The 1099 Program is designed for self-employed borrowers who have been self-employed for at least two years. It allows for income calculation using 1099 statements and year-to-date bank statements, with a 90% profit margin applied to determine net income. The program offers various loan options including 5/6 ARM, 5/6 ARM 10 Year IO, and 30 Year Fixed Rate Mortgage, with a maximum loan amount of $3 million.
The Bank Statement Program is designed for self-employed borrowers, allowing income calculation through business or personal bank statements over 12 or 24 months. It offers various loan options including 5/6 ARM, 5/6 ARM 10 Year IO, and 30 Year Fixed Rate Mortgage, with a maximum loan amount of $3 million.
The Logan AUS Jumbo program offers a variety of loan options including fully amortizing fixed rate and ARM products, as well as interest-only loans. It is designed for high-value properties with loan amounts exceeding standard agency limits, providing flexible terms for primary residences, second homes, and investment properties.
This program is designed for investor-only occupancy, offering various loan options including 5/6 ARM, 5/6 ARM 10 Year IO, and 30 Year Fixed Rate Mortgage. It caters to 5-8 unit residential properties with a minimum loan amount of $400,000 and a maximum of $2.5 million, requiring specific credit scores and reserves based on loan amounts.
The Asset Qualification Program offers two options for income calculation: a 60-month depletion rate and a 180-month depletion rate. It allows borrowers to qualify using documented reserves, with specific requirements for reserves and income sources to ensure the debt-to-income ratio does not exceed 50%. The program includes various loan options such as 5/6 ARM, 30 Year Fixed Rate, and 40 Year Fixed Rate with interest-only options, with a maximum loan amount of $3 million.
The Profit and Loss Only program is designed for self-employed borrowers who have been self-employed for at least two years. It allows income calculation using profit and loss statements prepared by a CPA, EA, or CTEC, with options for 1-year or 2-year documentation. The program offers various loan options including 5/6 ARM, 30 Year Fixed Rate, and 40 Year Fixed Rate with interest-only options, with a maximum loan amount of $2.5 million.
The DSCR Elite program is designed for investor-only occupancy, offering a variety of loan options including 5/6 ARM, 30 Year Fixed Rate, and 40 Year Fixed Rate with interest-only options. It requires a minimum credit score of 720 and provides a maximum LTV of 70% for interest-only loans.
The DSCR Low Ratio program caters to investors with a minimum credit score of 700, offering loan options such as 5/6 ARM and 30 Year Fixed Rate. It allows a maximum LTV of 70% for purchase and 65% for cash-out refinancing.
The No Ratio DSCR program is designed for investor-only occupancy, offering loan options such as 5/6 ARM and 30 Year Fixed Rate. It allows for 1-4 unit properties with specific LTV limits based on FICO scores and loan amounts, and requires a minimum loan amount of $150,000. The program includes restrictions on first-time homebuyers and investors, and mandates a prepayment penalty with various options.
The Foreign National Program is designed for foreign borrowers who are legally permitted to purchase or refinance properties in the U.S. It offers various loan options including 5/6 ARM, 30 Year Fixed Rate, and interest-only options, with a focus on second homes and investment properties. The program accommodates a range of credit scores and does not require a U.S. credit score, with specific guidelines for mortgage and rental history documentation.
The Full Doc program offers two full documentation options for income verification: 1-year and 2-year full documentation. It includes a variety of loan options such as 5/6 ARM, 30 Year Fixed Rate, and 40 Year Fixed Rate with interest-only options, catering to primary residences, second homes, and investment properties with a maximum loan amount of $3 million.