Self Employed Home Loan Program | Forms 46506-T and 4506-C Not Required

Update - 600 Minimum Credit Score

This loan program is for home buyers and homeowners that have recently experienced a housing event such as bankruptcy, foreclosure or short sale. Self Employed borrowers can document their income by providing bank statements in lieu of conventional to support income and if there is a wage earner borrower, too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.

Guidelines and Highlights


  • Purchase, Rate and Term refinance and Cash Out Refinance

Income Program:

  • Alternative Documentation "Alt-Doc"

Income Documentation:

  • Unconventional - 12 months Bank Statements for self-employed

and or

  • Conventional - W-2 and paystub for wage earners

Employment Types:

  • Self Employed
  • W-2 Salary Wage Earner

Credit Criteria:

  • Mortgage History - 1 30-Day late for last 12 months
  • Bankruptcy Seasoning: - 1 Day
  • Foreclosure Seasoning - 1 Day
  • Short Sale - 1 Day

Credit Scores:

  • 580 Minimum

Loan to Value ratio (LTV)

  • 80%

Debt to Income Ratio (DTI):

  • 50%

Maximum Loan Amount:

  • $2,000,000

Property Types:

  • Single Family Residence (SFR)
  • 1-2 Units
  • 2-4 Units


  • Owner Occupied / Primary
  • Investment


  • 30-Year Fixed
  • 15-Year Fixed
  • 7 Year ARM

No Prepayment Penalty


States: Arizona, California, Colorado, Florida, Georgia, Oregon, Washington


Reference# 535 06131519-16-12-16