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
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- 4506T is executed but for only the 1-year tax return
- 1 Year P&L Profit and Loss Statement
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- Borrower prepared and Unaudited
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- Tax returns not required
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- IRS Form 4506-T not required
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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)