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Qualify on a Lite Doc, 12 Month Bank Statement Program

12 Month Average Gross Average Deposits in Lieu of Traditional Income Documentation

January 2020

Traditional Bank Statement Loan Alternative

In addition to Bank Statements,1099's can be used without the 1040 or Schedule C. Add this income to the Bank Statements revenue can be accepted and considered more like a Full Income Documentation Program which will produce Full Income Documentation Pricing

Self-Employed Borrower's Only

Purchase - 10% Down Payment to $450,000

R/T Refinance - 90% LTV. Cash Out - 85% LTV - $500,000 maximum cash out (cash-in-hand), not including proceeds applied to consolidate debt, "debt consolidation mortgage program"

Jumbo Loan Amounts to $3,500,000

Credit Notes:

  • Credit Score 660 Minimum Middle for all Borrowers
  • Bankruptcy Discharge Seasoning Requirements - 2 Years Seasoning Required for Chapter 7. No Seasoning Required for Chapter 13 Bankruptcy
  • Foreclosure Discharge Seasoning Requirement - 4 Years Seasoning Required
  • Loan Modification Complete (yeah, right. Lose your Paperwork, did they?)- 3 Years Seasoning Required 

Available Terms:

  • 5, 7 and 10 year ARM's and 15 year fix
  • Balloon note at ARM maturity or option to roll into an equity line

Owner Occupied Only

SFR, Second Home, and 1-4 Units Properties - OK

Get pre-qualified without a credit check

 

States:

Alabama | Alaska | Arizona | Arkansas | California | Colorado | Connecticut | Delaware | Florida | Georgia | Hawaii | Idaho | Illinois | Michigan | Minnesota | Mississippi | Missouri | Montana | Nebraska | Nevada | New Hampshire | New Jersey | New Mexico | North Carolina | North Dakota | Oklahoma | Oregon | Pennsylvania | Rhode Island | South Carolina | South Dakota | Tennessee | Texas | Utah | Vermont | Virginia | Washington | West Virginia | Wisconsin | Wyoming

 

Refrence# - 74512