Hot Loan Product #1

Hot Loan Product #1

2 Bank Statements only for owner and non owner properties.

Base 5.4% note rate. Interest only option available.  SIVA at 75% LTV Max (O/O, 2nd Home, N/O/O) on Purchase and R&T Refinance. Need 660 mid credit score. Interest only available. 60% LTV Max (O/O, 2nd Home, N/O/O) on Cash-Out Refinance. Loan package is easy alternate doc with 2 months personal or business banks statements.  Reserves: 6 mos.(≤ 60%LTV or $1Mil) Or 12mos.(61%-75%LTV or >$1mil) P&I only!

Max dti 49%. Max Loan amount $5,000,000. Cash-out to 60% LTV. No tax returns. No W2s. No 1099s. Gift funds okay for 100% of the down payment. Need 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. BK needs to be 3 years old. Foreclosure needs to be 3 years old. Short sale needs to be 2 years old.

Loan program best for self employed persons.

But if wage earner /  No W-2s and no paystubs needed just need written VOE completed by employer.

What you need is the require down payment, closing costs – title & escrow fees, 2.5% point loan cost.

Borrowers who own additional rental properties no extra reserves required.

CA only properties.

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 $ 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. Social Media disclosure Social Media Disclosure
  19. **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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