Bank Statement/Alt Docs Loans- Self Employed
HELOC: A HELOC lets you borrow against the equity in your home as a revolving line of credit. You can draw funds as needed, repay, and reuse the line during the draw period, making it useful for projects, debt consolidation, or reserves.
1099 Income: This option is for borrowers paid on 1099s instead of W‑2s. Lenders use your 1099 forms (and sometimes bank statements) to calculate qualifying income, which can help self-employed or contract workers who don’t fit traditional guidelines.
P&L: With a P&L loan, the lender uses a CPA- or tax-preparer–prepared profit and loss statement for your business to determine income, instead of full tax returns. This can benefit business owners with significant write-offs or complex returns.
ITIN: ITIN loans are designed for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number. These programs allow qualifying non‑citizen borrowers to purchase or refinance a home while documenting income and credit through alternative methods.
Asset Depletion: Asset depletion loans qualify you based on your liquid assets rather than traditional income. The lender “converts” your savings, investments, or retirement funds into an income stream on paper, which can help retirees or high‑asset borrowers with lower reportable income.
No income Doc Loans
DSCR (Mult-State) Investment Properties: These loans qualify real estate investors based on the property’s cash flow instead of personal income. Lenders use the Debt Service Coverage Ratio (DSCR) to compare the property’s rental income to its mortgage payment and expenses. If the rent covers (or exceeds) the payment, you may qualify—even with complex tax returns or multiple properties.These loans qualify real estate investors based on the property’s cash flow instead of personal income. Lenders use the Debt Service Coverage Ratio (DSCR) to compare the property’s rental income to its mortgage payment and expenses. If the rent covers (or exceeds) the payment, you may qualify—even with complex tax returns or multiple properties.
Foreign National: Foreign National loans are designed for non‑U.S. citizens who live abroad and want to buy or refinance property in the United States. These programs use alternative documentation for income, assets, and credit, and typically do not require a U.S. Social Security number or long U.S. credit history.
Asset Qualifier: Asset Qualifier loans are for borrowers whose strength is in their assets rather than traditional income. Instead of focusing on pay stubs or tax returns, the lender reviews your liquid assets (such as savings, investments, or retirement funds) to determine if you qualify. This can be ideal for retirees, high‑net‑worth individuals, or those with irregular income.