This Alt Doc loan program is for buyers that have extraordinary or unconventional income and documentation including self-employed borrowers and fixed income along with previous credit challenges. Manual underwriting through intelligent guidelines.
Debt-to-Income Ratio Not Considered. Equity Driven Product
Unlike traditional mortgages, the no doc mortgage loan program does not consider the debt-to-income (DTI) ratio. It is an equity-driven product, focusing on the borrower’s credit score and the property’s value.
Income Documentation Not Required
No Doc mortgages offer a simplified alternative to providing your income documentation. This program is particularly advantageous for individuals with unconventional income sources or those who prefer not to disclose their adjusted gross income..
Minimum Credit Score – 680
A strong credit score reassures lenders of the borrower’s creditworthiness. The higher your credit score is, the more options we can provide to you.
Loan Purpose
* Purchase
* Rate/Term Refinance
* Cash Out Refinance
LTV Notes:
* Purchase – 80% LTV
* Rate/Term Refinance – 80% LTV
* Cash Out Refinance – 75% LTV
Eligible Occupancies:
* Owner-Occupied
* Vacation/Second Homes
Available Terms:
* ARM’s – 3 Year, 5 Year
* Fixed – 15 Year, 20 Year, and 30 Year
* Interest-Only Available (30 or 40 year Am. 15 year I/O period then rolls into 30-year fixed).
Underwriter Notes:
* Gift Funds – OK
* Non-Occupant Co-Borrower – OK
Loan Scenario Form – Credit Check Not Required
Non-Prime – No Income and No Employment
DTI up to 60% (back-end dti) – total monthly payment sum divided by your total monthly payments (as they appear on your credit report (including REO portfolio). Use minimum payment on credit cards/revolving account) Example, if your monthly payment(s) is $10,000 and your income is $21,000, your back-end DTI (Debt-to-Income ratio) = 47.6%
Following are a few underwriting guideline highlights:
* Verification of employment and Income – Not Verified
* Liquid Assets & Reserves – Not Required
* 85% LTV Jumbo Financing $6,000,000
* Super Jumbo Options – $20,000,000 Loan Amounts
* Bank Statement Income Option Available to 85% LTV Financing
Major Derogatory Credit “credit event” Seasoning Requirements:
* Bankruptcy – 3 years
* Bankruptcy/Foreclosure – 2 years (if not included in a bankruptcy)
* Short Sale- 2 years
* Debt Ratio Very Flexible to 55% DTI
* Prepayment Penalties Available or More Favorable Rate and/or Pricing
Favorable Terms, Pricing and Approval Conditions – Asset Depletion – liquid asset statements can almost always be utilized in conjunction for more favorable terms, conditions, and pricing – interest rates, points (0-point options too), etc.
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.