Alt-Doc ProgramFor the non-traditional
Alt-Doc (Alternative Documentation) is a mortgage program that qualifies homeowners by using non-traditional methods and/or non-traditional documentation to determine qualifying income.
This unique solution has distinct approval parameters for borrowers that have demonstrated the ability to repay (ATR) a loan but cannot qualify for a standard mortgage program. Borrowers looking to take advantage of alternative qualifying methods such as Asset Depletion or as few as 3 months Bank Statements, can do so with lower credit scores (down to 600) and loan-to-values (LTVs) up to 90%.
- Program Advatages
- FICO Scores As Low As 660
- Extended LTVs: Up to 80% Purchase or Rate & Term Refinance and Up to 65% For Cash-Out
- Loan Amount up to $3MM
- Reserves from 6 to 12 months
- Debt-to-Income (DTI) up to 50% (with additional requirements)
- Interest-only payments available
- Available for primary or second home
- Asset Documentation Requirements
- One-month bank statement (only first page may be required)
- Large deposits allowed (follow FNMA guides)
- Gift funds maximum LTV is 75%
- Flexible Qualification Methods
- Self-employed borrowers can qualify using 12 months of bank statements (only first page may be required)
- Additional options include 1099 or Asset Qualifier programs
*Based on reserves, payment history and credit depth. Program not available in ID, NV or LA.
Borrowers who do not meet traditional documentation requirements but want the chance to qualify using flexible alternatives.