ZUMA is a new non-QM lending option that provides consumers the unique flexibility to get approved with 3, 12, or 24 months bank statements. The ZUMA program features 2 levels, depending on credit qualifications, Zuma Prime and Zuma Credit Flex.
Have a look at the features of THE ZUMA NON-QM:
$75K to $5M
No seasoning requirement on settled derogatory credit, such as deed-in-lieu, bankruptcy, foreclosures and short sales
Minimum of 2-months reserves on subject and 2-months reserves on each additional up to 12 months
No reserves required on debt consolidation when new payment is lowered by 10% and closing costs are recouped within 60 months
Cash-out may be used to meet reserves requirements (restrictions apply)
Max DTI up to 55% (restrictions apply)
1x120x12 mortgage late payments on Grade C
Non-occupant co-borrower allowed
Up to 20 financed properties (max 10 acres)
5/1 & 7/1 ARM, 15- & 30-year fixed, with 30- and 40-year interest-only
ZUMA Prime - For borrowers with good credit
Up to 95% LTV to $1.5M on Purchase and R&T min. 720 FICO
FICOs from 660
ZUMA Credit Flex - For borrowers with less than perfect credit
Up to 90% LTV to $1.5M on Purchase and R&T min. 680 FICO
FICOs from 620
Recently settled BK 13 up to 85% LTV
Recently settled other BK’s, SS and F/C up to 70% LTV
What kind of borrowers are suitable for the ZUMA Program?
Borrowers who cannot meet the reserve requirements.
Borrowers with credit challenges that are unable to qualify on conventional standards
Borrowers who do not qualify on conventional income requirements
Borrowers who need to pull maximum cash in hand up to 85% of the value of the property for home improvement, savings, etc.