Self Prepared P&L

Qualify on a P&L

Loan To Value

Max LTV
70% Max LTV
  • Rates as Low as 6.25%. (1.50% buydown. 60% LTV. 740 Credit Score )
  • 5/6 ARM, 7/6 ARM Only
  • Purchase * Refinance * Cash Out Eligible
  • ITIN Up to 80% LTV
  • Max LTV/CLTV reduced by 5% if the appraisal report indicates the market value is declining
  • Under $1.5MM one full appraisal and one automated valuation model (AVM) or desk review
  • AVM/CDA must support the value within no more than 10% below the appraised value
  • Two appraisal reports required when loan amount is over $1.5MM
  • FTHB without housing history max LTV 70%
  • Transferred appraisal not acceptable
  • Investment, 1-4 Units, FICO >= 700, Purchase & R/T Refi, loan amt > $200K-1.5M, Max LTV 65

Credit Score

Min Credit Score
680 Min Fico
  • Margin: 3.00%
  • Index: 30 Day SOFR
  • Housing: 0x30x12, 2x30x24, 1x60x24
  • Installment/Revolving (Open accts only): 3x30x12, 4x30x24, 1x60x24
  • Bankruptcy: 4 Years
  • Charge off of a mortgage account, Short Sale and Deed-in-Lieu: 2 Years
  • Foreclosure: 5 Years
  • Loan Modifications/Forbearance:
  • (1) 12-month seasoning required
  • (2) 3-month payment history required
  • (3) No missed payments since exiting plan
  • ★Judgements, Collection, Charge offs - Seasoning not required but must be paid prior or at closing if amt > than $250
  • ★5/6 ARM: 2 tradelines in good standing seasoned for at least 12 months.
  • ★7/6 ARM: 3 tradelines in good standing seasoned for at least 12 months.

Loan Amount

Max Loan Amount
$2M Max Loan Amount
  • Max. Loan Amount $3,000,000
  • Loan Amount > $3.5M up to 20.0M: Call for Price
  • Min. Loan Amount $150,000
  • Loan Amount < $150,000: Call for Price
  • Prepayment Penalty is 5% of the amount prepaid on Investment Properties Only
  • Other Requirements: Delayed Financing is allowed for primary only
  • Max Cash-In-Hand $500,000 for LTV > 60%.
  • 2nd Home/Investment: Max LTV 70% for C/O Refi
  • Warrantable Condo /2-4 Units: Max LTV 70% for C/O Refi
  • 1 Year Full Doc LTV > 80%: Call For Price

Qualification

Requirements
P&L Self Prepared
  • Max DTI 53%
  • This program is designed for borrowers who are self-employed and would benefit from alternative loanqualificationmethods
  • Self Prepared P&L (Ownership > 25%)
  • (1) Two years of current Business License
  • (2) for application received on or before 6/30: YTD Profit and Loss Statement and 1 full year of Profit & Loss statement, for application received on or after 7/1: Current YTD Profit and Loss Statement
  • Schedule C and 1099 SE borrowers may be considered as self-employed borrowers if confirmed third party verifiable license( e.g realtors,insurance agents, broker) and verbal verification from the employer is provided
  • Most recent 2 months bank statement required
  • When business assets are used for closing costs, Self-employed borrowers can only use amount corresponding toownership%
  • IRA/ 401K: able to use 70% (deduct 20% penalties and 10% tax)
  • Accept VOD in lieu of 1 month bank statement
  • Gifted funds: NOT allowed for Investment and Foreign National borrowers, gift from trust account is NOT acceptable
  • Max Debt-to-Income (DTI) ratio allowed: 43%
  • Non-Arm's Length Transactions: (1) Primary residence only. (2) Borrowers cannot be an owner of a business entity selling the subject property. (3) Borrowers cannot provide services on trasaction (closing agent, title agent, appraiser, etc) (4) Gift of equity is permitted (Gift letter must be received) (5) Foreclosure bailout is not allowed.
  • No prepayment penalty

Property

Type
2-4 Sfr, Condo
  • Primary, Second, & Investments Eligble
  • Non-warrantable Condo Not Eligible
  • Rural Property Eligible: Call for Price
  • Assets & Reserves: Most recent one month bank statement required
  • Assets & Reserves: 100% access letter obtained from all joint owners
  • Assets & Reserves: Gift funds are acceptable for use toward down payment and loan costs.Borrower(s) must contribute at least 5%of the transaction(lowerofPurchase Price or appraised Value) from their own funds
  • Assets & Reserves: Stocks/Bond/Mutual Funds - 90% of stock accounts may be considered in the calculation of assets for closing costs andreserves
  • Assets & Reserves: Vested Retirement Account funds – 80% may be considered for closing and/or reserves.
  • Assets & Reserves: When bank statements are used, large deposits must be evaluated. Large deposits are defined as a single deposit that exceeds 50%of thetotal monthly qualifying income for the loan
  • Assets & Reserves: Cash out proceeds may be as reserves
  • Fraud Report is required.
  • List Item

