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 with at least 3 years seasoning
- Two open account's with at least 3 years seasoning
- Major "Credit Event" Required Seasoning:
- Bankruptcy - 5 years
- Foreclosure - 5years
- Short Sale - 5 years
- Deed-In-Lieu - 5 years
- Consumer Credit
- Charge-offs, Collections, Tax Liens - 5 years seasoned
- Charge-offs, Collections, Tax Liens - 5 years seasoned
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