Jumbo Real Estate Loans
Post date: Jul 29, 2013 6:36:49 PM
Exception based, common sense, compensating factor underwriting brought to you by BankerBroker.com:
1. Asset Depletion for income (a smart alternative to stated income)
2. Foreign National loans to 60% ltv.
3. Non-Permanent Residents, new to the country to 70% ltv.
4. Multi-Family/Apartment lending. 5+ units.
5. Vesting in entities- all types of trusts, llc’s, partnership & corps.
6. Make sense credit score/derog exceptions.
7. Cash recaptures with no seasoning.
8. No maximum cash out limit- case by case (o/o, 2nd home and NOO)
9. Gift funds and Business funds allowed for down payment even on NOO loans.
10. Non warrantable condos to 65% ltv. Co-op’s, Condotel’s and Loft properties
11. Unlimited acreage, “hobby farming “ ok.
12. Units properties as 2nd home (when it makes sense).
13. Pledged Asset Program- 90% to 5 million.
14. Aggressive income underwriting for complex borrowers and unique income situations- nontraditional.
15. Self-employed or 1099 with less than 2 yr history, case-by-case
16. Trailing property to be rented: rent survey to offset piti- no equity requirement or rental history requirement.
17. Trailing property to be sold: MLS listing agreement and additional 6 mo piti to carry the property and we don’t count that PITI in the dti.
18. Child support and alimony payments deducted from income vs added to mo. debt (huge ratio helper).
19. Non Occupant Co-Borrower on a case by case basis.