Jumbo and Super Jumbo Alt Doc Mortgage
- Purpose: Purchase, Rate/Term and Cash Out:
- 6 Months Purchase/Title Seasoning for "Current Market Value"
Year Lite Doc - W2 Wage Earner
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 - Lite Doc Bank Statements - 1 Year Self-Employed
Bank Statements for Income: 8 Options:
- 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 Months + P&L (Profit & Loss Statement)
Eligible Employment Types
- C Corporation
- S Corporation
- Independent Contractor, LLC, Partnerships
- Self-Employment for Verification of Employment (VOE): Evidence of Ownership Documentation
Alt Doc Self-Employment VOE Document Options
- 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 Criteria
Credit Scores
- 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 Requirements
- Bankruptcy
- Chapter 7 - 24 Months
- Chapter 13 - 36 Months
- Foreclosure - 36 Months
Separate sources of income must be documented and verified.
Available in the Following States:
Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Maine, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington