ZUMA is a new non-QM lending option that provides consumers the unique flexibility to get approved with 12- or 24-months bank statements or 12- or 24-months full documents. The ZUMA program features 2 levels, depending on credit qualifications, ZUMA Prime and ZUMA Credit Flex, along with the ZUMA Investment program.
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 reserve on subject and 2-months reserve on each additional up to 12 months
- No reserve required on debt consolidation when new payment is lowered by 10% and closing costs are recouped within 60 months
- Cash in hand may be used to meet reserve 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
- 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
- FICOs from 580
- Pricing on Grade A, B, B-, C, based on credit
- Up to 80% LTV to $1M
- FICOs from 580
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 90%-95% of the value of the property for home improvement, savings, etc.