6 Alternative Income Verification Options: 3 Alt Doc and 3 Reduced Doc

Non-QM loan program Uses Bank Statements In lieu of Traditional Income Documentation to Determine a Borrower's Ability-to-Repay. Agency - government regulated. Non-QM is Manually Underwritten per Investor Guidelines as well as Underwriter Discretion

Alternative Non-QM Income Documentation Options for the Self-Employed Borrower

Tax Returns Not Required; Form 4506-T Not Required; Form 4506-C is Also Not Required for Self-Employed. Borrowers. Form 4506-C is Required for W2 Wage Earners Only. If W2 Income is Mixed with Self-Employment Bank Statement Income. Proof of Payment will be Required. Self-Employment is defined as >25% Ownership to qualify as "self-employed"

Maximum Loan Amount is $3,000,000 to 90% LTV and a Maximum Cash Out (cash-in-hand) Dollar Amount of $1,000,000. Loan Amount exceptions made to $10,000,000. Lenient DTI Guidelines to 50%. Exceptions to 55%% DTI

Alt Doc: Bank Statement and Asset Depletion | Self-Employed

  • 12 Months Business Account Statements or Personal Account Statements 
  • 24 Months Business Account Statements or Personal Account Statements. Note: Bank Statements - We Can Co-Mingle Multiple Accounts
  • Asset Depletion (Quantify as Additional Qualifying Income), Asset-Based. Pledged Asset Portfolio Programs Also Available

Reduced Doc: Unseasoned Job Profession History and Income | Self-Employed and W2 Wage Earners

1 YearTax Returns - 600 Credit Score

1 Year W2 - 600 Credit Score

1 Year 1099 Only - 600 Credit Score

Liquid Reserves Requirement

  • 6 Months Reserves (Subject Property Housing Expense). Note: Cash Out Can be used to Meet Reserve Requirement 

Eligible Property Types

  • SFR, PUD, 2 Unit, 4 Unit, Condo, Modular, Mixed Use, and Specialty Homes

Eligible Occupancies

  • Owner-Occupied/Primary Residence

  • Second/Vacation Home

  • Non-Owner-Occupied/Investment Property

Available Terms

  • 30 Year Fixed
  • 15 Year Fixed
  • 5/6 ARM
  • 7/1 ARM
  • Interest Only Available on both the ARM Product as well as the Fixed Rate Product!!

Credit Notes

  • Traditional Credit Only

  • Credit Rescore to Qualify for More Loan (or a Better (more suitable) Loan Program: Terms, Pricing, Conditions, etc.

Credit Event Seasoning Requirements for this Alt Doc Program

  • Bankruptcy - 24 Months
  • Foreclosures - 24 Months
  • Short Sale- 24 Months



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