Stated Income, Private Money and ALT Documentation Mortgage Loan Products
Stated Income - Verified Asset (SIVA) Loan Products for Residential -
No minimum FICO needed for Stated HELOCs - just have no derogatory credit in the last 12 Months!
1) Owner-Occupied (for business purposes) Non-Owner Occupied and Second Homes - SFR's, 2-4's and Condos. 620+ FICO needed.
SIVA Home Equity Line of Credit (HELOC) - up to 50% LTV - Loan amounts $150,000 - $1,000,000.
50% LTV to $1,000,000, 40% to $2,000,000 total outstanding
6.5% floor and start rate then Prime plus 2 floating.
18% lifetime cap. 5 year draw and then 15 year amortization
Only available in the following California counties: Alameda, San Francisco, Santa Clara, Sacramento, San Mateo, Orange, LA and San Diego.
2) Jumbo Stated Income - Verified Assets | Owner, Non-Owner Occupied* and Second homes | Self Employed Business Owners or W-2** | SFRs or PUDs. 700+ FICO needed.
In-house, Stated Income-Verified Assets - Loan amounts from $417,000 - 3 Million***.
Purchase or Refinance, Max Cash-Out Refinance to $400K
70% LTV to 1M, 60% LTV to $2.0M for Purchase, Cash out Refi and Rate and Term.
30 year am, 5/1 ARM 4.625%
Available in: California, CO, TX, VA, WA. Can be a Retail (general public) or an approved Broker submission. Fees are in the transaction except for upfront credit and appraisal.(+/- $500)
*requires two times reserves, **requires 6 months bank statements. ***with exception.
Private Money, No Income-No Asset (NINA) Loan Product for Residential or Commercial
3) No Income, No Asset Purchase or Refinance Loan, Loan Amounts to $5,000,000.
Private Money Loans for Owner Occupied, Non-Owner and Investment properties up to 70% LTV.
Terms to 40 years and Rates from 8.49% and 2.5 points.
Interest reserve options. 15 day close of escrow.
Construction to completed 65% LTV
Investor & REO financing - Any amount of properties allowed
No mortgage or minimum FICO credit history required. In Bankruptcy or Foreclosure OK.
Unlimited cash out. No title seasoning required, no upfront fees.
Available in: USA.
Alternative Documentation (ALT-Doc) Loans
4) 12 Month Bank Statement Averaging Loan for Self-Employed Business Owners.
Must be Self-Employed.
3, 5, 7 and 10/1 ARM's, 30 years amortization. Rates from the low 4's.
Owner Occupied and Non-Owner Investment properties, SFR and 1-4’s.
Borrow up to $4M for a purchase or rate and term refinance (Loan to value restrictions apply, up to 80% CLTV).
Cash-out refinance as well, all the way to $3.5M and up to 70% LTV, if the property and borrower meets all other criteria.
Minimum FICO scores are 720
Qualifying - Using the borrower’s last 12 primary personal bank statements, we average the gross deposits, draws and wires from your business and use that as the income to qualify for the loan.
Or using the borrower’s last 12 primary business bank statements, we average the net deposits, less withdrawals and use that as the income to qualify for the loan.
43% DTI based on deposits and debts on the credit report and with the new mortgage. No Taxes, w2's or 4506T required. We need 12 months PITIA reserves and the down-payment for the subject property seasoned in the bank for 60 days on Owner Occupied and 12 months reserves on all debt on Non-Owner.
This loan is now available in the following States: AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA and WA.
Requirements and Documentation for the Stated HELOC products:
Email the loan application and financial statement.
Last 2 months Bank or Asset statements showing 6+ months of payment reserves.
Credit will be pulled at the Bank and must be derogatory free last 12 Months.
No bankruptcies on credit history allowed.
Borrower may be required to open a deposit account with the Bank (FDIC insured) and enroll in autopay for the mortgage payment.
Provide a copy of DL and SS card or passport.
We will provide a Loan Consultancy Agreement, to be fully executed and returned.
Scan, label and email all documents.
Fees vary by institution, loan #1 has a .5 point fee at application, this will cover underwriting, escrow and title, it is 100% refundable in the event of no close of escrow. Additional costs are customary prepaid interest, transfer taxes and recording fees. All loans have separate non-refundable upfront cost of appraisal and credit report, +/-($500). Origination: Loan #1-2 points, #2-1 point, #3-2.5, #4-1.5.
The information furnished here is preliminary. This is not an offer nor a commitment to lend and shall not be construed as such. Rates, terms, loan products and loan conditions may be changed without notice, example of rates as of 5/15/14 on a CA refinance loan amount of $350,000 with 700 FICO and 70% LTV, 30 year fixed 4.625%/4.777% APR. All private money loans offered in accordance and compliance with CalBRE regulations. Stated loans are provided to, and conform with applicable state laws regarding commercial lending transactions for business purposes. All loan transactions are subject to the submission of a formal application, appraisal, underwriting, and written lender approval. Loan approval terms may vary by asset type and borrower credit worthiness. Insurance acceptable to the lender on subject property is required to be maintained on the subject property for the duration of the loan.