Our Premiere product in Alt-Doc Financing. SIVA Elite has the LOWEST Non-QM Interest Rates in the Nation and is now available to both W2 and Self-Employed Borrowers. An incredible product for individuals who have too many write-offs on their tax returns to qualify for a Full-Doc Mortgage or just haven’t had long enough seasoning at their current employment. SIVA Elite eliminates the possibility of being denied a mortgage due to issues deriving from a Borrower’s income.
Purchase
- O/O – 70% LTV to $2M. 50% LTV to Unlimited**.
- N/O/O – 60% LTV to $2M. 50% LTV to Unlimited**.
- SFR 1-4, Condo’s + PUD’s (Warrantable Only ((Freddie-Mac Guidelines)).
- 700 Mid Fico Score.
- No history of BK, FC, SS, Charge-Off’s, Tax Liens.
- Max 1×30 in past 12 months.
- With qualifying Reserves, DTI will not be calculated and no Seasoning of Employment is Required.
- Reserves:
- 6 months reserves of subject plus 2 months reserves of each additional property owned and financed, Sourced & Seasoned for 2 months with qualifying Income Documentation (CPA Letter or VOE).
- 18 months reserves Sourced and Seasoned for 2 months when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT.
- 36 months reserves Sourced and Seasoned for 2 months when Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.
- Reserves:
- Self-Employed and Wage Earner borrowers accepted.
- No Pre-Payment Penalties.
- Gift Funds allowed. Minimum 5% of Purchase Price + Reserves must be Borrower’s own funds
- Sourced and Seasoned for 2 months.
- No max properties owned/financed, 8 max properties on NOO owned and financed. Free and Clear properties and Commercial properties are exempt.
CA, NV, TX, NY, NJ, WA, MA, and IL
** Unlimited Loan Amounts are taken on a case-by-case basis and decision will be based on compensating factors of Borrower’s strengths such as High Reserves, Excellent Credit, etc.
Refinance
- O/O
- R/T – 65% LTV to $2M. 50% LTV to Unlimited**.
- C/O – 50% LTV to Unlimited**.
- N/O/O
- R/T – 60% LTV to $1M. 50% LTV to Unlimited**.
- C/O – 50% LTV to Unlimited**.
- SFR 1-4, Condo’s + PUD’s (Warrantable Only ((Freddie-Mac Guidelines)).
- 700 Mid Fico Score.
- No history of BK, FC, SS, Charge-Off’s, Tax Liens.
- Max 1×30 in past 12 months.
- No Max Cash-Out.
- With qualifying Reserves, DTI will not be calculated and no Seasoning of Employment is Required.
- Reserves (Based on PITIA):
- 6 months reserves Sourced and Seasoned for 2 months with qualifying Income Documentation (CPA Letter). *On N/O/O transactions, the borrower must also possess 2 months reserves Sourced and Seasoned for 2 months on each additional property owned/financed in addition.
- 18 months reserves Sourced and Seasoned for 2 months when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT.
- 36 months reserves Sourced and Seasoned for 2 months when Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.
- Reserves (Based on PITIA):
- Self-Employed and Wage Earner borrowers accepted.
- No Pre-Payment Penalties.
- No max properties owned/financed (N/O/O Max Properties Financed is 8 including Subject Property).
CA, NV, TX, NY, NJ, WA, MA, and IL
** Unlimited Loan Amounts are taken on a case-by-case basis and decision will be based on compensating factors of Borrower’s strengths such as High Reserves, Excellent Credit, etc.
HELOC
No Appraisals up to $500K.
- O/O
- 70% LTV to $1M as a 1st T/D.
- 65% LTV to $1M as a 2nd T/D.
- 50% LTV to Unlimited**.
- N/O/O
- 65% LTV to $1M as a 1st T/D.
- 60% LTV to $1M as a 2nd T/D.
- 50% LTV to Unlimited**.
- SFR 1-4, Condo’s + PUD’s (Warrantable Only ((Freddie-Mac Guidelines)).
- No Seasoning of Ownership.
- < 6 Mos Purchase Price
- > 6 Mos Appraised Value
- 700 Average Fico Score.
- Foreign National Borrower’s OK – Passport Only.
- No history of BK, FC, SS, Charge-Off’s, Tax Liens.
- Max 1×30 in past 12 months.
- No Max Cash-Out.
- With qualifying Reserves, DTI will not be calculated and no Seasoning of Employment is Required.
- Reserves (Based on PITIA):
- 6 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs ((if any)) with qualifying Income Documentation (CPA Letter or VOE).
- 18 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs ((if any)) when Borrower owns at least 1 other property than Subject and then qualifies with NO DTI REQUIREMENT (Based upon initial minimum draw of $50K + All Payoffs (if any).
- 36 months reserves Sourced and Seasoned for 2 months (Based upon initial minimum draw of $50K + All Payoffs ((if any)) when Borrower does not own any other properties than Subject and then qualifies with NO DTI REQUIREMENT.
- Reserves (Based on PITIA):
- Self-Employed and Wage Earner borrowers accepted.
- No Pre-Payment Penalties.
- No max properties owned/financed.
CA, NV, TX, NY, NJ, WA, MA, and IL
** Unlimited Loan Amounts are taken on a case-by-case basis and decision will be based on compensating factors of Borrower’s strengths such as High Reserves, Excellent Credit, etc.