Self Employed Home Loan Program
This loan program is for home buyers and homeowners that have recently experienced a housing event such as bankruptcy, foreclosure or short sale. Self Employed borrowers can document their income by providing bank statements in lieu of conventional to support income and if there is a wage earner borrower, too, primary or co-borrower, this applicant uses their W-2 and paystub for income documentation because this bank statement loan program does not have a prepayment penalty, borrower can refinance at any time to obtain a lower rate or take cash out.
Guidelines and Highlights
Purpose:
- Purchase, Rate and Term refinance and Cash Out Refinance
Income Program:
- Alternative Documentation "Alt-Doc"
Income Documentation:
- Unconventional - 12 months Bank Statements for self-employed
and or
- Conventional - W-2 and paystub for wage earners
Employment Types:
- Self Employed
- W-2 Salary Wage Earner
Credit Criteria:
- Mortgage History - 1 30-Day late for last 12 months
- Bankruptcy Seasoning: - 1 Day
- Foreclosure Seasoning - 1 Day
- Short Sale - 1 Day
Credit Scores:
- 580 Minimum
Loan to Value ratio (LTV)
- 80%
Debt to Income Ratio (DTI):
- 50%
Maximum Loan Amount:
- $2,000,000
Property Types:
- Single Family Residence (SFR)
- 1-2 Units
- 2-4 Units
Occupancies:
- Owner Occupied / Primary
- Investment
Terms:
- 30-Year Fixed
- 15-Year Fixed
- 7 Year ARM
No Prepayment Penalty
States: Arizona, California, Colorado, Florida, Georgia, Oregon, Washington
Reference# 535 06131519-16-12-16