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One Year Tax Returns to 90% LTV

Reduced Doc | 12 Months

Reduced Income Documentation and Reduced Employment Verification Documentation

We can help new business owners or self-employed borrowers who experienced a greater amount of income last year compared to the previous year. This loan program is ideal for self-employed borrowers because income tax write-offs reduce the amount of revenue that the underwriter can consider and self-employed borrowers need to prove employment and income stability, usually back two years.

Verification of Employment (VOE)

Employment and Income Doc Reduced from 24 Months to 12 Months Tax Return or 1 Year W2
Use only 1 year Tax Return to get the approval you need for your next home purchase or refinance, First. Time Homebuyers (FTHB) included.

Employment Highlights

* Self-Employed and/or W2 Wage Earner

* On a full doc loan, you average the preceding 2 years. With this program, you have the flexibility to utilize last year only to avoid a lower two-year average.

* Interest Only Available to 85%

LTV /Loan Amount, and Credit Score

* 90% to $2000000 – 680 FICO

* 85% to $2500000 – 680 FICO

* 80% to $3500000 – 660 FICO

Eligible Property Types /LTV

* Single Family Residence (SFR) – 90%

* Condo – Warrantable & Non-Warrantable – 85%

* Duplex – 85% LTV

* Townhome / Townhouse

* 2-Unit – 85% LTV

* 3-Unit – 80% LTV

* 4 Unit – 75% LTV

Eligible Occupancies

* Primary

* Second Home

* Investment Properties – 80%

Cash Out or 85% Purchase / Rate & Term

Credit Highlights

* Minimum Credit Score: 640

* Chapter 13 Bankruptcy Seasoning – 12 Months Discharged

* Chapter 7 Bankruptcy – Seasoning – 24 Months Discharged

* Foreclosure – Two Years Discharged

* Short Sale – Two Years Discharged

* Loan Modification – Two Years Discharged

* Housing History: One 30-Day Late in Previous 12 Months

Credit Criteria and Notes:

* Two open tradelines With a Minimum of 2-Year History for the Primary Borrower. Unacceptable

Tradeline Types Include Authorized User Account Deferred Payment School Accounts

General Guideline Highlights

* First Time Home Buyer – OK

* Gift Funds – OK

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, Massachusetts, Michigan, 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

Contact a Loan Officer

Non-Qualified Lending

Non-Qualified Lenders

Unconventional Lenders