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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