Bank Statement, P&L, 1099, WVOE – Platinum

Income Types
Bank Statement Income Analysis
Borrowers should be self employed for at least two years with the same business. Less than 2 years: Min current business > 1 Year and 2 years previous employment in same line of work OR Minimum current business > 1 year and previous 1 year of employment in same line of work and 1 year of formal education or training
Personal Bank Statement
Income Calculation Method: Qualifying income is 100% of the total business-related deposits divided by 12 or 24 months. Bank statements except non-borrower spouses who are not applicants on the loan are not eligible. Accounts with spouse, the borrower must be 100% owner of the business and non-borrowing spouse deposits must be removed. Cash is not an acceptable deposit source. 12 or 24 months complete personal bank statements dated within 30 days of application (multiple personal accounts may be used), and (2) months business bank statements (to support that the borrower maintains a separate business account). If business bank statements cannot be provided to evidence a separate business account, then a 10% expense factor may be applied as long as there is no indication that the personal assets are a co-mingled account.
Business Bank Statement
Income Calculation Methods: Option1: Total deposits multiplied by the borrower’s ownership % in the business and reduced by a fixed expense factor 50%. Divide by 12 or 24 months. Option 2: Total deposits multiplied by the borrower’s ownership % in the business and reduced by an expense factor provided by a CPA, EA, CTEC or Tax Preparer (Exceptions Available for PTIN) Option 3: 24 months P&L prepared by a third-party preparer. Must attest that they have audited the business financial statements or reviewed working papers provided by the borrower. 3 NSF in Past 12 Months (Exception Required > 3 NSF)
P&L Only
Max LTV < 720 FICO : 75% Borrower must have at least 25% ownership of the business. Documentation: A Profit and Loss (P&L) Statement covering the most 12 or 24 months, valid within 90 days of closing. The P&L must be completed by and reviewed by a CPA, EA, CTEC or Tax Preparer (Exception required for PTIN) P&L must sign and dated by the 3rd party preparer. If unsigned, a cover letter signed specifically states they prepared the P&L provided is acceptable. The letter must attest that they have audited the business financial statements or reviewed working papers provided. Borrower ownership % can be verified by either: A signed written statement from the 3rd party Preparer an Operating Agreement, Articles of Incorporation/Organization, a Partnership Agreement Or a Business Certificate filed with a governmental agency.
1099
Borrowers who have a 2 year history of receiving 1099 only or have recently converted from W2 to 1099 and at least 1 year of receiving 1099 in the same line of work. Documentation: 1099 for the previous year tax return, payable to the borrower (not a business) verification from the current contract employer to cover 2 recent years + YTD earnings. Fixed expense ratio of 10% Most recent two months proof of receipt is required.
WVOE
Restrictions: Primary Only Min Fico 680 Max LTV >= 720 : Pur & R/T Refi : 80%, C/O 70% Max LTV < 720 FICO Pur & R/T Refi : 75%, C/O 70% No Gifts Allowed Documentation: Completed on FNMA 1005 form by Human Resources, the Payroll Dept or an Officer of the Company. Paystubs, Tax Returns or W2 are Not required Internet search of the business is required with documentation to support existence of business. Borrowers employed by family members or related individuals are not eligible.

GENERAL GUIDELINES
Min Loan Amount
$150,000
Max Loan Amount
$300,0000
Occupancy
Primary, Second Home and Investment
Property Types
SFR, 2-4 Unit, Modular, SFR+1ADU Rural – 20 Acres Max
DTI
50% DTI > 45% Max LTV 80% FTHB Max DTI 45%
Residual Income
Min $1,500
Housing History
Housing history > 12 months: Fully executed VOR (Cancelled checks, bank statements or payment history from management company). Free & Clear properties are considered 0x30 for each month owned by borrower. Housing < 12 months: Restricted to : Primary Residence only Min 6 months reserves 10% min borrower contribution Max 45 DTI
Housing Event
36 Months SS/FC/DIL/BK and 1x30x12 Max 80 LTV if above
Eligible Borrowers
U.S. Citizens Permanent Resident Aliens Non-Permanent Resident Aliens (Not Available) Note: Business entities may hold title.
Credit
Minimum of 2 credit scores required for each borrower. Middle score of 3 FICO scores or lower of 2 FICO scores. Qualifying score is the score of the Primary Wage earner.
Tradelines
Primary wage earner is required to meet the minimum tradeline requirements. If the primary wage earner has 3 credit scores reporting on credit, then the tradeline requirements are met. Otherwise 3 tradelines >= 12 months open and active or 2 tradelines >= 24 months open and active
Cash-Out
$1.0M LTV > 65% Unlimited LTV <= 65% Properties listed for sale within last (12) months are not eligible.
Flip Transactions
Considered a flip if resold < 365 days and price has increased more than 10%. Greater than 10% increase in past 90 days. Greater than 20% increase in past 91-180 days. A second appraisal is required.
Assets
All pages of most recent one month statement.
Gifts
100% of gifts funds for owner-occupied transactions. 10% minimum borrower contribution for Second Home and Investment Properties. Gifts can be used to pay off debt. Gifts cannot be counted towards reserves. No Gifts allowed for WVOE Program
Reserves
< $1.0M : 3 Months $1.0M – $1.5M : 6 Months $1.5M : 9 Months Cash-Out may be used as reserves R/T Refinances No Min Reserves <= 65 LTV
Seller Concession
Primary and 2nd Homes <= 75 LTV : 9% Primary and 2nd Homes > 75 LTV : 6% Investment : 6%
First Time Homebuyer
Max DTI 45% WVOE : Max LTV 70%
Appraisals
Loan amount over $2.0M, 2 full appraisals are required. CDA required If CDA is less than 90% of the appraised value, then the LTV will be calculated using the lower value or a 2nd appraisal can be obtained.
Declining Markets
5% reduction to LTV

