Use Bank Statements as Income Alternative

Income Documentation Programs for Self-Employed Borrowers | Form 4506-T Not Required

Income Documentation Options:

  • Asset Depletion / Asset Based (in conjunction with any Full or Alt Doc program)
  • Bank Statements
  • Lite Doc
  • Reduced Doc

Self-Employed Only

  • Tax Returns not required
  • 4506T not required

Bank Statement Documents:

  • 1 Month Personal Bank Account Statement
  • 2 Months Personal Bank Account Statements
  • 3 Months Personal Bank Account Statements
  • 6 Months Personal Bank Account Statements
  • 12 Months Personal Bank Account Statements 
  • 24 Months Business Bank Statements

Primary borrower must be self-employed - W-2 Co-Borrower OK

 

Primary borrower must be self-employed - W-2 Co-Borrower OK

Self-employed is defined by 25% ownership in a company

Cash Out Refinance available to $1,000,000

3 Reduced Doc Options:

1 year Lite Doc

1 year W2 or 1 year 1099 in lieu of the standard 2-year income history and employment history verification requirements including full tax returns with all schedules

4506T is executed but for only the 1 year W-2. Not the previous year.

4506T is not executed for the self-employed borrower

Tax Returns not required

  • 1 Year Tax Returns instead of the standard 2-year requirement
    • 4506T is executed but for only the 1-year tax return
  • 1 Year P&L Profit and Loss Statement
    • Borrower prepared and Unaudited
      • Tax returns not required
      • IRS Form 4506-T not required

Jumbo Loan Amounts:

  • Owner Occupied
    • $2,500,00 for purchase and rate/term refinance - 80% LTV maximum
    • $2,000,000 for Cash Out - 75% LTV maximum
  • Non-Owner Occupied / Investment Properties
    • $$1,000,000

Percentage of Financing: 90% LTV Maximum

Assets / Reserves: 24 months reserves seasoned for 3 months or VOD Verification of Deposit

Property Types:

  • SFR Single Family Residence
  • Condominiums < 4 stories
  • Condominiums - highrise OK
  • Townhouses
  • 1-2 Units
  • 2-4 Units
  • Duplex

Occupancies:

  • Owner Occupied
  • Second Home
  • Non-Owner Occupied

Available Terms:

  • ARM's: 3/1, 5/1, 7/1, 10/1
  • Fixed Rates: 15 Year, 20 Year, 30 Year

600 Credit Score to 80% LTV

3 previous 30-day mortgage lates within previous 12 months OK

Underwriting Notes:

Short Sale, 1 day seasoned

Foreclosure, 1 year seasoned

Bankruptcy, 1 year seasoned

55% max DTI

1 60-day previous mortgage late within the last 12 months OK

 

States: Alabama | Arizona | Colorado | California | Florida | Georgia | Maryland | Massachusetts | New Jersey | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Virginia | Washington

Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)