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The One-Month Bank Statement Program Details:
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Self-employed Borrowers (two-year history required by (i) CPA Letter or (ii) Business License)
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U.S. Residents
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Income is ATTESTED to and DECLARED; CSC Underwriter to confirm reasonable for job and compare to credit usage / history – deposits into account are not the determinant figure
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Purchase Max LTV of 70%
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Refinance Max LTV of 65% (rate and term or cash out)
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Borrowers with a minimum Credit Score of 700
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Borrowers with a minimum credit depth of five (5) years with a minimum of three (3) accounts, each paid as agreed
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No credit events within the last five (5) years including consumer and mortgage (minimum twenty four (24) month recent mortgage required)
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No charge offs, collections, or tax liens
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Maximum loan amount of $3,000,000
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Minimum loan amount of $250,000
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Owner-occupied transactions
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SFR / Condo / Townhouse Property Types
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Most recent personal account’s bank statement with no NSFs and positive ending statement
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Closing Funds may come from the account provided for qualifying income and an Escrow Deposit Receipt is required
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(only one month’s statement is required for assests)
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Reserve funds are not required
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CSC’s customary 7/23 or 30/30 programs
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Cash out is unlimited, unless otherwise limited specific within CSC’s programs generally
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Secondary Financing is not allowed
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Property must be in good condition and conform to the area
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No rural properties
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No first-time homebuyers