Unconventional Mortgages (800) 718-8906

Unconventional Mortgages and Loans

(800) 718-8906

Unconventional Mortgages - A Wealth of Information Resource & Service: (800) 718-8906

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Bank Statement Loan Options for Self-Employed

Self-Employed Borrowers: Personal Bank Statements, Business Bank Statements and Comingled Bank Statement Accounts

Bank Statement Alt Doc Options Available – 2023 Updates

We calculate your monthly income number (DTI purposes) before your loan is submitted to the underwriter based on either your previous 3 months, 6 months, 12- or 24- months bank statements. Saves time because it will be a clean loan, the way the underwriter likes it. Quicker turn times and happy borrowers. Interest rates are always important. Service is key. Mortgages can come with a lot of moving parts.

* 20% Minimum Business Ownership Required

* Gift Funds OK to 100% with 5% Borrower Contribution

* One Year Business History Required

Eligible Property Types:

* Single Family Residences (SFR) (attached and detached)

* 2 Units

* 3 Units

* 4 Units

* Condos

* Non-Warrantable Condos (70% Max LTV)

Eligible Occupancies:

* Primary / Owner-Occupied

* Second /Vacation Homes

* Investment Properties

* ADU OK (5% LTV reduction) First Time Investors

Investor Service

First time investors can be eligible with no previous housing expense (rental history/mortgage payment) for the previous 12 months.

Rent free (no current housing expense (10% LTV reduction 680 credit middle score)

Available in the Following States:

Alabama, Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Mississippi, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin.

Debt Service Coverage No Ratio

DSCR – Real Estate Investor Program to $5,000,000

Employment Not Required. Income – Rental Leases or Appraisal. Traditional Income Documentation Not Required. Debt-to-Income Ratio Not Applicable DSCR <0.7.

Eligible Transactions – Purchase and Cash Out Refinance

Matrix – Credit Score | LTV | Loan Amount | Reserve Requirement

Jumbo Loan Amount – $1,500,000:

* 640 – 85% LTV / 3 Months Reserves *

* 620 – 80% LTV / 3 Months Reserves *

* 600 – 75% LTV / 3 Months Reserves *

* 640 – 85% LTV / 3 Months Reserves *

* 640 – 85% LTV / 3 Months Reserves *

Jumbo Loan Amount – $2,000,000:

* 700 – 85% LTV / 6 Months Reserves

* 660 – 80% LTV / 9 Months Reserves

* 620 – 75% LTV / 9 Months Reserves

* 600 – 70% LTV / 9 Months Reserves

Super Jumbo Loan Amount – $3,500,000:

* 680 – 50% LTV / 6 Months Reserves

* 620 – 60% LTV / 6 Months Reserves

* 600 – 55% LTV / 6 Months Reserves

Super Jumbo Loan Amount – $4,000,000:

* 660 – 80% LTV / 9 Months Reserves

* 640 – 80% LTV / 9 Months Reserves

Cash Out Refinance Loans

Loan Amount – $1,500,000:

* 640 – 80% LTV / 3 Months Reserves

* 620 – 75% LTV / 3 Months Reserves

* 600 – 70% LTV / 3 Months Reserves

Loan Amount – $2,000,000:

* 700 – 80% LTV / 3 Months Reserves

* 686 – 75% LTV / 3Months Reserves

* 620 – 70% LTV / 6 Months Reserves

* 600 – 65% LTV / 6 Months Reserves

Super Jumbo Loan Amount $3,500,000:

* 680 – 75% LTV / 9 Months Reserves

* 620 – 70% LTV / 9 Months Reserves

* 600 – 70% LTV / 9 Months Reserves

Super Jumbo Loan Amounts – $4,000,000:

* 680 – 60% LTV / 6 Months Reserves

* 620 – 60% LTV / 6 Months Reserves

* 600 – 50% LTV / 6 Months Reserves

* 720 – 85% LTV / 6 Months Reserves

Super Jumbo Loan Amounts – $4,500,000

* 660 – 70% LTV / 9 Months Reserves

* 640 – 75% LTV / 9 Months Reserves

Super Jumbo Loan Amounts – $10,000,000

* 660 – 60% LTV / 18 Months Reserves640 – 60% LTV | 18 Months Reserves

Eligible Property Types:

* Single Family Residence (SFR)

* 2 Unit

* 4 Unit

* Condos Not Allowed

Credit Criteria Notes:

* Mortgage or Rent Late Payments – 2- 30-day lates previous 12 months

* Bankruptcy Seasoning – 12 Months Seasoning

* Foreclosure Seasoning – 12 Months Seasoning

* Short Sale Seasoning – 12 Months Seasoning

* Deed-in-Lieu Seasoning – 12 Months Seasoning

* Minimum Credit Score – 600

Underwriter Notes:

* Maximum Purchase LTV – 85%

* Maximum Cash Out LTV – 80%

* Interest-Only Available

* 3 Year Pre-Payment Penalty available for lower interest rate

* Cash Out for Debt Consolidation – OK

* Cash Out cannot be used for reserve requirement.

* Business Entity Title (LLC) OK

* Permanent Resident Aliens OK

Lite Doc – 1 Year 1099 Only Income Documentation Program

* Purchase, Rate/Term – 600 Credit Score – 80% LTV – $1,500,000

* Cash Out – 620 Credit Score – 75% LTV – $1,500,000

* Loan Amounts: $250.000 to $5,000,000

1099 Only Income Calculation | Two 1099 Income Calculation Methods

* P&L Prepared by a CPA or equivalent license holder

* Expense Ratio CPA Letter (ERCL)

* Debt-to-Income (DTI): 55%

Loan Amount – Reserve Requirements:

* $1,500,000 – 6 Months

* $1,500,001 to $2,500,000 – 9 Months

* $2,500,00- to $5,000,000 – 12 Months

Property Types:

* SFR – Attached

* SFR – Detached

* 1-4 Units

* Warrantable Condos

Underwriter Notes:

* Gift OK – requires at least 5% bororrwer contribution from own 2 month seasoned funds

* Seller Concessions to 5%

* Available in the Following States:

Income Documentation – None | No Ratio

Reserves – 6 Months (not including Cash Out Refinance)

This Alt Doc loan program is for buyers that have extraordinary or unconventional income and documentation including self-employed borrowers and fixed income along with previous credit challenges due to inconsistent employment, foreclosure, bankruptcy, short sale, divorce, and or health issues. This loan program is specifically designed to bridge the gap and resolve the problem that prevents good borrowers from obtaining mortgage credit. Manual underwriting through intelligent guidelines brings forth opportunity of home ownership to borrowers of all kinds

Minimum Mortgage Credit Score – 620

Loan Purpose

Purchase

Rate/Term Refinance

Cash Out Refinance

LTV’s

75% Maximum for Purchase and Rate and Term

Cash Out to 70% LTV

Occupancies:

Owner-Occupied

Vacation Homes

Available Terms:

ARM’s – 3 Year, 5 Year

Fixed – 15 Year, 20 Year, and 30 Year

Interest-Only Available

Non-Occupant Co-Borrower – OK

Loan Scenario Form – Credit Check Not Required

Available in the Following States:

Alabama, Alaska, Arizona, Arkansas, California, Colorado, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Massachusetts, Michigan, Missouri, Nevada, New Hampshire, New Jersey, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, and Washington.