JET DSCR – Platinum updated 5/9/25

JET DSCR – Platinum

GENERAL GUIDELINES
Min FICO
700
Min Loan Amount
$100,000
Max Loan Amount
$3,000,000
Property Types
SFR, SFR+1ADU, Modular, 2-4 Unit
Rural
Up to 20 Acres
Housing History
Acceptable housing history requires evidence that a borrower has made a housing payment for at least the last 12 months. Housing history for the DSCR Doc type is limited to verifying the borrower’s primary residence and the subject property if a refinance transaction. For these properties, VOMs are required for any outstanding mortgages including private mortgages. No additional documentation is required to support the VOM (e.g. cancelled checks not required). Verifications dated within 30 days of application do not require to be updated unless more than 60 days at time of Note date. If a borrower is renting their primary residence, a VOR from the landlord is required with no additional documentation (e.g. cancelled checks not required). For any non-subject property, non-primary mortgages not reporting to the credit bureau, additional housing history is not required. However, any such mortgage that is reporting to the credit bureaus is subject to the housing rating requirements. No Housing History or Less Than 12 Months Verified any borrower who has not made at least 12 months of housing payments on any property (or as a tenant in a rental situation) in the most recent 12 months. Borrowers who live rent free at their primary residence are not considered ineligible if they are an experienced investor that owns other REO that meets the 12-month housing history requirement as documented by acceptable mortgage payment history or free and clear ownership. A “rent-free” letter of explanation from the homeowner is required. Borrowers who do not have a complete 12-month housing history are ineligible for the program.
Housing Event
3+ Year 1x30x12 : Max 75 LTV
Eligible Borrowers
U.S. Citizens Permanent Resident Aliens Inter Vevos Revocable Trust
Entity Vesting:
Limited to a maximum of (4) owners/members Entity Articles of Organization, Partnership, and Operating Agreements as required. Tax Identification Number (Employer Identification Number – EIN). In any case where a sole proprietor is using SSN in lieu of EIN, provide UW cert or supporting documentation to confirm. Certificate of Good Standing Certificate of Authorization for the person executing all documents on behalf of the Entity LLC Borrowing Certificate required when all members are not on the loan.
Credit
A minimum of 2 credit scores are required to be provided and used to determine the qualifying credit score. When more than one borrower qualifies for the loan, the qualifying credit score is the lower representative credit score of all borrowers
Tradelines
If a Borrower has three credit scores reporting on credit, then the minimum credit tradeline requirement for that borrower has been met. Else 3 tradelines active >= 12 months OR 2 tradelines active >= 24 months
Cash-Out
$1,000,000 LTV > 65% Unlimited LTV <= 65% L/A > $1.5 M – Max 65 LTV – Min 700 Fico Properties listed for sale within last (12) months are not eligible.
Flip Transactions
if the property is being purchased for more than 5% above the appraised value, a signed letter of acknowledgement form the borrower must be obtained. Sold within 365 days (10% Increase) Sold within 180 days (20% Increase) Additional appraisal required
Assets
Account statement covering 30 days. Large deposits must be sourced at the underwriters discretion.
Gifts
The borrower must demonstrate they have a minimum of 10% of their own funds for the down payment. The borrower does not have to actually contribute 10%, only document that they have 10%. Gifts must be from a family member. Gifts can be used to pay off debt Gift funds cannot be counted towards reserves Purchase transactions only
Reserves
< $1.0M : 3 Months $1.0M – $1.5M : 6 Months $1.5M : 9 Months Rate Term Refi <= 65% LTV – No Min Reserves Cash-Out may be used as reserves No additional reserves for other financed properties.
Seller Concession
6%
First Time Investor
Max LTV 75% Min 12 Months Reserves Max C/O – $250,000
First Time Homebuyer
Not Eligible
Appraisals
FNMA form 1004, 1025, 1073 with interior / exterior inspection. Appraisal review required unless 2nd appraisal obtained. Loans Amount > $2,000,000 – Require 2nd Appraisal
Declining Markets
Applied to LTV > 65% Reduce max LTV by 5%
Long Term Rental
