Unconventional Mortgages (800) 718-8906

Unconventional Mortgages and Loans

(800) 718-8906

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Bank Statement Mortgage – Wage Earner

Bank Statement Mortgage – Wage Earner

Jumbo and Super Jumbo Alt Doc Mortgage

* Purpose: Purchase, Rate/Term and Cash Out:

* 6 Months Purchase/Title Seasoning for “Current Market Value”

Lite Doc – W2 Wage Earner

* Wage Earner Income Documentation – Lite Doc

* One (1) Year Employment Verification

* Previous Year W2 and YTD Paycheck Stub

* Verbal Verification of Employment

* 4506-T Signed and Executed

Self Employed Income Documentation – Lite Doc Bank Statements – 1 Year Self-Employed

Bank Statements for Income: 8 Options:

* 12 Months Business or Personal Bank Statements

* 6 Months Personal Bank Statements

* 3 Months Personal Bank Statements

* 2 Months Business Bank Statements

* 1 Month Personal Bank Statement

* 24 Months + P&L (Profit & Loss Statement)

Eligible Employment Types

* C Corporation

* S Corporation

* Independent Contractor, LLC, Partnerships

* Self-Employment for Verification of Employment (VOE): Evidence of Ownership Documentation

Alt Doc Self-Employment VOE Document Options

* Business Entity 2 Years: Articles of Incorporation

* Evidence of Ownership: 2 Years: Business License, CPA Letter

* Schedule C’s

Wage Earner Co-Borrower: Co-Borrower Verbal Verification of Employment

* Liquid Assets Requirements – Separate Sources of Funds Must be Documented and Verified:

* 80% LTV – 6 Months PITI

* 80% LTV – 3 Months PITI

Eligible Property Types: SFR – Detached; SFR – Attached; Warrantable Condominiums; PUD’s.

Eligible Occupancies: Owner-Occupied; Non-Owner Occupied / SFR Investment

Credit Criteria and Scores

* Credit Score: 600 Minimum

* Credit Criteria Notes

* Mortgage – 12 Months, 0X30 Days Late. 24 Months, 0X60 Days

* Back Taxes, Judgments, Charge-Offs, Tax Liens, Title Liens. All Must Be Paid Before the Closing Table

Credit Seasoning Requirements

* Bankruptcy

* Chapter 7 – 24 Months

* Chapter 13 – 36 Months

* Foreclosure – 36 Months

Separate sources of income must be documented and verified.

Available in the Following States:

Alabama, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Kansas, Kentucky, Maine, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington.

Alternative Income Documentation

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Non-Qualified Mortgage Lending

Hard Money Loans

Investor Loans

Investment Property Loans