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Non-Prime Lite Doc and/ or Reduced Doc

Lite Doc – Previous 12 Months Income Documentation:

  • One Year – W2 + 30 Days Paycheck Stubs, or
  • One Year – Tax Returns + YTD P&L (one year form 4506-C)

* As an alternative to the standard two years of income documentation, you have two options: either provide one-year W2 alongside 30 days of paycheck stubs year to date (YTD) or submit one year tax returns along with year-to-date Profit and Loss (P&L) statement.

Reduced Doc – Previous 12 Months Employment Documentation:

  • One Year – Verification of Employment (VOE)

– Wage Earner Verification of Employment Options:

  • Written Verification of Employment / WVOE signed by the owner or direct supervisor.
  • Verbal Verification of Employment / VVOE

– Self-Employment Verification of Employment Options”

  • Operating Agreement
  • “CPA Letter” Provided by a Tax Professional such as a CPA, EA, etc.
  • Internet Listing

Available Terms:

  • 40 Year Fixed Rate, 5/1, 7/1, 10/1 ARMS’s with or without 10-Year Interest Only
  • 30 Year Fixed Rate, 5/1, 7/1, 10/1 ARMS’s with or without 10-Year Interest Only
  • 5/1, 7/1, 10/1 ARMS’s

Credit Requirements:

  • 3 open and active tradelines with a minimum 1-year history or 2 open and active tradelines with a minimum 2-year history
  • 620 Minimum Credit Score. 640 Credit Score – 55% Debt-to-Income Ratio (DTI) OK
  • Major Derogatory Credit Requires Only 2 Years Seasoning
  • Housing Payment History 1 30-Day Mortgage or Rent

Available in the Following States:

Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Maine, Maryland, Massachusetts, Nevada, New Jersey, North Carolina, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington.