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Bank Statement Mortgage Loan

Last Updated: 23 January 2020

Jumbo and Super Jumbo Alt Doc: | Bank Statements - Self-Employed | 1 Year Lite Doc - W2 Wage Earner

Purpose: Purchase, Rate/Term and Cash Out: 6 Months Purchase Seasoning Required to use "Current Market Value" for LTV Purpose

Wage Earner Income Documentation - Lite Doc

  • One (1) Year Employment Verification
  • Previous Year W2 and YTD Paycheck Stub
  • Verbal Verification of Employment
  • 4506-T Signed and Executed

Self Employed Income Documentation - Alt Doc and Lite Doc

Bank Statements for Income: 8 Options:

24 Months Business or Personal Bank Statements

12 Months Business or Personal Bank Statements

6 Months Personal Bank Statements

3 Months Personal Bank Statements

2 Months Business Bank Statements

1 Month Personal Bank Statement

  • 24 Month P&L


Eligible Employment Types: C Corporation, S Corporation, Independant Contractor, LLC, Partnerships


Self-Employment for Verification of Employment (VOE): Evidence of Ownership Documentation


Alt Doc Self-Employment VOE Document Examples:

  • Business Entity 2 Years: Articles of Incorporation
  • Evidence of Ownership: 2 Years: Business License, CPA Letter
  • Schedule C's


Wage Earner Co-Borrower: Co-Borrower Verbal Verification of Employment


Liquid Assets Requirements - Separate Sources of Funds Must be Documented and Verified:

  • 80% LTV - 6 Months PITI
  • 80% LTV - 3 Months PITI


Property Types: SFR - Detached; SFR - Attached; Warrantable Condominiums; PUD's

 

Occupancies: Owner Occupied; Non Owner Occupied / SFR Investment


Credit:

  • Credit Score: 600 Minimum


Credit Criteria Notes:

  • Mortgage – 12 Months, 0X30 Days Late. 24 Months, 0X60 Days
  • Back Taxes, Judgments, Charge-Offs, Tax Liens, Title Liens. All Must Be Paid Before the Closing Table


Credit Seasoning:

  • Bankruptcy
    • Chapter 7: 24 Months
    • Chapter 13: 36 Months
  • Foreclosure: 36 Months


Separate sources of income must be documented and verified.

 

States:


Alabama | Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Kansas | Kentucky | Maine | Nevada | North Carolina | Oklahoma | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Utah | Virginia | Washington