If you are applying for a mortgage without a W-2, or your W-2 does not paint the full picture of your income, you can apply for a alt doc loan.
What is a Alt Doc Loan?
A alt doc loan is exactly what it sounds like: a way for you to apply quickly and easily for a mortgage without providing extensive documentation.
Alt doc loans are also called “alt doc loans” or “bank statement loans,” because when you apply for one, you use bank statements to verify your income instead of a traditional W-2 form.
Alt doc loans are great for these types of borrowers:
- Self-employed borrowers
- Business owners
- 1099’s- use your 1099’s for income!
- IRA Distribution (no need to be of retirement age to qualify)
- Bank Statements (12 or 24 months)
- Business Loans
- P&L Loans- use a CPA letter and a P&L to qualify!
- DSCR Loans
- No Income used to Qualify!
During your mortgage consultation, you can explain your income scenario in detail, and we can let you know whether a alt doc loan is right for you.
San Diego Alt Doc Loan Program Features and Benefits
Here is what sets our alt doc loans apart from bank statement loan programs offered by other lenders:
- Verify your income with 12 months of bank statements.
- Only the first page is required for business bank statements.
- 100% of eligible deposits are used and employment is left blank for personal bank statements.
- We calculate DTI for you.
- No debt service needed.
- Investment properties available.
- Rates start at 6.99%.
Buy a Home Quickly and Easily with a Alt Doc Loan
Using a alt doc loan, you can rapidly apply for a mortgage using a streamlined process no matter your income scenario. If you are ready to apply, please give Maureen Martin a call at (619) 857-7191 to schedule your San Diego alt doc loan consultation.
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