Balboa Non-Conforming with Three Qualifying Options: Full-Doc, P&L and Bank Statements
$125K to $3M - Conforming and Jumbo Loan Amounts
Qualification options:
1- or 2-years W2
1- or 2-years tax returns
12- or 24-months bank statements
12- or 24-months of P&L, no additional bank statements required
DETAILS:
Manual underwriting no AUS
Max. DTI to 50%
$125K to $3.0M
FICOs from 660, and LTV up to 80%
Gift funds allow on Investment and second homes for purchase transactions after 10% from the borrowers own funds
Cash-out: Unlimited to 65% LTV, else max cash-out is $1M
Cash-out can be used to meet reserve requirements
No seasoning on cash out from purchase, the lower of the purchase price + improvements or value will be used
1x30x12 mortgage lates allowed
36 months seasoning for major derogatory credit
Minimal tradelines requirements
30 years fixed with 30- and 40-year Interest only options
First-time home buyer can purchase an investment as long as borrower has 12 months of rental history
SFR, PUD, Condo, Non-Warrantable Condo, 2-4 Units
Maximum exposure up to 15 financed properties or up to $5M UPB or 10 loans for each borrower closed under this program
Investment transactions can close in company name