New! JMAC Limited Doc Borrower-Prepared P&L
This new Limited-Doc product can approve your borrower with a WVOE for the wage earner or a borrower self-prepared Profit and Loss (P&L).
Available in: CA, CO, GA, IL, NJ, TX, VA and WA
Loans from $75K to $2M
100% gift funds for down payment and closing for all occupancy types
CRA Income Qualified on Purchase and R/T
WVOE for wage earner
P&L can be borrower self-prepared with no additional bank statements
Reserve based on Principal and Interest Only (PI)
6-month seasoning for cash-out
Unlimited cash-out up to max. LTV
Living rent free is allowed
Appraisal Transfers accepted
No 4506
Up to 50% DTI
FICOs from 660
7/6 SOFR ARM
WHO ARE YOUR IDEAL CANDIDATES FOR THIS PROGRAM?
Cash businesses and businesses that do not keep perfect bank records
Businesses with seasonal income, and/or make intermittent deposits that do not follow a regular predictable pattern on a week-to-week, or month-to-month basis
Businesses that have been in operation more than 2 years
Wage earners who do not receive typical paychecks