Stated Income, Private Money and ALT Documentation Mortgage Loan Products
Stated Income - Verified Asset (SIVA) Loan Products for Residential
1) Second Homes and Non-Owner Occupied - SFR's, 2-4's and Condos. 720+ FICO needed.
SIVA Home Equity Line of Credit (HELOC) - up to 60% LTV - $100,000 - $500,000. 60% LTV, 6.5% floor and start rate - Prime + 2.0 floating 18% lifetime cap, both 1st or 2nd position product. 10 year draw and then 15 year amortization
Available only in Los Angeles and Orange Counties.
2) Stated Income - Verified Assets | Non Owner-Occupied | Self Employed or W2'ed, No 1099s | SFR's, 2-4 Units, Condo or PUD. 720+ FICO needed.
Purchase or Refinance, Cash-Out Refinance to $100K
70% LTV to $417K or 60% to $1.0MM
30 year fixed 5.65% | 15 year fixed 5.79%
Available in: California, NY, NJ, MA, IL, TX and WA.
3) SIVA HELOC for Second Home or Investment Property
50% LTV to $1,000,000, 40% to $2,000,000 18% lifetime cap, both 1st or 2nd position product. 10 year draw and then 15 year amortization
First Position Prime + 1% Floating, Second Position Prime + 2% Floating
Available in: California,NY, NJ, MA, IL, TX and WA.
4) 720+ FICO - Second Homes and Investment Properties for Self-Employed “Business Owners” only
Minimum loan amounts $500,000 - $1,500,000 - Max LTV 70%
5/1 Arm 2.675%, 7/1 Arm 3.175%, 10/1 Arm 3.675% - Rates subject to FICO, LTV and Assets 1 Yr. LIBOR, 2/2/5 Caps, 2.50 Margin
Initial 100K Depository Relationship is Required, Auto-Pay Required 200K in liquid reserves needed.
No limit on number of properties financed, Cash-Out refinance to $250,000 at maximum 50% LTV No seasoning required on refinances
Available in: California, NY, NJ, MA, IL, TX and WA.
Private Money, No Income-No Asset (NINA) Loan Product for Residential or Commercial
5) No Income, No Asset Purchase or Refinance Loan, Loan Amounts to $4,250,000.
Private Money Loans for OwnerOccupied, Non-Owner and Investment properties - up to 65% LTV
Interest only & Interest reserve options. 15 day close of escrow.
Construction & Rehab 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 fee.
You provide your own appraisal through - http://appraisalinstitute.org
Available in: California.
Alternative Documentation (ALT-Doc) Loans
6) 12 Month Bank Statement Averaging Loan for Self-Employed.
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% LTV).
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 for Refinances and 740 for purchases
Using the borrower’s last 12 personal bank statements, we average the gross deposits and use that as the income to qualify for the loan. Wire deposits allowed, if they come from the borrower’s business accounts.
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.
This loan is available in: AZ, CA, HI, MT, NV, NY, NC, OR, SC, VA and WA
Requirements and Documentation for the Stated products (Loans #1-4):
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 24 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.
The Banks' fees, in the transaction: Fees vary by institution, loans #1, 2 and 3 have a 1 point fee at application, this will cover underwriting, escrow and title, it is 100% refundable in the event of no close of escrow. Loan #4 has a rebate in the form of a credit to the borrower of $1500 which will cover underwriting, escrow and title. Additional costs are customary prepaid interest, transfer taxes and recording fees. All loans have a separate non-refundable upfront cost of appraisal and credit report, +/-($600).
Our Loan Consultant fees in a Holding Escrow: To be deposited before loan submission, held, and disbursed after the loan funding.(100% refundable in the event of no close) Loan amounts to $350,000 minimum flat fee of $7000, over $350,000 - 2 points.Loan #6 Minimum fee $5000 or 1.5 points.
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. 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. 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.