Jumbo Bank Statement Program – 620 Credit Score
Now you can use your 1099(s) for to qualify (sole proprietor) as additional income/”ability to repay”
Self-Employed including 1099 Independent Contractors as well as W2 Commission Professionals. 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 | $2,000,000 | 75% |
| Cash Out Refinance | $1,500,000 | 70% |
640 Credit Score
| Purpose | Loan Amount | LTV |
|---|---|---|
| Purchase or Rate/Term | $2,500,000 | 75% |
| Cash Out Refinance | $2,000,000 | 70% |
660 Credit Score
| Purpose | Loan Amount | Loan Amount / LTV |
|---|---|---|
| Purchase or Rate/Term | $2,500,000 | 80% |
| Cash Out Refinance | $2,000,000 | 75% |
680 Credit Score
| Purpose | Loan Amount | LTV |
|---|---|---|
| Purchase or Rate/Term | $2,500,000 | 85% |
| Cash Out Refinance | $2,500,000 | 75% |
700 Credit Score
| Purpose | Loan Amount | LTV |
|---|---|---|
| Purchase or Rate/Term | $3,000,000 | 90% |
| Cash Out Refinance | $3,000,000 | 85% |
720 Credit Score
| Purpose | Loan Amount | LTV |
|---|---|---|
| Purchase or Rate/Term | $3,500,000 | 90% |
| Cash Out Refinance | $3,500,000 | 85% |
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: | Terms: |
| * Permanent Resident Aliens | * Fixed: 30-year and 40-year |
| * Non-Permanent Resident Aliens | * 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.
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.