FNMA/FHLMC underwriting guidelines usually require full documentation of the income and assets stated on the borrowers application. But many loan programs in today's home finance market feature alternatives to FNMA/FHLMC full documentation requirements. These innovative programs expand the availability of home finance to borrowers who, for one reason or another, cannot (or prefer not to) provide full documentation. Some of the programs we offer that allow alternatives to full documentation of income and/or assets are listed below:
- Alternative Documentation:
- Bank statements. These programs allow self-employed borrowers to document their income by providing 12 or 24 months bank statements rather than tax returns.
- No Documentation of Income and/or Assets and/or Employment:
- Stated income. These programs are designed for borrowers that cannot (or prefer not to) provide full income documentation. Stated income loan programs are a good choice for some self-employed borrowers, for borrowers whose income is derived from free-lance, contract, or consulting work, and for borrowers with high credit scores that prefer to avoid the hassle of having to document their income.
- No Income and/or Assets and/or Employment:
- No ratio. These programs allow employed borrowers to qualify without stating any income on the application. These programs are helpful for borrowers who are employed and have good credit but have a debt-to-income ratio that is too high for other programs. For example, borrowers whose lifestyle choices enable them to devote more than 50% of their monthly income to housing expenses can benefit from a no ratio loan. No Ratio loans are also helpful for borrowers that cannot qualify on their own income, but will be sharing expenses with another person who cannot be a co-borrower on the loan due to past credit problems or other reasons.
- No income, no asset, no employment, a.k.a. "No Doc". These programs allow borrowers to qualify without stating income, assets or employment. These programs are especially useful for borrowers that are relocating and have not secured employment in the new location or will not be receiving their first paycheck before the loan closes. They are also useful for borrowers who do not have the stability of employment required for full documentation programs.
Lenders are constantly innovating alternative, reduced, and no documentation programs, and we keep ourselves well-informed on all the latest innovations through our network of industry contacts.
To qualify for these programs, borrowers must satisfy lender guidelines for income, assets, and credit. For more information, contact Allied Home Mortgage.
To apply for one of these loan programs, fill out our short prequalification form, or submit an online application, or call us at 503-356-2241.
Allied Home Mortgage Capital Corporation
111 SE 3rd Ave, Suite C Hillsboro, Oregon 97123 503-356-2241 |
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