Lite Doc – 12-Month Bank Statement Program
Qualify with a 12-month average of gross deposits instead of traditional income documentation. Designed exclusively for self-employed borrowers, this program no longer requires Forms 4506-T or 4506-C. Now expanded to include sole proprietor independent contractors.
March 2025 Update:
* Purchase & Rate/Term Refinance: Up to 85% LTV
* Cash-Out Refinance: Up to 80% LTV, with a maximum $1,500,000 cash-in-hand (excluding proceeds used for debt consolidation under the “Debt Consolidation Mortgage Program”).
Alternative to Traditional Bank Statement Loans
Beyond bank statements, 1099s can be used without requiring a 1040 or Schedule C. This income is added to the overall qualifying income, aligning more closely with a Full Income Documentation Program—unlocking Full Doc pricing.
Credit Notes
* Credit Score 680 Minimum Middle for all Borrowers
* Bankruptcy Discharge Seasoning Requirements – 2 Years Seasoning Required for Chapter 7
* Seasoning Required for Chapter 13 Bankruptcy
* Foreclosure Discharge Seasoning Requirement – 4 Years Seasoning Required
* Loan Modification Complete (yeah, right. Lose your Paperwork, did they?)- 3 Years Seasoning Required
Available Terms
* 5-, 7- and 10-year ARM’s and 15 year fixed
* Balloon note at ARM maturity or option to roll into an equity line
Eligible Property Types
* Single Family Residence
* 1-4 Unit Properties
* Condominiums
Eligible Occupancies
* Owner-Occupied
* Investment Property
* Second Home
Get Pre-Qualified | Without a Credit Check
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Washington, Wisconsin, and Wyoming.