Hot Loan Product #1

Hot Loan Product #1

2 Bank Statements only for owner and non owner properties.

4.75% note rate. SIVA at 70% LTV. Loan package is easy alternate doc with 2 months personal banks statements (No biz bank stmts. Min fico score 700 to 719 at 65% or 70% LTV with 720+ fico. 30 YEAR Loan for owner occupied, Second Home and Investment properties 2-4 units okay. 70% LTV for non owner 2 to 4 units. Minimum loan amount $100k. $625k to $1mm is at 60% LTV. Max dti 43%. Max Loan amount $2,500,000 at 55% LTV. Max cash out $500,000. No tax returns. No W2s. No 1099s. Gift funds okay for half the down payment. Need unaudited YTD P&L and last years P&L. There is a hit to the rate .25 for non owner, and or .25 for cash out but no change in LTV.

What you need is the require down payment, closing costs – title & escrow fees, 2.5% point loan cost,  and 6 months PI in verified liquid reserves for <= 60% LTV and this LTV you will need 12 months PI.

Borrowers who own additional rental properties must have 6 months PI for each additional financed property. See guidelines for specifics. CA only properties.

*******************Click on link for Hot Loan Product #1  Flyer for SFR, 4.75% with 2 month Bank Statement product **********************

A good example would be a borrower will always need at least 30% down.

They will need 35% down if they have a fico score from 700-719. Only scores 720+ get 30% down. The reserves must be in a personal account too. They can use down payment money from either personal or business accounts of theirs. If it is a business account such as a corp or DBA they must be 100% owner of that account. See Flyer above for more details for Hot Loan Product #1.

List of Forms & Documents Required:

  1. Photocopy of valid ID
  2. At least two bank statements to show the reserves required per the above flyer matrix (please read Flyer for SFR above)
  3. Business license  – ie: state – federal – city business license for 2 years – if self employed
  4. CPA letter or can be a licensed tax preparer letter – that they been in biz for 2 years – link for sample of what to mention
  5. Year To Date (YTD) financials  Sample P&L
  6. Current mortgage statement if refinance
  7. If purchase – need signed purchased contract. Need name and phone number of escrow contact.
  8. If property is leased, provide lease agreements
  9. If property is leased and is more than 1 unit, rent roll Schedule of Real Estate Owned
  10. Insurance declaration page/quote for coverage
  11. 1003 Loan Application – use printed 1003 leave liabilities blank. 
  12. Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
  13. Borrower authorization Borrower’s Authorization
  14. Borrower authorization to run and pay for credit  Credit & Appraisal $$ Authorization Form
  15. Borrower authorization To Wire Funds Authorization to Wire Funds
  16. SI form – Statement of Information SI Form – Statement of Information
  17. How do you want to hold title Vesting Form For Borrower
  18. **To expedite your file organize documents in adobe format “.pdf”.
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If you like fast, honest answers call us or fill out the loan request form .

DRE 01105429 (NMLS# 469849) | Phone: 310-737-8420 | Fax: 310-496-6196

Equity Development | 22287 Mulholland Highway Suite 198, Calabasas CA 91302

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