Alternative Income Mortgage
No tax returns or traditional income - No problem! Qualify for Primary, Second Home, and Investment mortgages using a number of alternative loan types
Alternative Income Highlights
- 1-4 unit | primary residence, second home, and investment properties
- Credit score 580+ depending on program and modest financial reserves
- Purchase, refinance, and cash-out mortgages
- Loans range: $75K to $5M+
- Purchase, refinance, and cash-out mortgages
- Loan-To-Value (LTV) percentage ranges up to 90% depending on occupancy, number of units, FICO, and size of loan
- A hybrid of Alt Income & other income sources can be combined to qualify
- Quick closings: 3 - 4 weeks
- No tax returns needed
- Interest-only available. No Mortgage Insurance. Foreign National & Work Visa eligible
- Online Application | Secure Document Uploads | Mobile App | Email/Text Loan Updates!
Alternative Mortgage Types
Bank Statement Mortgage [more info]
Personal or business bank statement gross monthly deposits are used to income-qualify. NO additional income documentation needed!
- 3 / 12 / 24mth bank statement programs available
- Use business, gig, retirement, property, and/or investment income
- Gross deposits to personal and business bank accounts are used to income qualify
Asset Utilization / Depletion Mortgage [more info]
Perfect for borrowers with $250K+ liquid or semi-liquid assets but minimal declared/real income. A simple calculation based on your net assets determines a qualifying monthly “income” for the mortgage
- Checking and savings accounts, 401k, IRA, stocks, mutual fund, bonds, CDs, and other asset classes can be used
- Perfect for high-net-worth individuals, self-employed, retirees, and those with difficult to document/or low documented income
- A simple calculation based on your net combined qualifying assets determines an "income" used to debt-income qualify
- Note: you do not need to sell, encumber, separate, or otherwise pledge the assets used to qualify. The only resulting debt will be the new mortgage against the subject property
1099 | 1Yr Tax | P&L | WVOE Mortgages
Independent contractors / Gig workers, rents, royalties, brokerage gains / losses, dividends and more - or those that don’t have their tax returns in place to qualify - bring us your alternative income types and we’ll set up the mortgage!
- 1099: great loan for self-employed or investment-income borrower with 1099 income
- 1yr Tax Return: 1yr tax return vs the 2yrs required for a “full doc” mortgage
- P&L: 1 or 2yr P&L used solely to income-qualify. No bank statements used to document income
- WVOE: the only income documentation is a form, completed by employer, to document 2yr employment history
Owner-Occupied No-Ratio Mortgage
Qualify on a owner-occupied home with NO debt-income calculations used at all! A true No-Ratio income-qualifying mortgage for primary and second homes
- Purchase, refinance, and cash-out mortgages
- Primary residence & second homes
- LTVs up to 80%
- FICOs starting at 620+
- Quick closings: 3 - 4 weeks
- Loan amounts up to $2.5M
- 100% Gift Funds allowed
- Rural, Mixed-Use, Modular, Log Homes eligible