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