The Alternative Documentation program is especially beneficial to the self-employed borrowers with good cash flow but with low verified income due to business expense write offs on personal tax returns. This program does not require tax returns or 4506 Tax forms. Non-self employed co-borrowers are accepted on this program.
What is an Alternative Documentation Loan?
Alternative documentation loans allow borrowers to qualify for loans without providing documentation showing verified income or tax documentation. This type of loan is commonly used by clients who are self-employed or have income that may be difficult to document through tax paperwork. Due to business expenses, write offs or other reasons, some clients may not be able to show proof of income that meets requirements for conventional loan approval.
Common types of alternative documentation for these loans include profit and loss statements and letters from certified public accountants. Alternative documentation loans can be processed quickly in comparison with conventional loans in many cases.
Alternative Documentation Program
– Profit & Loss Statment and CPA letter
– Self-Employed borrowers
– Non-Self-employed co-borrowers allowed
– DTI not calculated
– 4506T not required
– Self employed income, not verified
– 7/1 ARM Fixed with no pre-payment penalty
– Primary residence – Purchase, rate and term and cash out refinance
– Second home – purchase – rate & term
– Investment Properties: purchase-rate and term, cash out refinances
THIS IS NOT HARD MONEY – Rates are as low as 4.25% APR!!
– Up to 5% points and fees
– Loan starting at $750,000; Up to $3M
– Maximum cash out $2,000,000
– Minimum FICO credit score of 620 required
– Eligible Properties -SFR, PUDS -2-4 Units – Condo (low and High-Rise)
– Personal and business funds are acceptable
– 15 and 30 year fixed available
Alternative Documentation Loans: A Unique Funding Solution
At First Liberty Funding Corporation, we work with clients with all types of financial backgrounds who seek financing for homes and real estate investment property. Alternative documentation loans are just one of these solutions. As their name implies, alternative documentation loans allow would-be borrowers to seek approval using uncommon documentation as proof of eligibility for financing. Our mortgage professionals can provide fast approval to clients who want great terms without the need to show verified income and tax documentation.
Contact First Liberty Funding Corporation if you are interested in purchasing a home or property in San Diego, CA, or surrounding areas.