Self Employed Mortgage Option

Income Documentation - One Month Bank Statement Program. The income is stated and is not calculated from the one-month bank statement. The bank statement is to merely see if the account ends in a positive balance and with no NSF's. This one-month bank statement program is weighed almost entirely on the credit history of the borrower and again is stated with a 50% Debt-to-Income (DTI) ratio and cash reserves are not required. No 4506-T form means no tax transcripts.

Verification of Employment Options (VOE):

  • Business License
  • CPA Letter
  • EA (Enrolled Agent) Letter
  • Articles of Incorporation
  • Articles of Business Organization
  • 4506-T not required
  • Tax returns not required

Non-Prime Mortgage Program - This loan program is considered "Non-Prime" simply because the guidelines allow for seasoned derogatory credit report tradelines (accounts).

Non-Qualified (Non-QM) Mortgage Program

Purpose:

  • Purchase
  • Refinance Rate/Term
  • Refinance Cash Out - Unlimited

Occupancy:

  • Owner-Occupied Only

Single Family Residence Only

Loan-to-Value (LTV):

  • 80% Purchase
  • 75% Refinance (Rate&Term)
  • 70% Refinance (Cash-Out)

Maximum Loan Amount:

  • $5,000,000

Eligible Property Types:

  • Single Family Residence - Attached (SFR)
  • Single Family Residence - Detached (SFR)
  • Townhome
  • Condo

Credit:

Clean mortgage history - 5 years seasoned (24-month history verification)

  • Depth (criteria):
    • One open account tradeline with at least 3 years seasoning
    • Two open account tradelines with at least 3 years seasoning
  • Major "Credit Event" Required Seasoning: 
    • Bankruptcy - 4 years
    • Foreclosure - 4 years
    • Short Sale - 4 years
    • Deed-In-Lieu - 4 years
  • Consumer Credit
    • Charge-offs, Collections, Tax Liens - 3 years seasoned

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