• 680 Credit Score - 80% LTV

One Month Bank Statement Alt Doc Program

Self-Employed Mortgage 1 Month Bank Statement Option - Non-Qualified Mortgage Program | Non-Qm

The 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
  • 4506-T Not Required

Jumbo Loan Amounts: $4,000,000

Purpose: Purchase, Rate/Term and Cash Out - | Owner-Occupied Only | Single Family Residence Only:

Credit Score 620:

LTV: 70% Purchase | 65% Cash-Out - $500,000

Credit Score 640:

  • LTV: 70% Purchase | 65% Cash-Out - $1,000,000

Credit Score 660:

  • LTV: 75% Purchase | 70% Cash-Out -$1,500,000

Credit Score 680:

  • LTV: 80% Purchase | 75% Cash-Out - $1,500,000

Credit Score 680:

  • LTV: 85% Purchase | 70% Cash-Out - $2,000,000

Credit Score 700:

  • LTV: 85% Purchase | 80% Cash-Out - $2,500,000

Credit Score 720:

  • LTV: 85% Purchase | 75% Cash-Out - $3,000,000

Credit Score 720:

  • LTV: 90% Purchase | 85% Cash-Out - $4,000,000

Credit Score 680:

  • LTV: 80% Purchase | 75% Cash-Out - $1,500,000

  • LTV: 75% Purchase | 70% Cash-Out - $2,000,000

Credit Score 700:

  • LTV: 85% Purchase | 80% Cash-Out - $2,500,000

  • LTV: 80% Purchase | 75% Cash-Out - $3,000,000

Credit Score 720:

  • LTV: 90% Purchase | 85% Cash-Out - $3,500,000

  • LTV: 85% Purchase | 80% Cash-Out - $4,000,000

Eligible Property Types:

  • Single Family Residence - Attached (SFR)

  • Single Family Residence - Detached (SFR)

Credit Report: 

  • 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

    • 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

 

  Loan Scenario Form - Credit Check Not Required   

 

 

Available in the following States

Alabama | Arizona | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Illinois | Kentucky | Maine | Maryland | Nevada | New Jersey | North Carolina | Oregon | Pennsylvania | South Carolina | Tennessee | Texas | Virginia | Washington

157-3-9-21