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

  • Purchase and Rate & Term | Credit Score - 550+

    • 550 - 65% - $1,000,000

    • 580 - 75% - $1,500,000

    • 640 - 80% - $2,000,000

    • 680 - 85% - $3,000,000

    • 700 - 90% - $3,000,000

  • Cash-Out Refinance | Credit Scores - 580+

    • 580 - 65% - $1,000,000

    • 640 - 70% - $1,500,000

    • 680 - 75% - $1,500,000

    • 720 - 80% - $2,000,000

  • Purchase and Rate & Term | Credit Scores - 620+

    • 620 - 70% - $1,000,000

    • 640 - 70% - $1,500,000

    • 660 - 75% - $2,000,000

    • 680 - 80% - $2,500,000

    • 700 - 80% - $3,000,000 

  • Cash Out Refinance | Credit Scores - 640+

    • 640 - 65% - $500,000

    • 660 - 65% - $1,000,000

    • 680 - 75% - $1,500,000

    • 720 - 75% - $2,000,000

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:

  • Bankruptcy

    • Settled - 70% LTV

    • One Year - 80% LTV

    • Two Years - 85% LTV

    • Three Years - 90% LTV

  • Foreclosure

    • Settled - 75% LTV

    • One Year - 80% LTV

    • Two Years - 85% LTV

    • Three Years - 90% LTV

  • Short-Sale

    • Settled - 75% LTV

    • One Year - 85% LTV

    • Two Years - 90% LTV

  • Deed-in-Lieu

    • Settled - 75% LTV

    • One Year - 8% LTV

    • Two Years - 85% LTV

Documentation Expiration

  • Credit Report: <90 Days old at closing

  • Income and Assets: <90 Days old at Closing

Eligible Liquid Assets Account Types

  • Socks, Bonds, Mutual Funds: 75%

  • Retirement Funds Amount Invested, 65%

  • 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

c1-11t-10l1-117