Alternative Documentation 12 Bank Statements
12 Month Bank Statement Averaging or
1 Year Taxes or Asset Amortization Loans
No Taxes, w2's or executed 4506T are required.
Minimum FICO score is 600.
3, 5, 7 and 10/1 ARM's, 30 year fixed.
Owner Occupied and Non-Owner Investment properties, SFR and 1-4’s.
Loan to value up to 80% for a purchase, rate and term or cash-out refinance to 4M.
Interest only payment available.
Qualifying: Using the Borrower’s last 12 bank statements, we average 100% of deposits, draws and wires and use that as the income to qualify at 45% DTI based on deposits and debts on the credit report.
We need proof of 9 months PITIA reserves for the subject property seasoned in the bank for 60 days on Owner Occupied and 12 months’ reserves on all debt on Non-Owner properties.
Available: Nationwide. Fees: 1.5 points in a Holding Escrow that you will open with an Independent Escrow Company to be paid at the close of escrow.