One-Year Lite Income Documentation | W2 Wage Earner Co-Borrower OK
620 Minimum Middle Credit Score – 75% LTV
* Purpose: Purchase / Rate & Term | 85% LTV – 680 Credit Score
* Cash-Out Refinance | 80% LTV – 640 Credit Score $1,000,000 Maximum Cash-in-Hand
Income Documentation: 12 Months Personal Bank Statements
** Profit and Loss Statement: Borrower Prepared and Unaudited P&L
Alt Doc programs including the use of 12 months of personal bank statements to verify income.
** Expense Factor: A percentage determined by the Loan Officer and signed off on by the underwriter.
The Expense Factor, which is a percentage used to evaluate the borrower’s financial capacity, is determined by the Loan Officer and must be approved by the underwriter. This approach helps tailor the loan terms to the borrower’s unique financial situation.
** Criteria for the underwriter to consider is the Scope (Business Narrative Form) of the company
The underwriter considers several criteria, including the Scope (Business Narrative Form) of the company, to ensure a comprehensive understanding of the borrower’s business operations and financial health. This documentation process is designed to accommodate self-employed individuals and small business owners by providing a flexible evaluation of income and expenses, making it easier for them to qualify for a loan that meets their needs.
Asset Depletion
Self-Employed Borrower Verification of Employment Documentation | VOE CPA, Enroll Agent or Professional Tax Preparer to state percentage of business ownership. Have been filing Self-Employed tax returns for previous year.
Credit Criteria:
** Two Mortgage Lates in Previous 12 Months OK.
** Asset Depletion Available for W2 Wage Earner and Self-employed
** Can Own up to 20 Financed Properties
Available n the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Kansas, Massachusetts, Missouri, Nevada, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Vermont, Virginia, Washington, and Wisconsin.