Alt-Doc
For the Non-Traditional Borrower.
Alt-Doc (Alternative Documentation) is a mortgage program that qualifies homeowners by using non-traditional methods and/or non-traditional documentation to determine qualifying income.
This unique solution has distinct approval parameters for borrowers that have demonstrated the ability to repay (ATR) a loan but cannot qualify for a standard mortgage program. Borrowers looking to take advantage of alternative qualifying methods such as Asset Depletion and/or bank statements.
Program Highlights
Prime | Advantage | Expanded
- 100% deposits w/ personal bank statements
- S/E not required when using personal statements
- 18 months self-employed (Bank Statement Only)
- PTIN for P&L only
- Asset Qualifier = 125% of outstanding mortgage debt including subject property; no DTI
- Asset Depletion = divide by 60 months
- Asset assist option available 1
- Listed for sale – cash-out OK 2
- W-2 only – no YTD paystub required
- Up to 90% LTV
- Up to 80% LTV for cash-out
- 2-4 unit properties and condos up to 85% LTV
- DTI up to 55% 3
- Up to $3.5 million loan amounts
- Min FICO 640
- 2 x 30 x 12 OK, 1 x 60 x 24 OK
- 2+ years credit event OK
- 3-months reserves up to $1.5 million
- Cash-out can be used as reserves
- Asset seasoning: 1 month
- Gift funds / gift of equity OK
- Interest-only payments available (NOO only)
- Step Payment program available
- Short-term rental income permitted
- AirDNA permitted on purchase
- Delayed Financing = Rate/Term
- Crypto allowed if converted to US dollar 4
- Non-warrantable condos permitted
Express
- 100% deposits w/ personal bank statements
- S/E not required when using personal statements
- 12 months self-employed
- PTIN for P&L only
- Asset Qualifier = 125% of outstanding mortgage debt including subject property; no DTI
- Asset Depletion = divide by 60 months
- Asset Assist Option = divide by 60 months
- Listed for sale – cash-out OK 2
- W-2 only – no YTD paystub required
- Up to 85% LTV
- Up to 80% LTV for cash-out
- 2-4 units up to 80% LTV; condos up to 85% LTV
- DTI up to 50% 3
- Up to $3 million loan amounts at 80% LTV
- Min FICO 660
- 0 x 30 x 12
- 3+ years credit event OK
- 3-months reserves up to $1.5 million
- Cash-out can be used as reserves
- Asset seasoning: 1 month
- Gift funds allowed
- Interest-only payments available (NOO only)
- Step Payment program available
- Short-term rental income permitted
- AirDNA permitted on purchase
- Delayed Financing = Rate/Term
- Crypto allowed if converted to US dollar 4
- Non-warrantable condos permitted
Flexible Qualification Methods
- 12-month bank statement
- P&L only
- Written VOE Only
- 1099 only
- W-2 only
- One-year tax return
- Asset Depletion
- Asset Qualifier
- Full Doc option
Express "Exclusives"
- WVOE only – EWVOE no bank statements required
- No minimum tradeline required w/ 3 scores
- 25% default expense factor if 100% owner
- ADU income allowed
- DACA permitted
- Asset Assist – no cap on % of income
- All income types can be used in conjunction with each other
- 1 Limited to Bank Statement & W-2 Only – 25% max income.
- 2 Must be taken off market prior to application.
- 3 Restrictions apply to DTI over 43%.
- 4 For Asset Depletion: crypto must be converted 120 days prior.
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