Loan Parameters

• Minimum loan amount will be $150,000 and $4M as maximum (Cash-out refinance $2.5M).
• Primary or Secondary homes are allowed.
• Can close in individual or LLC.
• No prepaid penalty.
• Needs to be self-employed for 2 or more years.

• Types of Income documents allowed:

  • 3, 12, 24-month bank statement - Personal or business bank statement
  • 2 yrs of 1099’s
  • CPA Letter with Profit and Loss Statement

   

  • Minimum 600 Credit Scores
  • Up to 90% Loan to Values (need minimum 660) & Up to 80% Loan to value cash-out (minimum 720 FICO)
  • First Time Home Buyers ok
  • Need to show Verification of Rent. If landlord is an individual, need cancelled checks for rent history
  • If living rent free, 75% Loan to value max, and 10% of own funds from borrower.
  • Need credit score and SSN - Permanent Resident Alien allowed
  • Reserves Requirements; 3- 12 Months of the proposed mortgage payments. Plus reserves for current properties.
  • Debt to income ratios up to 55% allowed

1. 1-4 Units
2. Warrantable/Non-warrantable condos
3. PUDs = Planned Unit Development