1 Month Bank Statement Option Non-QM Mortgage Loan Program
Self-Employed Mortgage Income is stated and is not calculated (No Ratio) from the One-Month Bank Statement. The main Bank Statement Qualifying Criteria is the Account 1) must end in a positive balance with no NSF’s
Income Documentation – One Month Bank Statement Program
This One-Month Bank Statement Program is Weighed Almost Entirely on the Credit History of the Borrower and Again is Stated with a 50% Debt-to Income (DTI) Ratio and Cash Reserves are not required. No 4506-T form means no tax transcripts. Form 4506-C now not required
One Year VOE means your qualifying criteria is based only on the one, most recent year period instead of the standard two-year history. via the standard income VOE which we have little or no control of. methods of income history and standard methods of employment verification.
Qualifying in terms of income and of the One Year the method of verification can be a little inconvenient
Verification of Employment (VOE) Options
One of the most critical parts of getting approved for a Non-QM, alt-doc loan is verifying employment. 2 year history does need to be verified and is often very easy and convenient. When done properly with the ideal method via any of the following:
Business License
* CPA Letter
* EA (Enrolled Agent) Letter
* Articles of Incorporation
* Articles of Business Organization
* Government Agency Certificate
* Sellers License
Jumbo Loan Amounts: $4,000,000
Purpose: Purchase, Rate/Term and Cash Out
| Credit Score | Loan-to-Value | Loan Amount | Cash Out |
|---|---|---|---|
| 580-619 | Purchase and R/T 70% | $1,000,000 | 65% LTV – $750,000 |
| 620-639 | Purchase and R/T 70% | $1,500,000 | 65% LTV – $750,000 |
| 640-659 | Purchase and R/T 70% | $2,000,000 | 65% LTV – $1,000,000 |
| 660-679 | Purchase and R/T 75% | $2,000,000 | 70% LTV – $1,500,000 |
| 680-699 | Purchase and R/T 75% | $2,500,000 | 70% LTV – 1,000,000 |
| 700-719 | Purchase and R/T 80% | $3,000,000 | 75% LTV – $1,000,000 |
| 720-739 | Purchase and R/T 85% | $3,500,000 | 75% LTV – $1,500,000 |
| 720-739 | Purchase and R/T 85% | $4,000,000 | 80% LTV – $1,500,000 |
| 740-759 | Purchase and R/T 80% | $4,500,000 | 80% LTV – $2,000,000 |
| 760-779 | Purchase and R/T 80% | $5,000,000 | 80% LTV – $2,000,000 |
| 780+ | Purchase and R/T 75% | $6,000,000 | 80% LTV – $2,500,000 |
Eligible Property Types:
* Single Family Residence – Attached (SFR)
* Single Family Residence – Detached (SFR)
Credit Report Requirements:
* Minimum Credit Score – 620
* Clean mortgage history – 5 years seasoned (24-month history verification)
Depth Criteria:
* One open account tradeline >3 years seasoning
* Two open account tradelines >1 year seasoning
“Housing Event” Seasoning Requirements:
Bankruptcy Seasoning Requirements
* Chapter 7 – 12 months
* Chapter: 13 – 24 months
* Foreclosure – 24 months
* Short Sale – 24 months
* Deed-In-Lieu – 24 months
* Consumer Credit Counseling – 24 months
* Charge-offs, collections, tax liens – 1 day
Available in the Following States:
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin.