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.