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
- 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!!
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
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Kansas, Maine, Maryland, Massachusetts, Nevada, New Hampshire, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin.