Self-Employed including Sole Proprietor 1099 Independent Contractors as well as W2 Commission Professionals. Now you can also use your 1099(s) for to qualify (sole proprietor) as additional income/”ability to repay”
3 Bank Statement mortgage options that provide flexibility for business owners that utilize both their personal account and Business account for business expenses, income deposits, transfer activity. In addition, this program also offers a P&L Only Program, also for self-employed borrowers. Interest only term flexibility. too.
Alternative Documentation Options Super Jumbo to $10,000,000
* 6-, 12- or 24-Months Bank Statements from Multiple Accounts – OK
* Profit & Loss (P&L Statement) Statement Only
* Self-Employed Only defined by percentage of ownership >25%
Maximum Loan Amounts /Loan-to-Value (LTV) and Credit Score:
620 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$2,500,000
75%
Cash Out Refinance
$2,000,000
70%
640 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$3,000,000
75%
Cash Out Refinance
$2,500,000
70%
660 Credit Score
Purpose
Loan Amount
Loan Amount / LTV
Purchase or Rate/Term
$4,000,000
80%
Cash Out Refinance
$3,500,000
75%
680 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$5,000,000
85%
Cash Out Refinance
$4,500,000
75%
700 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$6,000,000
90%
Cash Out Refinance
$5,500,000
85%
720 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$7,000,000
85%
Cash Out Refinance
$6,500,000
80%
740 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$8,000,000
80%
Cash Out Refinance
$7,000,000
75%
760 Credit Score
Purpose
Loan Amount
LTV
Purchase or Rate/Term
$10,000,000
75%
Cash Out Refinance
$9,00,000
70%
General Guidelines & Highlights
Eligible Occupancies:
Eligible Property Types:
* Owner-Occupied
* Single Family Residence (SFR)
* Owner-Occupied Investment
* 1-4 Unit
* Non-Owner-Occupied Investment Properties
* Condos (<5 stories) <5% LTV
* Short Term Rental – OK (Airbnb..)
* Condotels 65% LTV
Eligible Borrowers:
Available Terms:
* Permanent Resident Aliens
* Fixed: 30-year and 40-year
* Foreign Nationals
* ARM: 3-year, 5-year, and 7-year ARMs
* Non-Permanent Resident Aliens
(Interest Only options available)
* US Citizens
* Condotels 65% LTV
Credit Notes:
This program does not allow for any mortgage lates and requires 36 months seasoning since the last major credit event, such as bankruptcy, Foreclosure, Short Sale, Deed-in-Lieu.