Eligible Borrowers

Foreign Eligible
Foreign Non Permanent Resident
  • C08 EAD Borrowers are eligible, Call For Price
  • Can Close In a Business
  • ITIN up to 80% LTV. ITIN (Min FICO 680, Max DTI 50)
  • Escrow Waiver Allowed
  • Reserves: 5/6 ARM: (1) Primary: 3 months PITIA reserve
  • Reserves: 5/6 ARM: (2) Second/Investment: 6 months PITIA reserve
  • Reserves: 7/6 ARM: (1) 2 months P&I
  • Reserves: 7/6 ARM: (2) Cash-out Refinance: 6 months P&I reserve
  • Foreign National Allowed
  • 5/6 ARM, Foreign National, 12 Months PITIA reserve is required
  • Foreign National, 2nd home & Investment only
  • Foreign National, loan amt > $200K-1.5M, Max LTV 60
  • Foreign National: Copy of unxpired passport, I-94 & valid VISA
  • Foreign National: ★F1 and F2 type are not allowed
  • Foreign National: Borrower must have U.S. address when applying for loan
  • Foreign National: Foreign assets (downpayment, closing costs, and reserves) must be transferred to a U.S. account prior to approval
  • Foreign National: Credit Report to be pulled to check if there's any negative history. No Fico score required
  • Foreign National: 5/6 ARM: 12 Months PITIA (1% above note rate for 5/6) and DTI Ratio: 38%
  • Foreign National: 7/6 ARM: 12 Months P&I reserves and 6 of them to be deposited into AAA designated account prior to funding
  • Foreign National: Self-employed business or Foreign CPA license are to be independently verfied
  • Foreign National: Asset verfication (must be in U.S. banking institutions)
  • Foreign National: Automatic payment to be set up
  • Foreign National: All documents must be translated by a certified translator

Get a free no commitment quote

See your personalized rate in minutes. No credit check required

Competitive Rates You Can't Miss

Rates so low, they'll make your jaw drop
Check Rates

Transparent Pricing, No Hidden Costs

Experience the Diffenece: Transparent Simple No Hidden Costs

Save on costs, no junk fees

Closing costs so low, you'll be surprised
Get Quote

Advisors who always put you first

We provide expert guidance and support every step of the way

5-star glowing Yelp reviews

Check out our reviews and see the difference
Check Yelp

Your Application has been submitted

If you need to reach us, please give us a call at (714) 352-0808, or send us an email to hugh@thehomeloansource.co. Thank You & Have a Great Day!

Mortgage Rates Disclosures

 

The advertised loan is a 15-year Fixed Rate Loan with a 15-year fully amortizing term. The interest rate is 5.250% for 180 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.755% APR with a monthly principal and interest payment of $5,838 for 180 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. Interest rate quoted assumes a purchase of a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.


The advertised loan is a 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.545% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 60% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

The advertised loan is an FHA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 6.437% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase at 80% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes, hazard insurance, or mortgage insurance; actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

This is a VA program. Current guidelines for VA Financing can be found at https://www.benefits.va.gov/homeloans/index.asp . The advertised loan is a VA 30-year Fixed Rate Loan with a 30-year fully amortizing term. The interest rate is 5.250% for 360 months. The disclosed APR is based on the payment of 3.000 discount points. For a $726,200 loan, there is a 5.882% APR with a monthly principal and interest payment of $4,010 for 360 months. Interest rate quoted assumes a purchase with 45 day lock pricing at 100% loan-to-value (LTV), a minimum FICO score of 740 on a primary residence. The actual interest rate, APR and payment may vary based on the specific terms of the loan selected, verification of information, your credit history, the location and type of property, and other factors as determined by Lender. Not available in all states. Payments shown do not include taxes or insurance, actual payment obligations will be greater. Not all applicants will qualify. Rates and terms are effective 9:00AM PT on 9/18/2024 and are subject to change without notice.

Refinance: By refinancing your existing loan, your total finance charges may be higher over the life of the loan.