Self-Employed Primary Borrower
Self-Employed Bank Statement Loans are ideal for self-employed borrowers when tax returns/ Full Doc doesn’t apply
Alt Doc (24 months) – Bank Statement Program
These programs focus on bank statement revenue and cash-flow, making them suitable for unique financial situations or the typical (deposit income into the Business Bank Account and then transfer funds to your Personal Bank Account to pay bills, etc.) financial situation.
Bank Statement Short-Term Options
* Oner Month Bank Statement – Personal Account
* Two Months – Business Account (exceptions made case-by-case)
* Three Months – Business or Personal Account(s)
* Six Months – Personal Account(s)
* Twelve Months – Personal Account
* Twenty Four Months – Business Account
Reduced Doc (12 Month Employment Verification)
* 1-Year W2 or Previous Year 1009 with 12 Month P&L (borrower prepared)
* 640 Minimum Credit Score
* IRS Form 4506-C is executed limited to previous one year
* TIRS Form 4506-C not signed or executed at anytime
Lite Doc (12 Month Income Verification)
* 1-Year Tax Returns (in lieu of standard two year history)
* 12 Month P&L Statement * Borrower Prepared (and unaudited)
* 620 Minimum Credit Score
* Asset Depletion Blended Income
* Reserves: 24 months reserves seasoned for 3 months or Option: Official VOD (12 month average) (Verification of Employment | VOE
Eligible Occupancies:
* Primary Residence
* Owner-Occupied/ Investment Property
* Second/ Vacation Home
* Investment Properties
Eligible Property Types:
* Single Family Residence (attached and detached)
* Duplex, Triplex, 4-Unit
* Condos (>4 stories)
Available Terms:
* Fixed Rates: 15-year, 20-year, 30-year, Interest-Only Available 40-year – Interest-Only Available. I/O period – 10 years
* ARMs: 3/1, 5/1, 7/1, 10/1
Guideline Highlights. Underwriter Notes, and Requirements:
* Fixed Rates: 15-year, 20-year, 30-year, Interest-Only Available 40-year – Interest-Only Available. I/O period – 10 years
* ARMs: 3/1, 5/1, 7/1, 10/1
Guideline Highlights. Underwriter Notes, and Requirements:
* Primary Borrower is Self-Employed. W2 Co Borrower – OK (580 minimum credit score)
* Bank Statement revenue, cash-flow centric.
* 600 Credit Score – 75% LTV
* 680 Credit Score – 85% LTV
* Max DTI 0 50% (exceptions made to 55% DTI underwriter discretion).
* 3-30-day lates (3×30) previous 12 months OK (no rolling)
* 1-60-day late (1×60) previous 12 months OK
* Short Sale Seasoning Requirement: 1 Day
* Foreclosure Seasoning Requirement: 12 Months
* Bankruptcy Seasoning Requirement: 12 Months
Gift Funds for down payment OK if from an immediate family member or it must be 60 days seasoned (exceptions with other compensating factors)
Available in the Following States::
Alabama, Arizona, California, Florida, Georgia, Maryland, Massachusetts, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.