Alternative Income Documentation Solutions
Many highly qualified borrowers with proven credit and financial stability have difficulty qualifying under traditional underwriting guidelines. At Unlimited Mortgage Lending, we can use bank statements to calculate qualifying income on 1-4 family residential loans.
A Bank Statement Program accepts bank statements for income verification and is especially helpful for self-employed Borrowers lacking the W-2s and check stubs required by conventional loans. Recognizing the self-employed may have more complex income streams, we make our loan decisions on a variety of factors, including cash flow and expenses such as bill and lease payments, during the approval process for our Non-QM loans.
For Alternate Documents we can also use Asset Depletion (ask for more details), 12-month Bank Statements (personal or business), Profit and Loss Only, and ask about our ITIN/ Foreign National options.
✅ Purchase or Refinance
✅ Primary or Secondary/Vacation and Investment
✅ Fixed-Rate 15 to 30 years
✅ Interest only is available
✅ Min. Loan amount is $150,000
✅ Max. loan amount $3 Million
✅ Max. LTV up to 90%
✅ Min. qualifying credit score of 640
✅ Min. one applicant must be self-employed
How We Do It
✅ Add up all deposits for 12 or 24 months
✅ Divide the total by 12 or 24 months for an average
✅ We multiply the average monthly income by an Expense Factor
✅ We do not include any transfer into the account