Alt-Doc Mortgages Using Assets Exceeding Post-Closing Loan Amount To Qualify
LENDERLINE® is currently offering alternative documentation mortgages using post-closing assets that exceed the loan amount to qualify under the following guidelines:
- The property must be located in the State of California.
- Post-closing assets must exceed the loan amount by at least $1.
- Most recent 2 months personal bank statements used to document assets.
- Income is not stated on the loan application.
- Debt-to-income ratios are not calculated.
- No tax returns.
- No 4506-T.
- Self-employed or wage-earners allowed.
- Primary residence, second home, and non-owner-occupied transactions allowed.
- Purchase, rate and term, or cash out refinance allowed.
- Up to 75% LTV for all occupancy and loan purposes.
- 600 minimum credit score (see underwriting guidelines for LTV restrictions).
- See underwriting guidelines for seasoning requirements for foreclosure, deed-in-lieu, short sale, or bankruptcy.
- SFR, PUD, condo, townhouse, condotel, and 2-4 units allowed.
- Rural properties allowed on a case-by-case basis (maximum 70% LTV for purchase, 65% LTV for refinance).
- First time home buyers allowed (maximum 65% LTV and $1,000,000 loan amount).
- US citizens and permanent residents allowed.
- $75,000 minimum loan amount.
- $5,000,000 maximum loan amount.
- Gift funds allowed for entire down payment and closing costs.
- No reserves required.
- 5/1 ARM, 7/1 ARM or 30-year fixed rate available.
- All loans require impounding of property taxes and hazard insurance.
- Interest-only option available (see underwriting guidelines and pricing adjustment).
- No prepayment penalty.
LENDERLINE® is your alt-doc assets exceed loan amount lender of choice. We are mortgage lenders for the self-employed, and are one of the nation’s premiere stated income lenders.
Questions? To get today’s interest rates or to receive a FREE mortgage consultation, call LENDERLINE® toll-free at 1-888-661-7888, or complete this form to schedule an appointment.