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2 Month Bank Statement

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What is a 2 Month Bank Statement?

The 2 month bank statement loan product is a game-changer for self-employed borrowers. Instead of the traditional documentation, your borrowers can qualify using a 12 or 24 month P&L plus 2 month bank statements. Does your borrower want cash out? There’s great flexibility based on the LTV. And the best part? It works for a variety of properties, from single-family homes to condos, and even some rural spots. It’s a flexible and accommodating option for those who march to the beat of their own drum.

Need a 2 Month Bank Statement loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 90% Max LTV
  • Loan Amounts: $125K–$3.5M
  • Purchase, Rate and Term, Cash Out
  • OO, Second Homes, NOO Business Purpose
  • Min FICO Score of 640; Qualifying off Primary Wage Earners Middle Score
  • Min 2 Months Bank Statement With 1+ Years of CPA/EA-Prepared P&L
  • Less Seasoning on Recent Credit Events
  • U.S. Person and ITIN

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2-1 Temporary Buydown

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What is 2-1 Temporary Buydown?

The 2-1 buydown loan program offers a fantastic way for your borrowers to secure a mortgage with a temporary interest rate reduction. For the initial two years, your borrowers benefit from decreased rates, creating a smoother start to their homeownership journey. By the third year, the rate settles to match the standard loan rate. Think of it as an introductory deal for a mortgage, helping your borrowers transition comfortably into their payments. An ideal choice for clients who appreciate upfront savings and have a clear future plan!

Need a 2-1 Buydown loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 80% Max LTV
  • Add-on Feature to Full Doc, Alt Doc or DSCR 1–4 Units Programs
  • Purchase Only
  • OO, Second Homes, NOO Business Purpose
  • Min FICO Score of 680
  • Available on 30-Year Fixed-Term Only; Seller- or Builder-funded Only; Lender-Paid or Third Party Buydowns are Permitted for CORR Clients Only; Qualify off Full Payment (Note Rate)
  • Follows Program Requirements for Mortgage Lates and Recent Credit Events
  • U.S. Person and ITIN

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Flex Select Prime 2nd Lien

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What is Flex Select Prime 2nd Lien?

The 2nd lien loan program is tailored for those seeking flexible financing solutions. It allows your borrowers to tap into up to 85% CLTV, with loan amounts ranging from $125K to $500K. Whether they’re eyeing a new purchase or considering a cash-out, this program has them covered. It’s versatile, catering to both owner-occupied and second homes. Plus, with a minimum FICO of 680, it focuses on the primary wage earner’s middle score for qualification. And to add a cherry on top, the program offers the choice of full documentation or alternative docs like bank statements and 1099s. Your borrowers can confidently step forward, knowing mortgage lates won’t hold them back.

Need a Flex Select Prime 2nd Lien loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 85% Max CLTV
  • Loan Amounts: $125K–$500K
  • Purchase and Cash Out
  • OO and Second Homes
  • Min FICO Score of 680, Qualifying Off Primary Wage Earner’s Middle Score
  • 2 Years of Full Doc or 2 Years of Alt doc, Bank Statements (Business or Personal) or 1099 or P&L With 2 Months Business Bank Statements
  • 0x30x24 Mortgage Late
  • U.S. Person

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Foreign National Full Doc

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What is Foreign National Full Doc?

The ITIN/Foreign Nationals Full Doc program is specially crafted for international borrowers, offering them a clear path to financing in a foreign landscape. Your borrowers, whether holding an ITIN or being foreign nationals, can navigate the loan process seamlessly with comprehensive documentation. This program removes the barriers often faced by international applicants, ensuring they have the same accessibility and ease as local borrowers. It’s the perfect bridge for global clients seeking a foothold in a new financial environment.

