Extended Guidelines
This loan is a portfolio product that is for a self-employed borrower who needs to qualify only one year of taxes. The buyer must be self employed for 2 years; however income will be based on the most recent year only.
| Credit score: | 680 minimum |
| Property type: | 1-4 Units, PUDS, Condos * |
| Occupancy: | Primary residence |
| Down Payment: | 20% |
| Loan to Value: | 80% CLTV: 85% |
| Gift Funds | Not allowed |
| Closing cost: | Seller and/or lender can pay up to 6% |
| Debt Ratio: | 43% |
Additional Notes:
- One borrowers must be self-employed and may have a W-2 Coborrower
- Self-employed borrowers are qualified using bank statements for the most recent 12 months
- Loan amounts up to $3 million
- 50% of business funds may be used for reserves
- Additional financed properties required 6 months reserves
- Bankruptcy 4 yrs, Shortsale 4 yrs, Foreclosure 7 yrs
- A minimum of 5 open credit lines are necessary
- Impounds are required
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All program are subject to change at anytime without any further notice