Details
Alternative documentation options for self-employed borrowers
- Income calculated based on net income from third-party prepared P&L statement
- Max 80 LTV on purchase and 70 on cash-out refinances
- DTI up to 50
- FICO down to 680
- Loan amounts up to $2MM
- Primary Residences, Second Homes, and Investment Properties
- Four years out of a credit event allowed
- Supplemental full doc income allowed
- 0x30x12 allowed
- 1-4 unit properties, warrantable condos, PUDs, certain mixed use properties, non-warrantable condos/condotels, and manufactured homes allowed
- No limit on cash out
- Two year history of self-employment required
- Primary earner FICO score utilized
- Temporary buydowns allowed