Need a Foreign National Full Doc loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 75% Max LTV
  • Loan Amounts: $150K–$3M+
  • Purchase, Rate and Term, Cash Out
  • Second Homes and NOO Business Purpose
  • Min FICO Score of 700 With Established U.S. Credit or Foreign Credit
  • 1–2 Years Documentation; Wage: 30 Days Pay Stubs (With YTD Info) and Either W-2 Equivalent or 2 Years Tax Returns or Letter From Employer; Self-Employed Documentation; Asset Utilization
  • 3 Years Seasoning From U.S. Credit Events
  • Foreign National

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No Ratio Investor

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What is No Ratio Investor?

The No Ratio Investor Loan program is designed with the savvy investor in mind. Catering specifically to non-owner-occupied business purposes, this program allows your borrowers to leverage up to 65% LTV, with loan amounts that range from $75K to a hefty $3M. What sets it apart? There’s no need for income ratio verifications. The focus here is on credit, with a minimum requirement of 700, taking into account the lowest middle score from all borrowers. With a cushion of 3+ years for those recovering from a past credit event and a stellar record of timely mortgage payments, this program offers both flexibility and trust.

Need a No Ratio Investor loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 65% Max LTV
  • Loan Amounts: $75K–$3M
  • Purchase, Rate and Term, Cash Out
  • NOO Business Purpose
  • Min FICO Score of 700, Qualifying off Lowest Middle Score of All Borrowers
  • Qualification Based on FICO and LTV Max 3 Years of Seasoning From a Recent Credit Event
  • 0x30x12 Late
  • LLC or Corporate Title Vesting at Closing Eligible With Natural Person
  • U.S. Persons

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Investor DSCR Mixed Use

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What is Investor DSCR Mixed Use?

The Investor DSCR Mixed Use loan program is an investor’s dream come true for mixed-use properties. Here’s why: It grants up to a generous 75% LTV with loan amounts spanning from $250K right up to $3M, making it suitable for a range of investments. Tailored for non-owner-occupied business endeavors, this program is distinctive in its 1:1 DSCR requirement. Your borrowers just need to demonstrate a year of hands-on experience within the last three years in either commercial or residential real estate management. With a FICO score starting at 660, it prioritizes the lowest middle score among all borrowers for qualification. And the cherry on top? Whether your clients operate under an LLC or Corporation, they can vest the title at closing, provided there’s a Natural Person involved. Plus, it’s not just limited to US persons; foreign nationals can also jump aboard. A comprehensive and inclusive solution for mixed-use property investments!

Need a No Ratio Investor loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 75% Max LTV
  • Loan Amounts: $250K–$3M
  • Purchase, Rate and Term, Cash Out
  • NOO Business Purpose
  • Min FICO Score of 660, Qualifying off Lowest Middle Score of All Borrowers
  • 1:1 DSCR Only – Borrowers Must Have 1 Year of Recent Experience Owning and Managing Either a Commercial or Residential Real Estate in the Last 3 Years
  • LLC or Corporate Title Vesting at Closing Eligible With Natural Person
  • U.S. Persons and Foreign Nationals

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Investor DSCR

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What is Investor DSCR?

This investment loan program offers an elegant blend of flexibility and robust features, catering specifically to the discerning investor. It allows for streamlined income verification through market rent or lease agreements, highlighting its commitment to ease and efficiency. The inclusion of a 2/1 temporary buydown reflects its adaptability to different financial strategies. Furthermore, its diverse DSCR options, coupled with provisions for properties listed on platforms like AirDNA, emphasize its relevance in today’s dynamic investment landscape. With a foundational FICO requirement of 640 and an accommodating LTV threshold, this program is both inclusive and prudent. It is complemented by versatile property type options and judicious financial provisions, solidifying its position as a premium choice for serious investors.

