Use Bank Statements as Income Alternative - No Tax Returns and No Form 4506-T
Bank Statement Loans:
- 1 Month Personal Bank Statement
- 2 Months Business Bank Statements
- 3 Months Business or Personal Bank Statements
- 6 Months Personal Bank Statements
- 12 Months Personal Bank Statements
- 24 Months Business Bank Statements
Primary Borrower Must: be Self-Employed - W2 Co-Borrower - OK
Self-Employed is Defined by 25% Ownership in a Compan
Asset Depletion
Asset Depletion / Asset Based: (in conjunction (Blended Income) with any Full 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
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- 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:
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SFR Single Family Residence
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Condominiums < 4 stories
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Condominiums - highrise OK
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Townhouses
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1-2 Units
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2-4 Units
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Duplex
Occupancies:
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Owner Occupied
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Second Home
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Non-Owner Occupied
Available Terms:
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ARM's: 3/1, 5/1, 7/1, 10/1
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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 | Washington