Alternative Income Documentation 580 Credit Score
** 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% or > Company Ownership
For 90+% of Self-Employed Borrowers, trying to qualify for any Owner-Occupied property financing is a difficult and frustrating experience. Alt Doc programs such as: Bank Statements, 1099(s) Only, Asset Utilization and Asset Depletion programs, Stated 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 LTVs 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
Loan Program Matrix – Credit Score – LTV
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 Duplex
* 3-Unit Triplex
* 4-Unit
Available Terms:
* 30-Year Fixed
* 40-Year Fixed with optional Interest Only
Credit:
Major Credit / Housing Event Seasoning Requirements:
Bankruptcy:
* Settled – 70% LTV
* One Year Seasoned – 80% LTV
* Two Years Seasoned – 85% LTV
* Three Years Seasoned – 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.
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