We haven't seen this lately, it's HOT and I am lovin it. A True SIVA program from $500K to $3MM both owner and non-owner occupied properties. WOW it's just what the market ordered!! I can hardly wait to hit the streets and start knocking on doors talking about this program.
The LTV"s are mid range even with cash out. No I don't think it's a silly program. It's for the borrower who can re-pay the loan has substantial assets but an income that varies from month to month.
I also have a VOE Only Program for Conforming High Balance Loans with 80% LTV purchase/R&T and 70% C/O on O/O. No W2, No paystub and NO 4506, 1-4 Units, 700 FICO Minimum.
This should give the market a very needed jumpstart in the Super Jumbo arena.
I am your SuperJumboMortgageSpecialist