Hot Loan Product #1

2 Bank Statements only for owner and non owner properties

You choose 12 or 24 Bank Statements only for owner and non owner properties. Best rate with least amount off documents.

No tax returns and No W2’s.

Average Rate Range is 6.55% to 8.75% note rate. Interest only option available.

SIVA at 85% LTV Max (O/O, 2nd Home, N/O/O) on Purchase with 720 score or 80% with a 700 score and R&T Refinance. or 75% with a 660 score

75% loan to value rate range is high 5.5% range.
80% loan to value rate range is 6.25% range.
85% loan to value rate range is 6.75% range.

Need 660 mid credit score for this product. Interest only available at 70% 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 PI.(≤ 60%LTV or $1Mil) Or 12mos.(61%-85%LTV or >$1mil) P&I only! Large deposit sourcing not required. We use the current balance not the average balance. Use cash out for the reserve requirement if needed.

Max dti 49%. Max Loan amount $5,000,000. Cash-out to 75% LTV with 700 score. or 65% with 680 score. 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 5 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, 1.5% to 2% point loan cost.

Borrowers who own additional rental properties no extra reserves required.

CA only properties.

List of Forms & Documents Required:

Photocopy of valid ID
At least two bank statements to show the reserves required per the above flyer matrix (please read Flyer for SFR above)
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”.