Program highlights.
- Full doc, bank statement, 1099, WVOE and P&L paths
- Primary, second home and investment
- SFR, PUDs, warrantable condos and 2–4 units
- No reserves required
Key figures.
- Score from
- 680
- allows 75% to $750K
- CLTV up to
- 90%
- at 740+ to $350K
- Loans to
- $750K
- at 700+ and 80%
Limits by documentation.
Score · CLTV · Loan in each cell, with the tier each needs beneath.
| Documentation | Primary | Second home | Investment |
|---|---|---|---|
| Full doc | 680+ score90% CLTVloans to $750K90% at 740+ to $350K; $750K at 700+ and 80%; 680 allows 75% to $750K | 680+ score80% CLTVloans to $750K80% at 700+ to $350K; $750K at 740+ and 75%; 680 allows 75% to $350K | 700+ score75% CLTVloans to $500K75% at 740+ to $500K; $500K at 740+ and 75%; 700 allows 65% to $500K |
| Bank statement, 1099 | 680+ score85% CLTVloans to $750K85% at 740+ to $350K; $750K at 740+ and 75%; 680 allows 75% to $350K | 680+ score75% CLTVloans to $750K75% at 740+ to $350K; $750K at 740+ and 65%; 680 allows 65% to $350K | 700+ score70% CLTVloans to $500K70% at 740+ to $350K; $500K at 740+ and 65%; 700 allows 60% to $500K |
| WVOE, P&L with two months of bank statements | 680+ score80% CLTVloans to $750K80% at 740+ to $350K; $750K at 740+ and 70%; 680 allows 70% to $350K | 680+ score70% CLTVloans to $750K70% at 740+ to $350K; $750K at 740+ and 60%; 680 allows 60% to $350K | 700+ score70% CLTVloans to $500K70% at 740+ to $350K; $500K at 740+ and 65%; 700 allows 60% to $500K |
What to know.
- Loan amount
- $75K–$750KUpper tiers have lower combined-leverage limits; investment maximums differ.
- Maximum CLTV
- Up to 90%Full-doc primary residence, 740+ FICO and second-lien amount through $350K; property and location overlays apply.
- Documentation
- Full doc & alternative pathsFull doc, bank statements and 1099, and WVOE and P&L (with two months of bank statements) each have their own CLTV matrix.
- Occupancy
- Primary · Second home · InvestmentCredit and CLTV requirements differ for each occupancy.
- Terms
- 10–30 year fixed10, 15, 20, 25 and 30-year fixed terms.
- Combined debt
- Up to $4MAll liens combined; CLTV reduces above $2M and $3M total balances.
- Ways to qualify
- Full doc, bank statements, P&L only and WVOE onlyNot offered: asset utilization, DSCR, ITIN, foreign national and recent credit event.
Documents.
Other programs.
Compare with
- SecondsPrime Closed-End SecondStand-alone seconds for primary and second homes
- Score
- 680+
- CLTV
- 85%
- Loan
- $500K
- Seconds programsAccess equity while keeping the first mortgage in place. Compare the standard and Prime seconds by documentation, occupancy and combined leverage.
- Bank statement loansPersonal or business bank statements document the income. The program you choose sets the statement period, the expense method and everything else.
By way to qualify
Each opens every JMAC program that takes that paperwork.
Questions brokers ask.
Which property and location overlays matter?
Only Fannie Mae warrantable condos are eligible, capped at 80% CLTV, and 2–4 units at 75%. Texas is ineligible; CT, IL and NJ have additional credit and leverage requirements. Baltimore City investment transactions are ineligible.
Does the first mortgage stay in place?
This is a stand-alone second. Review the existing first mortgage’s terms, balance and payment, along with the combined leverage and documentation requirements.
Your next borrower. Our next conversation.
Bring us your next Closed-End Second loan.
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