On DSCR Purchase transactions, the qualifying Gross Rental Income figure is the higher of the market rent on Form 1007/1025 or the current lease. The amount that may be used for qualifying is based on the following: When the market rent on Form 1007/1025 is greater than the current lease, the Seller may use the Market Rent amount as listed not exceeding 120% of the lease amount to qualify. (e.g. lease is $1,100 and Form 1007/1025 is $1,500, then $1,320 may be used to qualify). A copy of the lease is not required if the appraiser lists the rent amount for the subject on Form 1007/1025. Otherwise, a copy of the lease is required. If the subject is vacant as indicated by the appraiser, use the market rent from Form 1007/1025 with no vacancy factor. When the Lease is greater than the market rent, the higher lease amount may be used with 3 months current proof of receipt of the higher rental income (or as per the terms on the lease agreement for new leases). A copy of the lease is not required if the appraiser lists the rent amount for the subject on Form 1007/1025. Otherwise, a copy of the lease is required. On DSCR Refinance transactions, the qualifying Gross Rental Income figure is the higher of the market rent on Form 1007/1025 or the current lease. The amount that may be used for qualifying is based on the following: When the market rent on Form 1007/1025 is greater than the current lease, the Seller may use the Market Rent amount as listed not exceeding 120% of the lease amount to qualify. (e.g. lease is $1,100 and Form 1007/1025 is $1,500, then $1,320 may be used to qualify). A copy of the lease is not required if the appraiser lists the rent amount for the subject on Form 1007/1025. Otherwise, a copy of the lease is required. If the subject is vacant as indicated by the appraiser, use the market rent from Form 1007/1025 with no vacancy factor. When the Lease is greater than the market rent, the higher Lease amount may be used with 3 months current proof of receipt of the higher rental income (or as per the terms on the lease agreement for new leases). A copy of the lease is not required if the appraiser lists the rent amount for the subject on Form 1007/1025. Otherwise, a copy of the lease is required. Leases are required to be no less than twelve (12) months but may convert to month-to-month upon expiration.
Short Term Rental
If the subject property is leased on a short-term basis utilizing an on-line service such as Airbnb or VRBO, gross monthly rents can be determined by using a 12-month look back period. Either 12 monthly statements or an annual statement provided by the online service is required to document receipt of the rental income. In addition, a screen shot of the online listing must show the property is activity marketed as a short-term rental. •A 5% LTV reduction is required when using short-term rental income to qualify •The following STR loan scenarios do not require a 12-month lookback or actively marketed verification if documentation is provided showing that the home is in a short-term rental market with no restrictions (i.e. Code enforcements, county, city, HOA restrictions, etc.) as determined by the appraiser. Form 1007 or 1025 based on short-term rental comparables will be required: o New construction properties- completed within 120 days of application o Owner-occupied properties by the seller that are being converted to STR by the buyer o Properties previously used as long-term rentals that are being converted to STRs may be allowed on an exception basis only. If the subject property is leased on a short-term basis utilizing an on-line service such as Airbnb or VRBO, gross monthly rents can be determined by using a 12-month look back period. Either 12 monthly statements or an annual statement provided by the online service is required to document receipt of the rental income. In addition, a screen shot of the online listing must show the property is activity marketed as a short-term rental. A 5% LTV reduction is required when using short term rental income to qualify. •The following STR loan scenarios do not require a 12-month lookback or actively marketed verification if documentation is provided showing that the home is in a short-term rental market with no restrictions (i.e. Code enforcements, county, city, HOA restrictions, etc.) as determined by the appraiser. Form 1007 or 1025 based on short-term rental comparables will be required: o New construction properties- completed within 120 days of application o Owner-occupied properties by the seller that are being converted to STR by the buyer o Properties previously used as long-term rentals that are being converted to STRs may be allowed on an exception basis only.