Need a No Ratio Investor loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 75% Max LTV
  • Loan Amounts: $150K–$3M+
  • Purchase, Rate and Term, Cash Out
  • Second Homes and NOO Business Purpose
  • Min FICO Score of 700 With Established U.S. Credit or Foreign Credit
  • 1–2 Years Documentation; Wage: 30 Days Pay Stubs (With YTD Info) and Either W-2 Equivalent or 2 Years Tax Returns or Letter From Employer; Self-Employed Documentation; Asset Utilization
  • 3 Years Seasoning From U.S. Credit Events
  • Foreign National

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Asset Utilization / Depletion

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What is Asset Utilization / Depletion?

The “Asset Depletion / Utilization” non-QM program is designed for asset-rich borrowers, providing an attractive LTV of up to 90% across diverse property types. It maximizes the value of your borrowers’ liquid assets, offering 100% credit for checking and savings, and effectively accounting for their investments in stocks, bonds, and retirement accounts. With a straightforward FICO requirement of 640 and a flexible approach to recent credit events, it streamlines the lending process. Importantly, its wide-ranging inclusivity embraces both US Persons and ITIN holders, ensuring you have a compelling, asset-centric mortgage solution to offer your borrowers.

Need an Asset Utilization / Depletion loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 90% Max LTV
  • Loan Amounts: $125K–$3.5M
  • Purchase, Rate and Term, Cash Out
  • OO, Second Homes, NOO
  • Min FICO Score of 640, Qualifying off Primary Wage Earner’s Middle Score
  • Qualified Assets: 100% Credit of Checking, Savings, Money Market, 80% Stocks and Bonds, 60–70% of Retirement Accounts
  • Less Seasoning on Recent Credit Events
  • U.S. Person and ITIN

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Select Alt Doc

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What is a Select Alt Doc?

Provides the Self -Employed Borrower options on what documents will best tell their financial story. Utilizing either Business bank statements, Personal bank statements, 1099 or P&L with or without bank statements to qualify. When the agency route just won’t work for your borrowers specific scenario, our Select Alt Doc loan is a perfect alternative.

Need a Select Alt Doc loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 90% Max LTV
  • Loan Amounts: $125K–$3.5M+
  • Purchase, Rate and Term, Cash Out
  • OO, Second Homes, NOO
  • Min FICO Score of 640, Qualifying off Primary Wage Earner’s Middle Score
  • 1–2 Years Bank Statements (Business or Personal) or 1099 or P&L With 2 Months Business Bank Statements or P&L Only (Overlays Applied)
  • Less Seasoning on Recent Credit Events
  • U.S. Person and ITIN

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Select Prime Full Doc

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What is a Select Prime Full Doc?

The Select Prime Full Doc program is a Non-QM loan solution designed with precision and flexibility in mind. With an LTV of up to 90% and a wide loan amount range, it’s suitable for diverse financial scenarios. The program’s core strength lies in its adaptability; whether for owner-occupied residences, second homes, or investment properties, it provides a structured yet accommodating approach. With a clear focus on the borrower’s financial profile, the program requires only a minimum FICO of 640 based on the primary wage earner’s middle score. Its reduced documentation period and a pragmatic view on recent credit events underscore its commitment to efficiency. Moreover, its inclusivity is evident, catering to US Persons, those with ITIN, and foreign nationals. In essence, the Select Prime Full Doc offers a balanced, professional, and comprehensive mortgage solution.

Need a Select Prime Full Doc loan scenario review?

If you have a client scenario that you would like our team to review, please use our simple prequal submission form.

PROGRAM HIGHLIGHTS

  • Up to 90% Max LTV
  • Loan Amounts: $125K–$3.5M+
  • Purchase, Rate and Term, Cash Out
  • OO, Second Homes, NOO
  • Min FICO Score of 640, Qualifying off Primary Wage Earner’s Middle Score
  • 1–2 Years Documentation
  • Less Seasoning on Recent Credit Events
  • U.S. Person, ITIN, Foreign Nationals (for Second Homes and Investment Occupancy)

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This information is intended for the exclusive use of licensed real estate and mortgage lending professionals in accordance with all laws and regulations. Distribution to the general public is prohibited. Rates and programs are subject to change without notice.