Lite Doc – 1 Year 1099 Only Income Documentation Program
Purchase, Rate/Term – 600 Credit Score – 80% LTV – $1,500,000
Loan Amounts: $250.000 to $7,500,000
1099 Only Income Calculation
Two 1099 Income Calculation Methods:
* P&L Prepared by a CPA or Equivalent License Holder
*Expense Ratio CPA Letter (ERCL)
Cash Out – 620 Credit Score – 75% LTV – $1,500,000
Debt-to-Income (DTI): 55%
Loan Amounts and Reserve Requirements:
*$1,500,000 – 6 Months
*$1,501,000 to $2,500,000 – 9 Months
*$2,501,000 to $5,000,000 – 12 Months
*$5,000,001 $7,500,000 – 18 Months
Eligible Property Types:
*Single Family Residence – Attached
*Single Family Residence – Detached
*2 Units
*3 Units
*4 Units
*Warrantable Condos
Underwriter Highlights:
*Gift Funds OK – Requires at least 5% Borrower Contribution Required, 2 months seasoned funds.
*Seller Concessions to 5%
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New Hampshire, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.