Non-QM – Bank Statement Jumbo

Who is our Non-QM – Bank Statement Jumbo Loans Best Suited For

This loan is an excellent option for someone looking to Purchase or Refinance a Home and cannot provide "Traditional" Income documentation i.e., Tax Returns as a means of qualification. Unlike most loan programs in the marketplace, this loan allows you to use your Bank Deposits instead of traditional income documentation. This Program is centered around the Self-Employed Entrepreneur, who generates income that may not be fully reflected on their Tax Returns.

How Non-QM – Bank Statement Jumbo Loans Work

These loans are Portfolio Loans that are not connected to any Government Agency. Approvals are heavily focused on your Bank Deposits into your Business or Personal Bank Accounts, coupled with a deep understanding of your Business's industry. How long you have been in Business, and how you derive your income. The focus is to understand your "Business Concept."

Loan Program Highlights for Non-QM – Bank Statement Jumbo Loans

  • Loan Amounts up to $3.00 Million for Purchase Transactions and $2 Million for Cash-out Refinance Transactions
  • Maximum Loan to Value is 85.00% on Purchase Transactions and 70.00% for Cash-out Refinance Transactions
  • To qualify it must be with 12- or 24-months Business or Personal Bank Statements
  • A minimum credit score of 660 is required for the Program
  • Max DTI is 50%
  • Minimum of 6 Months Reserves required**
  • This Program is eligible for Purchase transactions or Refinance Rate and Term or Cash Out
  • Primary Residence, Second Home and Investment properties are eligible for this Program
  • Single Family Homes, Condominiums, and 2- 4 Unit homes are all eligible for financing
  • Non-warrantable Condo financing available on a case by case basis
  • Gift funds eligible, borrower must have at least 5% of their own money in the transaction
  • First Time Home Buyers are Eligible
  • Interest Only Available
  • 5/7/10 year ARM – Available
  • 30 Year Fixed – Available
  • Minimum Loan Amount is $250,000.00
* Loan Amounts vary based on LTV, Credit, and overall creditworthiness
** More reserves will be required for Loan Amounts over $1,000,000.00