income can be qualified as additional income.
Underwriter Notes and Highlights:
- 20 Financed REO Maximum
- Minimum Loan Amount – $400,000
- The property must be in good and livable condition.
- Refinance – must pay off existing mortgage liens.
- No Cash Out (1% or $1000 max)
- For refinance – 6 months seasoning from purchase date and ownership cannot be transferred via transaction
- 6 months seasoning required from the time of purchase if the subject property value has increased more than 10%
Market Value Seasoning: If the property is currently listed on the MLS, must be removed from the MLS prior to the application date.
- Permanent Resident Aliens OK
- No Mortgage / Real Estate, Construction, Property Management or Real Estate Investors allowed.
- No Non-Occupant Borrowers allowed.
- Max 4 financed properties allowed.
- “Gift” down payment is OK if at least 5% is coming from the borrower.
- W-2 employee borrowers must have the same line of work job history for 2 years, no exceptions.
- Self Employed borrowers must have the same line of work job history for 2 years, no exceptions.
- The business phone will be verified via 411 directories or/ in addition Internet Listings
Fraud Alert report Required – May Require LOEs if Underwriter requests for inquiries, previous addresses, etc.
Available in the Following States:
Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin