Alt-Doc Loans Using 24 Months Personal Or Business Bank Statements As Income
LENDERLINE® is currently offering alternative documentation mortgages using 24 months personal or business bank statements as income, under the following guidelines:
- The property must be located in the State of California.
- Most recent 24 months business or personal bank statements used as income.
- No tax returns.
- No 4506-T.
- Self-employed borrowers only.
- Primary residence, second home, and non-owner-occupied transactions allowed.
- Purchase, rate and term, or cash out refinance allowed.
- Up to 90% LTV for owner-occupied purchase.
- Up to 80% LTV for owner-occupied rate/term refinance.
- Up to 75% LTV for owner-occupied cash-out refinance.
- Up to 75% LTV for non-owner-occupied purchase.
- Up to 70% LTV for non-owner-occupied rate/term or cash-out refinance.
- 500 minimum credit score (see underwriting guidelines for LTV restrictions).
- See underwriting guidelines for seasoning requirements for foreclosure, deed-in-lieu, short sale, or bankruptcy.
- Up to 50% debt-to-income ratio.
- SFR, PUD, condo, townhouse, condotel, and 2-4 units allowed.
- 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.
To download underwriting guidelines
for our alt-doc loans that use 24 months bank statements as income:
LENDERLINE® is your alt-doc 24 months bank statements lender of choice. We offer many loan types, including our 24 months bank statement loan program, which is available as either a fully amortized or an interest only 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.