The Easiest Bank Statement Program in the Industry! call it Stated Income Mortgage, NO 4506, VOE or No Income Mortgage or whatever!!!....
Adding Asset Depletion income is a powerful tool for qualifying more loans:
The borrower’s assets can be used, in addition to traditional income calculations, if needed to help qualify. See attached grid for monthly income based on age and total of eligible assets.
Eligible assets include:
Checking and savings accounts
Money Market Accounts
Publicly traded stocks
Retirement accounts- only if the borrower is of retirement age
Cash out- on a case by case basis
· Assets do not need to be withdrawn/moved or pledged.
· Provide most recent 2 months statements for all accounts used to qualify.
· Pricing adjustment of .25 to fee for Asset Depletion.
· This can be used for o/o, 2nd home and NOO transactions.
· Portfolio ARM Product
Please call or email me for additional information and/or questions. Massey K. 949-244-1880
· :. 5/1 ARM ONLY
· :. Primary, Second & Investment
· :. SFR, PUD, Condo & 2-4 Units
· :. 70% LTV up to $1MM with 720 FICO
· :. 60% LTV up to $2.5MM with 720 FICO
· :. 60% LTV up to $1MM with 620 FICO
· :. 55% LTV up to $2.5MM with 620 FICO
· :. Cash-out is allowed for N/O/O & 2-4 Units
· :. NO Seasoning on Cash-Out
· :. Cash Back to Borrower: Max equal to 55% LTV
· :. Gift Funds are allowed after a min. 30% down payment from borrower’s own fund
THE MENU IS AT YOUR CHOICE
Option 1: Full Documentation
Option 2: 1 Year Tax Return or 1 Year W-2 Option 3: 12 Month Personal Bank Statements Option 4: Most recent 12 months P&L
Option 5: CPA OR Tax Preparation Firm Letter
(Option 4 & 5) - Most recent 3 months of PERSONAL bank statements are also required.
Contact Your BankerBroker® Massey Kouhssari
Loans are made or arranged pursuant to CalBRE No. 01872368 & NMLS No. 288498. This information does not represent a commitment to enter into a loan agreement by BankerBroker Real Estate & Mortgage and/or its affiliates. Please note that all information is provided for informational purposes only. Not all
programs are available in all areas and rates and costs stated do not apply to all loans made. Underwriting guidelines and program restrictions apply. Terms and programs listed are subject to change without notice.
Date: January 9, 2015
To: All Approved Mortgagees
Mortgagee Letter 2015-01
Subject Reduction of Federal Housing Administration (FHA) annual Mortgage
Insurance Premium (MIP) rates and Temporary Case Cancellation Authority
Purpose This Mortgagee Letter (ML) communicates revised annual MIP rates for FHA
Title II forward mortgages and provides opportunity for cancellation of
existing case numbers in order to utilize the MIP rates contained in the ML.
Background Pursuant to its statutory mandate, FHA continuously strives to achieve the
appropriate balance between meeting the housing needs of the borrowers
FHA’s mortgage insurance programs were created to serve and minimizing
the level of risk undertaken relative to the insurance of those mortgages.
FHA has determined that the appropriate balance of its statutory operational
goals now requires a reduction of the rate of annual MIP charged pursuant to
Section 203(c)(2)(B) of the National Housing Act (NHA). As provided in
this ML, the total annual MIP charged pursuant to sections 203(c)(2)(B) and
(C) for most Title II Single Family forward mortgages has been revised as
provided in this ML.
Effective Date This ML is effective for case numbers assigned on or after January 26,
Affected Topic This ML reduces the rate for annual MIP for all Title II forward mortgages,
with terms greater than 15 years, except;
single family forward streamline refinance transactions that are
refinancing existing FHA loans that were endorsed on or before May
Section 247 mortgages (Hawaiian Homelands)
This ML supersedes the annual MIP rates established in ML 2013-4. All
other sections of ML 2013-4 remain in effect.
Mortgagee Letter 2015-01, Continued
The following table shows the existing and the new annual MIP rates by
amortization term, base loan amount and Loan to Value (LTV) ratio. All
New MIP amounts set forth in this table are effective for case numbers
assigned on or after January 26, 2015.
