1 Year Full Doc (Lite Doc) Program – Lite Income and Reduced Employment
Reduced doc loan program is for both W2 Wage Earner and Self-Employed borrowers. 1099 Only loan programs are also available. All Lite Doc and Reduced Doc Loans Require Previous one year Form 4506-C
Income Documentation – One Year Lite Doc | Full Doc ~
* One Year business and personal tax return with all schedules
* Profit and Loss Statement or balance sheet starting month after previous year tax return (file extensions OK case by case). Income to be stable or growing.
* Distribution Income OK
* Rental Income OK without Schedule E
* Trust Income OK
* Bank Statement Income Documentation Options Available
Employment Documentation/ VOE – One Year Reduced Doc ~
* CPA Letter- Provided by any Tax Professional or equivalent such as a Certified Public Account (CPA), Enrolled Agent (EA) containing the following criteria:
* Percentage of Ownership
* Regulatory status
* 2+ year self-employment history
* Business name and physical address
Underwriter Notes:
* Loan Amounts $4,000,000
* Maximum Loan-to-Value | LTV 85%
* Minimum Middle (or power of 2) Credit Score – 620
* Minimum Reserves – 3 Months PITIA (subject property only)
* Occupancies – 75% LTV max on Investment Properties
* Eligible Property Types – SFR, 2 Unit, 4 Unit, Condo
* Maximum Debt-to-Income DTI Ratio 50% (exceptions to 55%)
* Gift of Equity (immediate family member) – OK
Available Terms:
* 15-, 30-, and 40-Year Fixed
* 3-, 5-, 7- and 10-Year ARMs
* Interest-Only Available on 40-Year Term
Loan Scenario Form – Credit Check Not Required
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.