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
- Up to 90% LTV1
- DTI up to 55%2
- Up to $3.5 million loan amounts
- Crypto allowed if converted to US dollar3
- 100% of gifts funds allowed as down payment for LTV 75% or less
- Interest-only payments available4
- Short-term rental income permitted
- Non-warrantable condos permitted
- Non-occ co-borrower OK
- Asset seasoning: 1 month
- Max acreage: 20
- 2-unit properties and condos up to 85% LTV
- Up to 80% LTV for cash-out
- Reserves from 6 months
Advantage
- Up to 90% LTV5
- 1 x 30 x 12 OK
- Up to $3 million loan amounts
- 3-months reserves up to $1 million
- DTI up to 50%6
- Crypto allowed if converted to US dollar7
- 100% of gifts funds allowed as down payment for LTV 75% or less
- Asset seasoning: 1 month
- Interest-only option8
- Short-term rental income permitted
- Non-warrantable condos permitted
- Max acreage: 20
- Non-occ co-borrower OK
- 3+ years credit event OK
- Up to 75% LTV for cash-out
- 2-unit properties and condos up to 80% LTV
Expanded
- 2 x 30 x 12 OK
- 1 x 60 x 24 OK
- 2+ years credit event OK
- 3-months reserves up to $2 million
- Up to 85% LTV9
- Crypto allowed if converted to US dollar10
- 100% of gifts funds allowed as down payment for LTV 75% or less
- Short-term rental income permitted
- Non-warrantable condos permitted
- DTI up to 45%11
- Asset seasoning: 1 month
- Max acreage: 20
- 2-unit properties and condos up to 75% LTV
- Non-occ co-borrower OK
- Up to 75% LTV for cash-out
Flexible Qualification Methods
- 12-month bank statement
- P&L only
- Asset Depletion
- 1099 only
- W-2 only
- One-year tax return
1 Asset Depletion – up to 85% LTV; P&L – up to 80% LTV. 2 Requires 700+ FICO and max LTV 80%. Primary residence only, no FTHB. 3 For Asset Depletion: crypto must be converted 120 days prior. 4 Not allowed for FTHB; 700 minimum FICO; Max 85% LTV. 5 Asset Depletion – up to 85% LTV; P&L – up to 75% LTV. 6 Restrictions apply to DTI over 43%. 7 For Asset Depletion: crypto must be converted 120 days prior. 8 Not allowed for FTHB; 700 minimum FICO; Max 80% LTV. 9 Asset Depletion and P&L only not allowed. 10 For Asset Depletion: crypto must be converted 120 days prior. 11 Restrictions apply to DTI over 43%.