Self Employed Mortgage Option - Non-Qualified (Non-QM) Mortgage Program

Income Documentation - One Month Bank Statement Program.

The income is stated and is not calculated from the one-month bank statement. The bank statement qualifying criteria is the account ends in a positive balance and 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. Non-QM Mortgage Program.

Verification of Employment Options (VOE):

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

Purpose:

  • Second Mortgage

Eligible OccupancyOwner-Occupied Only

  • Single Family Residence Only

Loan-to-Value (LTV):

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

Maximum Loan Amount:

  • $3,000,000

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 1 years seasoning

Major "Housing 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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