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Six Alternative Income Verification Options

Non-QM loan program uses bank statements In lieu of Traditional Income Documentation to determine a borrower’s Ability-to-Repay. Agency – government regulated. Non-QM is manually underwritten per investor guidelines as well as underwriter discretion.

Alternative Non-QM Income Documentation Options for the Self-Employed Borrower

Tax Returns not required; Form 4506-T (now Form 4506-C) not required. Form 4506-C (formerly Form 4506-T) is also not required for Self-Employed borrowers. Form 4506-C is required for W2 Wage Earners only. If W2 Income is Mixed with Self-Employment Bank Statement Income. Proof of Payment will be Required. Self-Employment is defined as >25% Ownership to qualify as “self-employed”.

Bank Statement and Asset Depletion

Five Alt Doc and Five Reduced Doc Options

  • 1 Page Business Account with CPA or Borrower Prepared P&L Statement 
  • 3 Months Business Account statements or Personal Account statements. 
  • 12 Months Business account statements or Personal account statements (6 month bank statement programs also available)
  • 24 Months Business Account statements or Personal Account statements. Note: We can Co-Mingle Multiple Accounts when it make sense
  • Asset Depletion (Quantify Additional Qualifying Income), Asset-Based. Pledged Asset Portfolio Programs Also available


Reduced Doc: Unseasoned Job Profession History and Income | Self-Employed and W2 Wage Earners

  • 1 Year Tax Returns – 600 Credit Score
  • 1 Year W2 – 580 Credit Score
  • 1 Year 1099 Only – 620 Credit Score
  • Liquid Reserves Requirement: 6 Months Reserves (Subject Property Housing Expense). Note: Cash Out Can be used to Meet Reserve Requirement 

Maximum loan amount is $3,000,000 to 90% LTV and a maximum Cash Out (cash-in-hand) dollar Amount of $1,000,000. Loan Amount exceptions made to $10,000,000. Lenient DTI Guidelines to 55%. Exceptions to 60% DTI.

Eligible Property Types:

  • SFR, PUD, 2 Unit, 4 Unit, Condo, Modular, Mixed Use, and Specialty Homes

Eligible Occupancies:

  • Owner-Occupied/Primary Residence, Second/Vacation Home, Non-Owner-Occupied/Investment Property

Available Terms

  • 30 Year Fixed, 15 Year Fixed, 5/6 ARM, 7/1 ARM
  • Interest Only Available on both the ARM Product as well as the Fixed Rate Product!!

Credit Notes

  • Traditional Credit Only
  • Credit Rescore to Qualify for More Loan (or a Better (more suitable) Loan Program: Terms, Pricing, Conditions, etc.

Credit Event Seasoning Requirements for this Alt Doc Program

  • Bankruptcy – 24 Months
  • Foreclosures – 24 Months
  • Short Sale- 24 Months

Loan Scenario Form – Credit Check Not Required

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin

Alternative Income Documentation

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