Alternate Documentation loans are loans that allow you to use alternative documentation to prove your income. That is, other than the traditional Tax Returns, or W-2’s and Pay stubs.
Option 1: Bank statement loans.
Very simply we take the aggregate deposits of your bank statements (can be personal or business) and use this for your income.
Variables of Bank Statement loans…
24 Months of bank statements.
12 Months of bank statements.
2 Months of bank statements.
1 Month bank statement.
The reason we offer multiple options for months is that sometimes a 12 month average won’t work as good for the borrower as one month.
We offer down payments as low as 10% on owner occupied bank statement programs.
We also offer multiple ways of calculating deposits, which is very helpful if there are issues with one calculation method.
Rates on these program are usually only modestly higher than normal conforming rates.
Option 2: Asset Depletion
If you have no income to speak of, or at least you can’t prove your income via traditional means, or bank statements, then Asset Depletion may be an option for you.
If you have sufficient assets then we can use your assets in liu of income documentation.
We have down payments as low as 15% on Asset Depletion loans.
Option 3: Investor Debt Service Coverage (DSCR Loans)
This documentation option is for non owner occupied investment properties. It requires no income documentation. We use the income from the property (rental income) for the buyers income to get the loan approved. As long as the rent from the property pays the mortgage payment that is all the income that’s needed.
Option 4: No Ratio and Stated Income loans
No Ratio is stated income and verification of assets to close the transaction. This is a non owner occupied investor loan only.
Stated Income and Stated Assets is also non owner occupied investor loans only.
We are experts at getting these loans closed and funded.
If you are needing an Alt Doc loan feel free to reach out to us with your questions, or apply now to get pre qualified.
If this sounds like a loan you can use to accomplish your goals then click the link below and apply.
We can usually close this loan in 2 to 4 weeks.
Option 5: 1099 Loans
If you receive a 1099 at the end of the year, we have a program to just use your 1099’s for income. No tax returns needed!