Non-Prime Alt Doc Self-Employed Program
Non-Prime mortgages are not only for challenged credit borrowers, but also good and excellent credit borrowers that require a higher risk and more aggressive loan program; 95% LTV Cash Out refinance would be one example.
Non-Prime Loan Program Highlights:
* Available for Purchase and Rate/Term or Cash Out refinance. Maximum Cash Out $1,500,000.
* Third party CPA Letter – The “CPA letter” does not need to be the same CPA that filled your taxes. Any (CPA) or Enrolled Agent (EA) – OK!
* Applicable Industry License – License Regulator
* License Bureau or equivalent
* Business Tax Certificate
* Industry Buyer License
* Blacked Out Schedule C
* Internet Listing
Verification of Employment | VOE
Wage-Earner Employment Verification
Verbal Verification of Employment (VVOE) – Super simple and fast. A phone call is placed by the lender to your HR department or equivalent manager.
Written Verification of Employment (WVOE)
Standard VOE Form to be completed by your pay-roll department manager, HR department manager or equivalent dated no more than 10 business days before the close date.
Acceptable Types of Employment:
* Self Employed (=>25%)
* W-2 Wage Earner
* 1099 Sole Proprietor
Acceptable Income Documentation:
* W-2 Wage Earner
* 12 months Bank Statements
* 1099 Only
* Conventional – W-2 and paystub for wage earners
Required Credit Criteria
* Mortgage History – 1 30-Day late previous 12 months
* Bankruptcy Seasoning: – 1 Day
* Foreclosure Seasoning – 1 Day
* Credit Scores: 580 Minimum
* Loan to Value ratio (LTV): 80%
* Debt to Income Ratio (DTI): 50%
* Maximum Loan Amount: $2,500,000
* Property Types: Single Family Residence (SFR), 1-2 Units, 2-4 Units
* Occupancies: Owner Occupied / Primary, Investments
* Terms: 30-Year Fixed, 15-Year Fixed, 7 Year ARM
* No Prepayment Penalty
Available in the Following States:
Arizona, Colorado, California, Florida, Georgia, Illinois, Indiana, Maine, Pennsylvania, Tennessee, Texas, Utah, and Washington.
Reference# 535 06131519-16-12-16