Hot Loan Product #6

No Green Card or Citizenship required required - Home Loan

Super Easy Doc Owner-Occupied Loan: Simplifying Homeownership

Are you searching for a straightforward way to secure a loan for your primary residence? Look no further! Our Super Easy Doc Owner-Occupied Loan makes homeownership accessible, even for borrowers who prefer not to disclose income or employment details on their loan application.

Key Features of This Loan

No Income or Employment Requirements: Skip the hassle of providing income or employment information.
Generous Loan-to-Value (LTV) Options:
- Up to 80% LTV with a 700 FICO score.
- Up to 75% LTV with a 680 FICO score.
- Up to 65% LTV with a 640 FICO score.
- For cash-out options, borrow up to 65% LTV with a minimum 640 FICO score.
Gifted Down Payment Allowed: The required 20% down payment can come from a gift.

Who Is This Loan For?

This loan is perfect for borrowers who don’t want or need to provide proof of income or employment. Whether you’re self-employed, have unconventional income sources, or value privacy, this loan is an excellent choice.

Eligible Property Types

Single-family homes
Condos
2-4 unit properties
Log homes
Modular homes (excluding those on leased land)

Why Choose the Super Easy Doc Loan?

This innovative loan eliminates the need for traditional income or employment verification, making qualification simpler. Whether refinancing or purchasing, this product helps you achieve your homeownership goals with minimal stress.

Loan Details

Loan Amounts: $100,000 to $3,000,000
FICO Requirements:
- Minimum FICO score: 640
- Interest-only loans require a 660 FICO score
Property Size: Up to 10 acres
Interest Rates: 6.5% to 8.625%, depending on FICO and LTV
Loan Terms: 30-year or 40-year loans with interest-only options available (based on LTV and credit)
No Prepayment Penalties
Down Payment: Gift funds allowed
Eligibility After Financial Hardship:
- 1 day out of bankruptcy
- 1 year out of foreclosure or short sale
Fast Appraisal Guarantee Available

Reserve Requirements

Purchase or Rate & Term:
- LTV 75% = 12 months reserves
- LTV 70% = 18 months reserves
- LTV 65% = 18 months reserves
Refinance (Cash-Out):
- LTV 65%:
  - 12 months reserves with a 700+ FICO score
  - 18 months reserves with a 640-699 FICO score
Gift funds may not be used for reserves.

The Equity team will go the extra mile to provide support to our originators and AEs. We are here to work for you and to help make you successful!

Additional Details

Subordinate Financing: Max 75% CLTV with institutional financing (no seller carrybacks).
Seller Concessions: Allowed up to 6%.
Mortgage Payment History: No late payments (0x30) in the last 12 months for primary residence and subject property.
Impound Account: Required.
Ineligible Borrowers:
- Non-occupant borrowers/co-borrowers
- Diplomats or applicants with diplomatic immunity
- Applicants with temporary protected status (e.g., DACA, Asylum)
- Irrevocable Trusts, Land Trusts, LLCs, Partnerships, Corporations
- ITIN Borrowers
Credit Report Tradeline Requirement:
- Two tradelines reporting for 12+ months, or
- One tradeline reporting for 24+ months, with activity in the last 90 days.
- First-time homebuyers may use a 12-month recent and satisfactory VOR to meet this requirement.

Required Documents

Photocopy of valid ID
Fully executed purchase contract (for purchase transactions)
Mortgage statement (for refinance transactions)
Insurance declaration page or coverage quote
Three months of bank statements for purchase loans (to show reserves)
For refinance cash-out loans, no bank statements required (cash-out can be used for reserves)

Needs for submission:

1. 1003 Loan Application – use printed 1003 leave liabilities blank
2. Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
3. Borrower authorization Borrower’s Authorization
4. Borrower authorization to run and pay for credit Credit $ Authorization Form
5. Borrower authorization To Wire Funds Authorization to Wire Funds
6. SI form – Statement of Information SI Form – Statement of Information
7. How do you want to hold title Vesting Form For Borrower
8. Social Media disclosure Social Media Disclosure
9. **To expedite your file organize documents in adobe format “.pdf”.