Alt-doc Loans Using W2s and Paycheck Stubs as Income
LENDERLINE® is currently offering alternative documentation mortgages using W2s and paycheck stubs as income under the following guidelines:
- The property must be located in the State of California.
- Most recent 2 years’ W2s and most recent 30 days’ paycheck stubs used as income.
- No tax returns.
- No 4506-T.
- Up to 90% loan-to-value with 700 minimum credit score.
- Up to 85% loan-to-value with 650 minimum credit score.
- Up to 43% debt-to-income ratio.
- SFR, PUD, condo, townhouse and 2-4 units allowed.
- First time home buyers allowed (85% LTV maximum).
- $150,000 minimum loan amount.
- $3,000,000 maximum loan amount.
- Owner-occupied properties only.
- Purchase, rate and term, or cash out refinance.
- As low as 6 months PITI reserves (see underwriting guidelines).
- 2 months seasoning for down payment/reserves.
- Gift funds allowed for down payment and closing costs.
- Reserves must come from borrowers own funds.
- Available as a 5/1 ARM, 7/1 ARM or 30-year fixed.
- Interest-only option available (see underwriting guidelines and pricing adjustment).
- Impounding of property taxes and hazard insurance required.
- No prepayment penalty.
To download underwriting guidelines
for our alt-doc loans that use W2s and paycheck stubs as income:
To download a loan application
for our alt-doc loans that use w2s and paycheck stubs as income:
LENDERLINE® is your alt-doc W2 and paycheck stub lender of choice. We offer many mortgage types, including our W2 and paycheck stub 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.