Flexible Loan Options for Owner and Non-Owner Properties
Choose between 12 or 24 Bank Statements
- Perfect for owner-occupied, second homes, and non-owner properties.
- Minimal Documentation Required: No tax returns, W-2s, or 1099s needed.
Key Loan Highlights:
- Interest Rate Range: 6.55% to 8.75% (interest-only option available).
- Loan-to-Value (LTV) Limits:
- 90% LTV Max: Available for purchase with a 720 credit score.
- 80% LTV: Requires a 700 score (Purchase or Rate & Term Refinance).
- 75% LTV: Available with a 660 score.
Rate Examples by LTV:
- Call pricing changes daily.
Eligibility Requirements
- Minimum Credit Score: 620 (mid-score).
- Interest-Only Option: Available at 70% LTV max for owner-occupied, second homes, and non-owner properties on cash-out refinance.
- Reserves:
- 6 months for ≤60% LTV or loans ≤$1 million (P&I only).
- 12 months for 61%-85% LTV or loans >$1 million.
- Use cash-out proceeds for reserves if necessary.
Additional Perks:
- No need to source large deposits; we use the current balance, not the average.
- Borrowers with additional rental properties are not required to hold extra reserves.
Loan Details
- Max DTI: 49%.
- Max Loan Amount: $5,000,000.
- Cash-Out Refinancing:
- 75% LTV with a 700 score.
- 65% LTV with a 680 score.
Special Notes:
- Gift funds allowed for 100% of the down payment.
- BK must be 3+ years old; foreclosure 5+ years old; short sale 2+ years old.
Best for Self-Employed Borrowers
This program caters to self-employed individuals or wage earners who may not have traditional documentation.
- For Wage Earners: No W-2s or paystubs required. A written VOE (Verification of Employment) completed by the employer is sufficient.
Costs to Consider
- Down Payment and Closing Costs: Includes title and escrow fees.
- Loan points: 1.5% to 2% of the loan amount.
- Rate adjustments: +0.25% for non-owner occupancy or cash-out refinance.
California Properties Only
This loan program is exclusive to California properties.
List of Forms & Documents Required:
- Photocopy of valid ID
- At least 12 or 24 months of bank statements, borrowers choice. Business or personal statements.
- Business license – ie: state – federal – city business license for 2 years – if self employed
- 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
- Year To Date (YTD) financials Sample P&L
- Current mortgage statement if refinance
- If purchase – need signed purchased contract. Need name and phone number of escrow contact.
- If property is leased, provide lease agreements
- Insurance declaration page/quote for coverage
- 1003 Loan Application – use printed 1003 leave liabilities blank.
- Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
- Borrower authorization Borrower’s Authorization
- Borrower authorization to run and pay for credit Credit $ Authorization Form
- SI form – Statement of Information SI Form – Statement of Information
- How do you want to hold title Vesting Form For Borrower
- Social Media disclosure Social Media Disclosure
- **To expedite your file organize documents in adobe format “.pdf”.
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Abbriviated List Of The Most Popular Loans We Offer :
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
Want to be a part of our syndicate?
Partner with the best. We buy homes and fix and flip them too. We use our loan programs. Min investment $10K. Turn time is usually less than 12 months. Returns on your investment are usually 45% to 85% within a 12 month period. See prospectus for specifics.
If interested contact us or call 310-737-8420
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