When the borrower does not qualify for a QM loan ( FHA or Conventional) is typically due to insufficient income.
Lenders may offer other options using alternative proof of income such as:
- 1099’s for qualification
- Profit & Loss (Most Recent 12 months)
- Bank Statements
- DSCR (Investors program)
1099 LOAN
- Is your income insufficient because your tax returns are too low?
- We can qualify you with a1099 income average reflecting the last 24 months
NO INCOME TAXES NEEDED
- All you need is a credit score of 660 +
- 10% savings for the down payment (amount may vary upon credit score)
- If your score is higher than 700, you can apply for the first 10 years of interest only
PROFIT & LOSS LOAN
Qualifying income is the net income from the P&L divided by the time period covered (12 months).
Must be CPA/CTEC or EA compiled.
- 12-month CPA/EA/CTEC prepared
- Minimum fico score 660
- Loan Amount Up to $3M
- 20% Downpayment on Purchase and Rate & Term Refinance
- Interest-Only Available
- Primary, Second Home & Investment OK
- First Time Homebuyers OK
BANK STATEMENTS LOAN
Qualify using 12 months of business or personal bank statements. No tax return required.
- 12 months business or personal bank statements
- 10% Downpayment (May vary upon credit score)
- Minimum fico score 660
- Loan Amount Up to $3M
- Primary, Second Home & Investment
- 30yr and 40yr I/O term available (Fixed or ARM)
