Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Non-Prime 1099 Only and Loan 620 Credit Score

Self Employed 1099 Only and Bank Statement Home Loans | Forms 4506-T and 4506-C Not Required

This non-prime loan program is for sole-proprietor home buyers and homeowners that have a few late payments or recently experienced a “credit event” such as a bankruptcy or “housing event” such as a foreclosure, or short sale. Non-Prime mortgages are not only for challenged credit borrowers, but also good and excellent credit borrowers that require a higher risk and more aggressive loan program; 95% LTV Cash Out refinance would be one example.

Self Employed borrowers like yourself can document income by providing between 1 and 24 consecutive months of their most recent bank account statements and/or 1-year Reduced Doc, or 2 years Alt Doc 1099 Only programs as an alternative to conventional regulation and requirements 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.

1099 Only programs available with a 620 middle credit score and $3500 Disposable Income. If you are an independent contractor and file Schedule C only your 1099 for income instead of your tax returns W-2s paycheck stubs profit-and-loss statements. Multiple 1099s– okay.

Purpose: Purchase and Rate/Term or Cash Out refinance. Maximum Cash Out $1,500,000

Verification of Wage-Earner Employment and Self-Employment

Self-Employment (=/>25%)

Third party CPA Letter – The “CPA letter” does not need to be the same CPA that filled your taxes. Any (CPA) or Enrolled Agent (EA) – OK!

Applicable Industry License – License Regulator

License Bureau or equivalent

Business Registration Certificate

Business Tax Certificate

Buyer License

Blacked Out Schedule C

Internet Listing

Wage-Earner Employment

Verbal Verification of Employment (VVOE) – Super simple and fast. A phone call is placed by the lender to your HR department or equivalent manager.

Written Verification of Employment (WVOE) – Standard VOE Form to be completed by your pay-roll department manager, HR department manager or equivalent dated no more than 10 business days before the close date.

Acceptable Types of Employment:

Self Employed (=>25%)

W-2 Wage Earner

W2 Salary

W2 Hourly wage

W2 Commission

Guidelines and Highlights

—Ability to Repay and Verification of Employment

Income and E:

Alternative Documentation “Alt-Doc”

Bank Statements,1099 Only and Asset Depletion

Income Documentation:

Unconventional – 12 months Bank Statements for self-employed. and/or

Conventional – W-2 and paystub for wage earners

Credit Criteria:

Mortgage History – 1 30-Day late previous 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: $2,500,000

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

Available in the Following States:

Arizona, Colorado, California, Florida, Texas, and Washington

Reference# 535 06131519-16-12-16

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Alt Doc Purchase Loans

Alt Doc Refinance Loans

Category - Non-QM Lenders