Term > 15 Years
Base Loan Amt. LTV Previous MIP New MIP
≤ $625,500 ≤ 95.00% 130 bps 80 bps
≤ $625,500 > 95.00% 135 bps 85 bps
> $625,500 ≤ 95.00% 150 bps 100 bps
> $625,500 > 95.00% 155 bps 105 bps
Term ≤ 15 Years
≤ $625,500 ≤ 90.00% 45 bps 45 bps
≤ $625,500 > 90.00% 70 bps 70 bps
> $625,500 ≤ 78.00% 45 bps 45 bps
> $625,500 78.01% - 90.00% 70 bps 70 bps
> $625,500 > 90.00% 95 bps 95 bps
To allow mortgagees to obtain the reduced annual MIP rates contained in this
ML for loans in process with active FHA Case Numbers, FHA will
temporarily approve cancellation requests for active FHA Case Numbers
within 30 days of the effective date of this ML.
FHA will provide operational details on case cancellations through FHA Info
notifications and on FHA’s lender information page available at
The policy in this ML is being incorporated into the 4000.1 FHA Single
Family Housing Policy Handbook as Appendix 1.0 as shown in Attachment
1 of this ML.
Questions Please address any questions about the topics addressed in this Mortgagee
letter to the FHA Resource Center at 1-800-225-5342. Persons with hearing
or speech impairments may reach this number via TTY by calling the Federal
Information Relay Service at 1-800-877-8339. For additional information on
this Mortgagee Letter, please visit www.hud.gov/answers.
Acting Assistant Secretary for Housing - Federal Housing Commissioner
Work Visa program - max 80% LTV
We will need to review the following items for a loan pre-approval.
You can receive a pre-approval with a TBD address and an offer letter.
Please let me know if you have any questions.
Foreign national - pre-approval checklist max 50% LTV
For Translation Services we accept the following translation companies:
FHA “Back to Work” Program: Get Your Consulting Requirement Fulfilled Here
We are here to help you get the required Consulting that is needed to obtain a new FHA mortgage – even if you’ve recently lost your home or declared bankruptcy.
About the Program
Under the new federal program called “Back to Work – Extenuating Circumstances”, if you have had a foreclosure, short sale, deed-in-lieu of foreclosure, or have declared bankruptcy you may qualify for a new home loan if you are back to work and can document the extenuating circumstances. BankerBroker.com is here to help you complete the program qualifications.
Do You Qualify?
FHA will consider you for eligibility if you had a financial hardship in the past but can now document the following circumstances about yourself:
1. You meet FHA loan requirements
2. You can document the mortgage or credit problems resulted from a financial hardship
3. You have re-established a responsible credit history
4. You have completed HUD-approved housing Consulting
A lender will first have to determine if you meet the FHA loan requirements before you can apply for a FHA loan under the Back to Work program. You will need to explain how the financial hardship was something beyond your control that reduced your income or caused you to lose employment. If your household income dropped by 20% or more for at least six months, it may count for this type of financial hardship.
To re-establish credit you must have a 12 month record of on-time rental housing payments with no delinquencies, and not have been 30 days late on more than one non-housing loan payment. If you still have any open collection or judgment accounts, then a “capacity analysis” will be done to see if you can repay those creditors.
How to Get Started
To start an application with a us as your FHA-lender you must first take a “Pre-Purchase Consulting” phone interview with a HUD approved housing Consulting agency 30 days before you start the application. A certified counselor will assess your debt, ability to afford the mortgage, features of the mortgage, explain mortgage insurance and the loan application process. BankerBroker.com is a HUD-approved housing Consulting agency, and can help you make sure you have done everything you need to do to access the “Back to Work–Extenuating Circumstances” program. You will need to complete your Consulting at least 30 days before you apply for a new FHA mortgage. Your certificate is valid for 6 months.
BankerBroker.com’s Pre-purchase Counsulting
BankerBroker.com offers the HUD-approved housing consulting that is required for your FHA loan application.
If the recession caused a loss of income that led you to lose your home or declare bankruptcy, you can call BankerBroker.com for Pre-purchase Counsulting and ask about the “Back to Work” program. 877-410-6663
How long after bankruptcy, BK, foreclosure or shortsale can I buy a house? or How long does bad credit can effect my record?