Alternative Income Documentation | Bank Statement Month Options | Business or Personal (Co-Mingled) Account Statements
More and more Self-Employed Americans are finding it much easier to obtain reasonable mortgage financing. Without the alternative income documentation programs we offer to Self-Employed borrowers, it would be very difficult to qualify for a mortgage.
Employment: Self-Employed Only (>25% Business Ownership)
For 90+% of Self-Employed Borrowers, trying to qualify for any Owner-Occupied property financing is a difficult and frusterating experience. Alt Doc programs such as: Bank Statements, 1099(s) Only, Asset Utilization and Asset Depletion programs, Stated Income Income also available for owner-Occupied and non-owner occupied properties it would be far more. This large market segment and an underserved market demographic.
Interest Only available with a 40 year fixed, with 10 year Interest Only (I/O) period. to LTV's to 95% including 5% Gift Money. + 5% Borrower Contribution)
Bank Statements and Terms by Month (co-mingled OK case-by-case):
- One Month - Business Account
- Two Month - Business and/or Personal Account
- Six Month - Personal Account
- Twelve Month - Business Account or Personal Account (co-mingle business and personal account(s) with borrower prepared P&L)
- Twenty-Four Month - Business Account or Personal (co-mingle business and personal account(s) with borrower prepared P&L)
Loan Purposes:
- Purchase
- Refinance - Rate/Term | Cash Out - Maximum Cash-in-Hand - $1,500,000
- Bridge Financing Available
Matrix | Credit Score / LTV / Loan Amount | 550 Credit Score
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Purchase and Rate & Term | Credit Score - 550+
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550 - 65% - $1,000,000
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580 - 75% - $1,500,000
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640 - 80% - $2,000,000
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680 - 85% - $3,000,000
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700 - 90% - $3,000,000
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Cash-Out Refinance | Credit Scores - 580+
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580 - 65% - $1,000,000
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640 - 70% - $1,500,000
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680 - 75% - $1,500,000
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720 - 80% - $2,000,000
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Purchase and Rate & Term | Credit Scores - 620+
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620 - 70% - $1,000,000
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640 - 70% - $1,500,000
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660 - 75% - $2,000,000
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680 - 80% - $2,500,000
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700 - 80% - $3,000,000
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Cash Out Refinance | Credit Scores - 640+
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640 - 65% - $500,000
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660 - 65% - $1,000,000
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680 - 75% - $1,500,000
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720 - 75% - $2,000,000
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Eligible Occupancies:
- Primary
- Second Home
- Non-Owner Occupied: Investment Property, Owner-Occupied / Non-Owner-Occupied, Investment Property
Eligible Property Types:
- Single Family Residence (SFR) - Attached and Detached
- Condominiums
- Unwarrantable Condos - Not Allowed
- 2 Unit
- 4 Unit
Available Terms:
- 30 Year Fixed
- 40 Year Fixed with optional Interest Only
Major Credit / Housing Event Seasoning Requirements:
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Bankruptcy
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Settled - 70% LTV
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One Year - 80% LTV
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Two Years - 85% LTV
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Three Years - 90% LTV
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Foreclosure
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Settled - 75% LTV
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One Year - 80% LTV
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Two Years - 85% LTV
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Three Years - 90% LTV
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Short-Sale
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Settled - 75% LTV
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One Year - 85% LTV
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Two Years - 90% LTV
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Deed-in-Lieu
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Settled - 75% LTV
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One Year - 8% LTV
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Two Years - 85% LTV
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Documentation Expiration
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Credit Report: <90 Days old at closing
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Income and Assets: <90 Days old at Closing
Eligible Liquid Assets Account Types
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Socks, Bonds, Mutual Funds: 75%
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Retirement Funds Amount Invested, 65%
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Gift of Equity OK
| Mortgage Pre-Qualification Form - Credit Check Not Required |
Available in the Following States:
Alabama, Arizona, California, Colorado, Delaware, Florida, Georgia, Illinois, Iowa, Louisiana, Mississippi, Missouri, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington, and Wisconsin
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