Flexible Qualifying For Non-Traditional Borrowers
Alternative-Documentation
The Advantages Of Alternative Documentation
1 Month Asset Seasoning
Traditional mortgage standards require you to have your funds seasoned in an account for 2 months however, with our alt-doc program you only need 1 month of seasoning for large deposits.
No Tax Returns Required
Most banks require you to have two years of filed tax returns to qualify. With this program no tax returns are needed you can qualify strictly with 12-months of bank statements.
Flexible Qualification Methods
There are multiple qualification methods that match every unusual situation. Whether you just opened up your first small business or you have long standing corporation you can be rest assured that we have you covered.
How It Works
Most big banks and government loans have strict mortgage standards that must be met in order to qualify. However, our alternative documentation program enables you to use different methods to qualify. Some of those methods include utilizing 12-months of bank statements, only 1 year of 1099s or W-2s. You can even qualify using only 12 months of reserves. These flexible qualification standards are ideal for self employed borrowers who do not meet traditional documentation requirements but can qualify using flexible alternatives. Being self employed is ideal however, it is not required, If you have a side business you may be eligible to qualify as well.
Requirements
Credit Score:
Minimum credit score for the Alt-Doc program is 660 and a limit of 50% debt-to-income ratio.
Income:
The following documents are eligible for qualification:
1 year of 1099
1 year of W-2
1 year of IRS tax returns
12 months of bank statements
12 months asset qualifier
Down Payment:
Minimum down payment is 20% and gift funds are allowable.