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Product Standard Bank Statement (A10) Asset Optimizer (A11) Debt Service Coverage (I 10)
Summary 12 or 24 month Bank Statements or 1099 High Asset Borrower Investor Debt Service Coverage
Target Borrowers Self-Employed borrowers that “write everything off” and can’t qualify using their tax returns. High Assets with Low Income (possible retirees with large retirement accts, or Trust Fund borrowers) Investors with income that is difficult to document (i.e. extensive tax returns, Schedule C losses, write-offs, etc.)
Products 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all 5/1 ARM, 7/1 ARM, 15 Yr FRM, 30 Yr FRM 40 year Interest Only available on all
MAX Loan Amount $4M $4M $3M
Min FICO 660 – from all borrowers 660 – from all borrowers 660 – from all borrowers
Max LTV 85% 80% 70%
Cash Out Yes Yes Yes
Housing History 12 months 12 months None
Bankruptcy 4 years 4 years, 2 years with reduced LTV 4 years, 2 years with reduced LTV
Income Doc 12 or 24 months of Bank Statements or 1099. None None
Business Ownership Requirements Can close in LLC or Corporation
Non- Warrantable Condo Yes Yes Yes
Calculating Monthly Income Percentage (20% to 50%) of gross deposits given – based on the type of business.  Sprout will calculate for the LO prior to submitting the loan. Total all assets divided by 60.  Checking, Savings, Stock, IRA, Retirement, etc – all ok.  Example $1M IRA/60 = $16,600 per month in income. If rental income (from appraisal or lease) covers the PITIA of the subject property – that is all the is needed for income.
Marketing Tips: • DTI up to 50%
• Non-Warrantable/Condotel OK
• 3 months reserves up to $1M
• Cash-out can be used to meet reserve requirement
• Gifts OK
• 1x30x12 OK on mortga
• 1 appraisal up to $1.5M
• No MI on any product
• DTI up to 50%
• Assets do NOT need to be liquidated or tied to the mortgage
• Non-Warrantable/Condotel OK
• 3 months reserves up to $1M
• Cash-out can be used to meet reserve requirement
• Gifts OK
• 1x30x12 OK on mortgage
• 1 appraisal up to $1.5M
• Foreign Nationals permitted
• Investments only
• Non-Warrantable OK
• 3 months reserves up to $1M
• Cash-out can be used to meet reserve requirement
• Gifts OK
• 1x30x12 OK on mortgage
• 1 appraisal up to $1.5M
• Foreign Nationals permitted
Operational Tips: • Sprout will do bank statement income analysis for the broker PRIOR to loan submission – so broker can be sure the DTI fits guidelines.  Just send bank statements to AE for review.
• If paid on a 1099 – submit either one or two years of 1099s and get 90% of the 1099 income.
• No income documentation needs to be submitted.  No tax returns.
• Assets used for income calculation can not be used for reserves.  Separate reserve assets required.
• Income calculator for this product is on the Sprout website or can be obtained from the AE.  Calculator is required for loan submission.
• No personal income documentation required.
NonQM Profile Category Bank Statements, Investor, Non-Warrantable, Interest Only Asset Qualify, No-Income, Foreign National, Investor, Non-Warrantable, Interest Only Foreign National, Investor, Non-Warrantable, Interest Only, No Income

Sprout:

Michael Sweeney
Direct: 828-620-8051
Email: [email protected]

Scenario Desk:

Susanna Carouthers
Direct: 330-338-7785
[email protected]

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