If you’re self-employed, a freelancer, a real estate investor, or have unique income streams, you probably will have issues obtaining a conventional mortgage loan.
We’re excited to highlight one of our most popular programs: the Reduced Doc Mortgage. This option offers a fantastic middle ground for borrowers who need flexibility but want to secure a lower interest rate than a true “No Doc” loan.
If you have solid finances but find it challenging to document your income the conventional way, this program could be your perfect solution.
Reduced Doc Mortgage
Think of our Reduced Doc program as a streamlined path to loan approval. Instead of providing two years of tax returns and multiple pay stubs, you can choose from several simpler documentation options to verify your ability to repay the loan. By providing a little more documentation than a true “No Doc” loan, you are rewarded with a significantly better interest rate, saving you money over the life of your loan.
Key Program Guidelines at a Glance
This versatile program is designed to meet the needs of a wide range of borrowers and properties.
- Loan Purpose: Perfect for Purchases, Rate/Term Refinances, and Cash-Out Refinances.
- Property Types: Eligible properties include Single-Family Residences (SFR), Planned Unit Developments (PUD), and Condos.
- Occupancy: Available for Owner-Occupied homes, Second Homes, and Investment Properties.
- Great for First-Time Buyers: First-time homebuyers are welcome!
- Gift Funds Allowed: For primary and second homes, 100% of the funds can be a gift from an acceptable donor.
4 Simple Documentation Options
The power of this program lies in its flexibility. You can qualify using one of the following four options:
- The CPA Letter Path: Provide a letter from your CPA verifying your business history and income, along with your last 2 months of bank statements (personal or business).
- The P&L Statement Path: Provide a CPA-Prepared Profit & Loss Statement. This formal statement provides a clear snapshot of your business’s profitability.
- The Borrower P&L Path: If you’re on top of your numbers, you can provide a Borrower-Prepared Profit & Loss Statement, supported by your last 2 months of bank statements.
- The Bank Statement Path: Simply provide 12 months of consecutive personal or business bank statements. We’ll use your bank flow to help demonstrate financial stability.
As specialists in non-traditional lending, we don’t force you into a one-size-fits-all box. Our Reduced Doc program is a testament to our commitment to finding creative solutions for our clients. We help you leverage your assets and financial history in a way that makes sense for you.
Contact our office to speak with a loan consultant who can provide you with more information about no-income-verification mortgage loans.
