Alt Doc (24 Months) – Bank Statement Program
Stated Income / Verified Asset mortgage program for borrowers that own their own business. Business entity types: c corporation, s corporation, LLC, partnerships.
Loan Scenario Form – Credit Check Not Required
True California Stated Income Programs We Offer
Self-Employed Home Loan: An alternative to the “bank statement loan” program for the well-qualified self-employed borrower. You could say this is an equity-based loan program in that the max LTV would be 65%. You could also call it a “portfolio loan” or “Non-QM” mortgage.
Well Qualified Alternative Income Documentation Program
On a refinance transaction, the purpose of a program like this is to improve the borrowers existing mortgage, Rate & Term refinance. With a substantial down payment purchase or good equity-position refinance, excellent credit with liquid assets in the amount of at least 12 months housing expense reserves. It can be an alternative to a “bank statement loan” program for the well-qualified borrower.
Self-Employed Mortgage Loans
720 Credit Score | SFR
* $2,500,000 – 75% LTV
* $3,000,000 – 75% LTV
* $3,500,000 – 70% LTV
700 Credit Score | SFR
* $2,500,000 – 70% LTV
* $3,000,000 – 70% LTV
* $3,500,000 – 65% LTV
680 Credit Score | SFR
* $1,5000,000 – 70% LTV
* $3,000,000 – 70% LTV
* $3,500,000 – 65% LTV
* Product Term: 7/1. Interest-Only payment is available
Reserves Requirement
All Stated Income Loans require 12 Months P&I Principle & Interest for each property financed; exceptions are common with compensating factors.
Eligible Property Types:
* Single Family Residence SFR
* PUD
* Condos
* Duplex
* Triplex
* 4 Unit
Stated Income/ Asset-Based :
* Stated Income on 1003 (reasonable for job position/job title) or
* Verified Assets including down payment + / 6 = Income
Self-Employment Verification | SVOE Documentation
* Proof of ownership – Business License, CTP CPA Letter verifying 2yrs+ ownership, etc.
* Description ‐ Business, Industry, and Borrower’s Title on 1003
Wage Earner Verification | SVOE Documentation
* Proof of employment – Business License, etc.
* Description ‐ Business, Industry, and Borrower’s Title on 1003
Eligible Occupancies: Owner-Occupied Investment OK
Underwriter Note Highlights (Pre Underwrite Available)
* Exception down to 700 Credit Score
* Loan Amounts to $2,500,000
* Loan Amount exceptions made to 11,500,000
* Interest Only not available
* No 4506T not required
* Tax returns not required
* Paycheck stubs not required
* 2 month Bank Statements
* Liquid assets from the business are OK if 100% ownership
* Debt-to-Income | DTI Max 45%
* Foreign Nationals OK
* 100% Gift funds OK and 60% Foreign National
Credit Notes
* Previous housing payment history, 1 30-day late Maximum
* 3 open accounts on credit at minimum 1 year seasoned
* “Housing event” seasoning
* Bankruptcy – 3 years
* Short Sale – 2 years
* Foreclosure – 5 years
Available in the Following States:
California
Reference # 123-34c52-100717