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Bank Statements
Solutions for self-employed borrowers & small business owners
Bank Statements
Solutions for self-employed borrowers & small business owners
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Utilize 12 or 24 Months of Bank Statements
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Personal or Business Bank Statements
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LTVs up to 90% on purchases and 80% on cash-out refinances
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DTI up to 55%
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ITIN/DACA borrowers allowed
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Min. 660 FICO
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Primary Residences, Second Homes, and Investment Properties
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Loan Amounts up to $4MM
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12 months out of a credit event allowed
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Two years of self-employment required, less considered on an exception
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Supplemental full doc income allowed
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Multiple accounts/businesses may be used for business statements
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0x60x12 allowed
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1–4-unit properties, warrantable condos, PUDs, certain mixed-use properties, non-warrantable condos/condotels, Co-Ops, and manufactured homes allowed
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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Primary earner FICO score utilized
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Temporary buydowns allowed
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1099 Only
Solutions for independent contractor borrowers
1099 Only
Solutions for independent contractor borrowers
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Utilize 1 or 2 years of 1099s
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LTVs up to 90% on purchases and 80% on cash-out refinances
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DTI up to 50%
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Min. 660 FICO
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Primary Residences, Second Homes, and Investment Properties
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Loan Amounts up to $4MM
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12 months out of a credit event allowed
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Supplemental full doc income allowed
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0x60x12 allowed
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1–4-unit properties, warrantable condos, PUDs, certain mixed-use properties, non-warrantable condos/condotels, Co-Ops and manufactured homes allowed
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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Two-year history of independent contracting required, less considered on exception
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Primary earner FICO score utilized
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Temporary buydowns allowed
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Profit & Loss
Alternative documentation options for self-employed borrowers
Profit & Loss
Alternative documentation options for self-employed borrowers
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Income calculated based on net income from third-party prepared P&L statement
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Max 80% LTV on purchase and 70% on cash-out refinances
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DTI up to 50% | FTHB Max DTI 45%
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Min. 660 FICO
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Loan amounts up to $4MM
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Primary Residences, Second Homes, and Investment Properties
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12 months out of a credit event allowed
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Supplemental full doc income allowed
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0x60x12 allowed
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1–4-unit properties, warrantable condos, PUDs, certain mixed-use properties, non-warrantable condos/condotels, Co-Ops and manufactured homes allowed
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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Two-year history of self-employment required
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Primary earner FICO score utilized
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Temporary buydowns allowed
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Asset Depletion
Solutions for high-net-worth borrowers with significant documented financial assets
Asset Depletion
Solutions for high-net-worth borrowers with significant documented financial assets
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Qualification based on assets only, no qualifying income or DTI calculated
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LTVs up to 90% on purchases and 80% on cash-out refinances
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DTI up to 50%
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Min. 660 FICO
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Primary Residences, Second Homes, and Investment Properties
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Loan Amounts up to $4MM
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Provide six months’ statements for any accounts utilized for qualification
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12 months out of a credit event allowed
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Recent deposits of proceeds from sale of homes or businesses allowed as qualifying assets
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0x60x12 allowed
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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1–4-unit properties, warrantable condos, PUDs, certain mixed-use properties, non-warrantable condos/condotels, Co-Ops, and manufactured homes allowed
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Gifted funds allowed for funds to close
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Primary asset contributor FICO may be used in some circumstances
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Temporary buydowns allowed
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DSCr
Solutions for real estate investors
DSCR
Solutions for real estate investors
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Qualification based on subject property's debt service coverage ratio (DSCR) only
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LTVs up to 80% on purchases and 75% on cash-out refinances
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DSCRs down to .75*
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*DSCR less than 1.00, greater than .75 = 5% reduction LTV
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Min. 660 FICO
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Investment Properties
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Loan Amounts up to $5MM**
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** Maximum loan amount exceptions on a case-by-case basis. Additional criteria may apply.
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Two years out of a credit event allowed
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0x60x12 allowed
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1–4-unit properties, warrantable condos, PUDs, certain mixed-use properties, and non-warrantable condos/condotels allowed
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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Vesting in an entity (LLC, partnership, corporation) allowed
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Flexible calculation methods for DSCR
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Short-term rentals allowed with minimum 1.0 DSCR
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AirDNA may be utilized to calculate short term rental income on purchase transactions
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Foreign National
Solutions for non-us citizen borrowers living overseas
Foreign National
Solutions for non-us citizen borrowers living overseas
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Qualify on Asset Qualification or DSCR
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Max. 75% LTVs on purchases and 70% on refinances
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Cash-Out Max. 65% LTV
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DSCRs down to 0.75 allowed on DSCR
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Min. 680 FICO or Foreign credit allowed
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150% of loan amount in post-closing assets on Asset Qualification
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Second Homes and Investment Properties
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Loan Amounts up to $3MM
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1–4-unit properties, warrantable condos, PUDs, and certain non-warrantable condos/condotels allowed
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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Vesting in an entity (LLC, partnership, corporation) allowed
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A U.S. visa is required
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Escrow for taxes/insurance required
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ACH from a U.S. bank account required
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AirDNA may be utilized to calculate short term rental income on purchase transactions
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ITIN
Solutions for individuals without an SSN
ITIN
Solutions for individuals without an SSN
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No Visa or SSN is required to qualify
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Full doc or alt-doc accepted
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100% gift funds allowed
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0x30x12 allowed
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LTV up to 85%*
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Unlimited cash out LTV ≥ 60%
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DTI up to 50%
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Cash-out refinance up to 80%**
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Min. 640 FICO for primary | 660 for 2nd & investment properties
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Purchase, Rate/Term, and Cash-Out
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Primary Residences, Second Homes, Investment Properties
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Single-family, townhome***, 2-4 units, PUD, condo (warrantable and non-warrantable) permitted.
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12 months income documentation
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Loan Amounts up to $2.5MM
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Valid ID required (can be foreign ID)
*** Full Doc Only | Alt Doc 80% Max LTV
** Not Available in TX or with credit score < 640
*** No highrises-
Full Documentation
Solutions for agency and jumbo fallout
FULL DOCUMENTATION
Solutions for agency and jumbo fallout
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Self-Employed Borrowers may provide 1 year's tax returns
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Recent conversions from W-2 to 1099 allowed
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Asset Depletion allowed as supplemental income
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0x60x12 allowed
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LTVs up to 90 on purchases and 80 on cash-out refinances
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No limit on cash out up to 60% LTV, over 60% LTV, max cash out $750k
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DTI up to 55%
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ITIN/DACA borrowers allowed
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Min. 620 FICO
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Primary earner FICO score utilized
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Primary Residences, Second Homes, and Investment Properties
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1–4-unit properties, Warrantable Condos, Co-Ops, PUDs, certain mixed use properties, non-warrantable condos/condotels, and manufactured homes allowed
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12 months out of a credit event allowed
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Loan Amounts up to $4MM
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Temporary buydowns allowed
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Common Exceptions
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5% LTV*, reduced reserves, loan amount up to $10MM, 0x90x12, credit event 1 day
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*90% Max LTV on purchase rate & term refi and 80% Max LTV for cash-out refi
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