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Lite Doc One Year Income Documentation

As an alternative to the standard two years of income documentation, we have two options for you: either provide one year W2 alongside 30 days of paycheck stubs year to date (YTD), or submit one year tax returns along with year to date Profit and Loss (P&L) statement. Form 4506-C is Required. One year business seasoning required.

Lite and Reduced Doc Options:

  • Previous Year W2 + 30 Days paystubs with YTD
  • Previous Year -Form 1099(s) + YTD P&L
  • Previous Year Business and Personal Returns (extension OK)
  • P&L – Prepare by a licensed tax professional. Must include license number and on company letterhead

Reduced Doc – One Year Employment History Verification Options:

  • Article of Incorporation/ Operating Agreement
  • CPA Letter stating % of Ownership number of years in existence

Wage Earner Verification of Employment Options:

  • Written Verification of Employment (WVOE), endorsed by the Owner, Company Officer, or Direct Supervisor.
  • Verbal Verification of Employment (VVOE) with contact details for the HR department, including a phone number for verbal confirmation.
  • Small Business: Direct Supervisor Phone Number

Evidence One Years Self-Employment Options:

  • Tax Professional such as a CPA, EA, Professional Bookkeeper
  • Internet Listing – Verify Phone Number and Business Address via Third Party resource, Manta, etc.

Available Terms:

  • 30 Year Fixed Rate, 5/1, 7/1, 10/1 ARMS’s
  • 10-Year Interest Only
  • 20 Year Amortization
  • 40 Year Fixed Rate, 5/1, 7/1, 10/1 ARMS’s with or without 10-Year Interest Only
  • 30 Year Amortization with or without 10-Year Interest Only

Required Credit Criteria & Highlights:

– 50% Debt-to-Income Ratio (DTI) 620 Minimum Credit Score

– 55% Debt-to-Income Ratio (DTI) 660 Minimum Credit Score

– Seasoning for Major Derogatory Credit Requires Only 2 Years Seasoning

– Housing Payment History 1 30-Day Mortgage or Rent

**Investors – Unlimited Financed Properties -OK

Available in the Following States:

Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Maine, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.