Alternative Documentation Loan

Alternative Documentation Loan

If you are looking for an Alternative Documentation Loan program we have one!

This is also called a bank statement loan.

…Instead of providing standard full mortgage documentation (W-2′s, Paystubs, and last two years Tax Returns) you just provide your last 2 years bank statements.  There is also a 12 month bank statement option.

We average your deposits, and that’s your income. …Amazing news right?

Yes it is!
…but I want to tell you the bad news about this loan program up front.

  1. You are going to pay a higher interest rate for this type of loan product. …anywhere from 9% to 11.5%.
  2. You will pay higher up front lender fees for this type of loan 2% to 5%.
  3. Even good credit requires a 20% down payment. …If you have poor credit you will have to put down more.
  4. This isn’t a 30 year fixed loan. Loan terms are fixed for 5 years based on a 30 year amortization.

This loan should be looked at as a tool to acquire property. It’s not a long term solution for holding property.

Your goal should be to sell or refinance this property within 2 to 5 years time.
If this sounds like a loan you can use to accomplish your goals then click the link below and apply.

We can usually close this loan in 2 to 4 weeks.

Manufactured Home Loans

Yes! We do loans for Manufactured homes.
Purchase and Refinance.

Apply Now

In a few minutes we can determine how much you can afford.