With this program, we are providing financing for diverse homeowners and real estate investors. We look beyond the standard loan qualification metrics associated with traditional income and credit verification. See below for some of the key highlights of this program.
Income Verification
- Full-Documentation
- Accountant-Certified 12-Month Profit & Loss Statement
- 12-Months Personal and/or Business Bank Statements
- Asset Depletion (to supplement any of above methods to reduce DTI)
- Asset Ready (Stand-Alone approach; no DTI calculated)\
Asset Verification
- Two (2) months’ bank statements (with most recent dated within 30 days of application)
- No Minimum Reserve Requirements
- 100% Gifts allowed for down payment and closing costs Other Program Highlights
- Purchase & rate/term refinance up to 80% LTV
- Cash-out refinance up to 75% LTV, unlimited cash-out funds
- Eligible Borrowers: US Citizens, Permanent Residents, EAD Borrowers, and ITIN Borrowers
- Minimum 640 FICO. No Minimum tradeline requirement
- No Seasoning or Rate Adjustments for Previous Bankruptcy,
- Foreclosure, Short Sale, and Modifications
- Up to 55% DTI with Compensating Factors (refer to guidelines)
- SFHs, 2-4 Family, Condos/PUDs (no Highrises)
- Second homes allowed
- Loan amounts up to $650,000
- 15 or 30-year fixed rate options
- First-time homebuyers eligible
Note: See Guidelines and Rate Sheet for any State Overlays. All loans in IL, NJ, and NY are currently Ineligible. TX Cash-Out Refinances are Ineligible.
