1099 Only Lite Doc Income Documentation Loan Program
This loan program is for self-employed sole proprietor borrowers and form 1099 income documentation. Independent contractors with a minimum 680 credit score can access mortgage financing.
This lite Doc loan program requires only one year of income and one year of employment verification. Form 4506-C not required.
12 Month Bank Statement Loan Cash Out Refinance 680 Credit Score
* 85% Loan-to-Value LTV to $5,000,000
* Cash Out – $2,000,000 Cash In Hand (not including debt consolidation)
* 12 Months Income and Employment Verification Documentation, Asset Utilization
* Asset Utilization Allowed as a Stand-Alone Source Income (Lite Doc) or in Conjunction
* IRS Form 4506-T and 4506-C is Required for Previous One Year
* Tax Return is Required – One Year for Lite Doc
Credit Requirements
* Two 12 Month Active Tradeline with $1000 Credit Limits, or
* One 24 Month Active Tradeline with $2500 Credit Limit
Minimum Credit Score Requirements
* 600 for the primary income earner
* Two 12 month active tradelines with $1000 Credit Limits, or
* 580 Co-Borrower
Portfolio Non-QM Lender Guidelines & Highlights
Simplifying Non-QM Underwriting and process by defaulting to our core Non-QM guidelines and interpretation of the Ability to Repay rule. We can expedite and close your loan with minimal conditions and fast closing.
Underwriter Niche Guidelines: VOR (Verification of Rent) Not Required
* Credit LOE’s (Letter of Explanation) for previous addresses, work history, recent credit inquiries
* Reserves Not Required on Primary Residence
* No Liquid Assets Requirement for either a Rate and Term Refinances but also, Cash-Out refinance
* No Residual Income requirements
* Six Months Title Seasoning on Market Value Cash-Out Refinance
* First Time Homebuyers qualify the same
* Gift Funds Allowed – 100% Gift Funds with 5% Borrower Contribution
* 55% DTI (debt-to-income) Ratio
* Cash-Out Available
* Fixed-Rate Interest-Only Terms Available
* Prepayment Options Available
Available in the Following States:
Alabama, California, Florida, Georgia, Hawaii, Illinois, Indiana, Maryland, Nevada, New Jersey, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.
Last Updated on 4 months ago by Broker Mortgages