Alt Doc - Bank Statement Programs
Bank statement revenue, cash-flow centric
Income alternative | No Tax Returns | No Form 4506-T or Form 4506-C
Bank Statement Loans and Options:
1 Month - Personal Account
2 Months - Business Account (exceptions made)
3 Months - Business or Personal Account(s)
6 Months - Personal Account(s)
12 Months - Personal Account~
24 Months - Business Account~
Primary Borrower must: be Self-Employed | W2 Co-Borrower - OK
Self-Employed is Defined by 25% Ownership in a Company
Asset Depletion
Asset Depletion / Asset Based: (in conjunction "Blended Income" with any Full Doc or Alt Doc program)
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
1 Year P&L Profit and Loss Statement
Borrower Prepared and Unaudited
Available Alt Doc: No Doc, Stated Income, Bank Statements, Reduced Doc, Asset Depletion, Lite Doc
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
DTI - 55%
Underwriting Notes:
3 previous 30-day Mortgage Lates within Previous 12 Months OK
1 60-day Previous Mortgage Late within the Last 12 Months - OK
Short Sale, 1 day seasoned
Foreclosure, 1 year seasoned
Bankruptcy, 1 year seasoned
Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)
States:
Alabama, Arizona, California, Florida, Georgia, Maryland, Massachusetts, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington