Self-Employed Mortgage One Month Bank Statement Option
One-Month Bank Statement Loan for Self-Employed: A flexible mortgage solution for purchases, rate/term refinances, and cash-out options. Ideal for self-employed borrowers, this program requires only one month of bank statements for qualification.
Non-Qualified Mortgage Program Jumbo Loan
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.
Form 4506-C 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.
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:
Acceptable Self-Employment Verification:
* Business License
* CPA Letter
* EA (Enrolled Agent) Letter
* Articles of Incorporation
* Government Agency Certificate
* Sellers License
* Owner-Occupied Only – Single Family Residence Only:
Eligible Property Types:
* Single Family Residence – Attached (SFR)
* Single Family Residence – Detached (SFR
* Minimum Credit Score – 620
* Clean mortgage history – 5 years seasoned (24-month history verification)
Credit 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 month
* Foreclosure – 24 months
* Short Sale – 24 months
* Deed-In-Lieu – 24 months
Credit Criteria:
* 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, and Washington.