Non-Prime Mortgage Lender Programs and Highlights
Independent contractor mortgage borrowers can now use their 1099 forms to qualify as additional income, demonstrating their ability to repay. This is particularly beneficial for sole proprietors seeking mortgage approval. By including 1099 income, independent contractors enhance their financial credibility for mortgage lenders.
5,000,000 Maximum Loan Amount
** Now you can use your 1099(s) for to qualify (sole proprietor) as additional income to show more “ability to repay”
Non-Prime Alt Doc, Lite Doc, No Doc, and No Ratio
Non-Prime Alt Doc
- Form 4506-C Not Required
- 580 Middle Credit Score & * One Day After Foreclosure Finalization Date – OK
- Credit Score Model 2, 4 or 5
- 580 Middle Credit Score & * One Day After Foreclosure Finalization Date – OK
- Tradeline Requirements. -Call your Loan Officer (800) 718-8906
Non-Prime – Lite Doc
- Two Months Bank Statements: 620 Middle Credit Score (model 2, 4 or 5)
- 90% LTV up to $3,000,000 Maximum Loan Amount
- One Year Tax Return: 620 Middle Credit Score (model 2, 4 or 5)
- 90% LTV up to $3,000,000 Maximum Loan Amount
- VVOE (verbal verification of employment):
- 640 Middle Credit Score (model 2, 4 or 5)
- 12 Month Employment Documentation History (4506-C not required)
- 12 Months Bank Statements: 600 Middle Credit Score (model 2, 4 or 5)
- 90% LTV to $3,500,000 Maximum Loan Amount
- 85% LTV up to $4,000,000 Maximum Loan Amount
- 640 Middle Credit Score (model 2, 4 or 5)
~ Non-Prime – No Doc (Form 4506-C Not Required)
- Investment Property Programs
- DSCR (debt service coverage ratio): 620 Middle Credit Score (model 2, 4 or 5)
- 85%% LTV (rate and term) and 80% LTV (cash out refinance) up to $5,000,000 Maximum Loan Amount
- Foreign National Investors: Any Credit Score/Credit Score Not Required
- 80% LTV to $3,500,000
- Maximum Loan Amount $5,000,000 & Tax Returns Not Required
- DSCR (debt service coverage ratio): 620 Middle Credit Score (model 2, 4 or 5)
~ Non-Prime No Doc (No Ratio) Programs (Form 4506-C Not Required)
- No Income Documentation
- Purchase or Refinance with Cash Out: 740 Middle Credit Score (model 2, 4 or 5) – 70% LTV to $2,500,000 Maximum Loan Amount | Owner Occupied/ Primary Residence
- Foreign National: 600 Middle Credit Score (model 2, 4 or 5) – 90% LTV to $3,500,000 Maximum Loan Amount | No Tax Returns Not Required | Form No 4506-T Not Required.
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, Nevada, New Hampshire, New Jersey, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.