Unconventional Mortgages (800) 718-8906

Unconventional Mortgages and Loans

(800) 718-8906

Unconventional Mortgages - A Wealth of Information Resource & Service: (800) 718-8906


Self Employed 1099 Only and Bank Statement Home Loans

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.

Purpose: Purchase and Rate/Term or Cash Out refinance. Maximum Cash Out $1,500,000

Verification of Wage-Earner Employment and Self-Employment

Self-Employment (=/>25%)

* 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 Registration Certificate
* Applicable Industry License – License Regulator
* License Bureau or equivalent
* Business Registration Certificate
* Business Tax Certificate
* Industry Buyer License
* Blacked Out Schedule C
* Internet Listing

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

Guidelines and Highlights

Alternative Documentation “Alt-Doc”

Bank Statements,1099 Only and Asset Depletion

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
* Short Sale – 1 Day
* Credit Scores: 580 Minimum

Underwriter Notes:

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, Investment

Terms: 30-Year Fixed, 15-Year Fixed, 7 Year ARM

No Prepayment Penalty

Available in the Following States:

Arizona, Colorado, California, Florida, Texas, and Washington

Reference# 535 06131519-16-12-16

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Hard Money Loans

Investor Loans

Investment Property Loans