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Non-Prime 6 Month Bank Statement Mortgage

Five Alternative Income Verification Options

This 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..

Non-QM Income Documentation Options | Self-Employed Borrower

Tax Returns not required; Form 4506-T not required. Form 4506-C 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 + Asset Depletion – Five Reduced Doc Options

** 1 Page Business Account with CPA or Borrower Prepared P&L

** 3 Months Personal Account statements + 2 Months Business Account statements

** 6 Months Personal Account statements.

** 12 Months Business account statements or Personal account statements

** 24 Months Business Account statements or Personal Account statements. Note: We can co-mingle multiple accounts when it makes sense.

Reduced Doc: Unseasoned 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

** 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 in 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 – 12 Months

** Foreclosures – 12 Months

** Short Sale- 12 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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Non-QM Mortgage Lending

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