No-Income-No Ratio Loans (NJ)
(NY REDUCE LTV BY 10%)
W-2 WAGE EARNERS OR SELF EMPLOYED
Available for all loan programs except I/O or low-mod-income loans.
The 1003 must reflect the place of employment and phone # of employer.
Income should not be disclosed anywhere on the 1003 or 1008.
Retired individuals will be considered on a case-by-case basis.
All self employed borrowers must be self employed at the same job and location for a minimum of 2 years. A CPA contact is required prior to closing.
All W2 borrowers must have 2 consecutive years of employment in the same line of work.
Single-family-detached, PUD’s & eligible condos only. (No 2-4 families)
Maximum loan amount of $1,000,000.00 with .50% (1/2) add-on to rate.
Maximum LTV/CLTV of 60% for Primary NJ Properties.
Maximum LTV/CLTV of 50% for second homes in NJ on purchases or rate & term refinances only. No cash-out allowed on second homes.
Borrowers must have all of their own funds in a purchase transaction. (No Gifts)
Fico scores of 720 or higher for all borrowers.
Full asset verification is required: Liquid personal asset reserves with proof of four months for PITI. (No retirement accounts allowed)
All assets must be seasoned for at least 60 days. (Exceptions for recent home sales applied towards a down-payment will be considered with a HUD-1)
Underwriting prefers checking or savings accounts for reserves but we will consider mutual funds or stocks as long as the funds are not needed for closing costs.Underwriting will condition for these assets to be liquidated prior to closing.
Any deposits in excess of $2,000 will need to be sourced.
Purchases or rate/term refinances cannot have cash back to borrowers exceed the lesser of 1% of the loan amount or $2,000.00.
No secondary financing allowed on for purchases.
No Tax escrow waivers allowed.
Verification of rent is mandatory when applicable.
All borrowers who own their current primary residence and will not sell the property until after the subject property or will rent out their current property, we will require a letter of intent. (No Exceptions)
Cash-out refinances: (New Jersey Primary Residences Only)