No Documentation, self-employed, recent foreclosure, bankruptcy, or short-sale?
Been Denied? Have a tough loan situation?
We may be able to help. Call us to review your unique situation.
• 90% LTV - No Mortgage insurance
• 24 months from Foreclosure, Short Sale or Bankruptcy
• Bank Statements loans for income up to 90% LTV
• No income verification / Stated Income loans
o No 4506T's
o No P&L's
o No tax returns
• No Reserves
• 50% DTI ( FTHB)
• Use 100% Gift Funds or Gift of Equity!
• Loan amounts to $3mil O/O
• Loan amounts to $1mil N/O
• Debt Service for N/O without income verification
Plus many more programs including:
• 1yr out of Short Sale to 85% LTV or 1 day out to 80% LTV!
• Condotel's
• Non-Warrantable Condo's
• Foreign Nationals
• and much more!
Basic Criteria
These non-tradtional portfolio loans are many times on a case by case basis, and many are also exempt from the stringent Dodd-Frank Ability to repay regulation restrictions. These loan also come at higher rates and costs than traditional loans, and traditionals loans should be viewed first if at all possible.
APPLY ONLINE, or call (651) 552-3681 to discuss your individual situation.
Bank Statement Program – Explained
Our 12 or 24-Month Bank Statement Program.
Borrower Employment Types:
• Self Employed or 1099
• Must provide business license, Tax Preparer’s letter or corporate paperwork.
• We accept Personal or Business Bank Statements. However, qualifying income will be calculated differently.
Personal Bank Statements: 100% of Deposits
Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the borrower’s qualifying income.
Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
Business Bank Statements: 50% of Deposits
Add all deposits for all 24 months, divide by 2, and then divide by 24 to receive the monthly income amount we will give to the borrower.
Ex. 24 month deposit total = $500,000 / 2 = $250,000 / 24 = $10,333 a month income. * Only 50% is used because we have to assume the business has overhead.
Details of Program:
Personal & Business Guidelines
- Only deposits can be used Transfers are NOT counted on personal and case-by-case for business*
- Must have 24 consecutive months of statements (no gaps)
- Must provide All pages (even the last pages with advertising)
- Can not comingle (use two different accounts) statements**
- If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
Transfers may be accepted for business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera). Case-by-Case and must be considered normal for the company.
• Multiple accounts are considered on a case-by-case when (a) one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.
APPLY ONLINE, or call (651) 552-3681 to discuss your individual situation.