Alt-Doc Loans Using 1 Month Personal Bank Statement As Income
LENDERLINE® is currently offering alternative documentation mortgages using 1 month’ personal bank statement as income under the following guidelines:
- The property must be located in the State of California.
- Most recent 1-month personal bank statement used as income.
- No NSFs allowed.
- Positive ending balance required.
- No tax returns.
- No 4506-T.
- Self-employed borrowers only.
- Owner-occupied transactions only.
- Purchase, rate and term, or cash out refinance allowed.
- Up to 75% loan-to-value for purchase, and up to 70% LTV for refinance.
- 650 minimum credit score.
- Credit depth required of at least one credit account rated for at least 5 years and two accounts rated for at least 2 years.
- 24-month recent mortgage history required.
- No mortgage delinquency allowed in the past 5 years.
- No foreclosure, deed-in-lieu, short sale, or bankruptcy allowed in the past 5 years.
- No charge-offs, collections or tax liens allowed in the last 3 years.
- Up to 50% debt-to-income ratio.
- SFR, PUD, condo, and townhouse allowed.
- 2-4 units not allowed.
- Rural properties not allowed.
- First time home buyers allowed (maximum 65% LTV and $1,000,000 loan amount).
- $250,000 minimum loan amount.
- $5,000,000 maximum loan amount.
- Gift funds allowed for down payment and closing costs.
- Available as a 5/1 ARM, 7/1 ARM or 30-year fixed.
- 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 1 month bank statement lender of choice. We offer many mortgage types, including our 1 month bank statement mortgage loan program, which is also known as an alt-doc loan.
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.