Self Employment Non Traditional Loan Programs
A great many of us are self employed in today's business climate. Regardless of if you are a 1099 employee or a business owner there are times that traditional financing is not an option.
Program highlights:
Up to 5% points and fees
5/1, 7/1, 10/1 LIBOR ARM
15 and 30 year fixed
Credit scores as low as 620
Loan amounts up to $3M
Maximum cash out $2M
Asset Qualification Option:
Qualified based on verified liquid assets
Employment and income are not stated on 1003 DTI not calculated
4506T not required
Payment shock not calculated
A borrower with a 25% or greater ownership interest in a business is considered self-employed
Bank Statements Option:
Personal or business bank statements allowed
Self-employed borrowers* using bank statements with or without asset amortization
If business and personal accounts are combined, or if borrower is using only business bank statements, income is evaluated using a 50% expense factor for business related deposits
DTI up to 50%
Payment shock not calculated