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In case you didn’t notice, mortgage guidelines have been loosening recently. And while we are not likely to see a return of the NINJA loan, mortgages that require fewer documents are quietly making a comeback.
The Lite Doc Mortgage Program allows homebuyers to purchase their dream home without the hassle with a reduced documentation mortgage.
Our limited documentation program is designed for borrowers with good credit and assets verified by only one month’s bank statement. No tax returns, paystubs or W2s required. Income is established with a P&L for borrowers that are self-employed and through employment verification for those that are salaried or commissioned.
Some key features include:
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Assets: 1-month bank statement showing 6 months reserves
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Income
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Self-employed: 12-month P&L
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Wage earners: Employment verification
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No tax returns, W2s or pay-stubs required
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100% gift funds allowed for down payment, closing costs, reserves
Other features and guidelines:
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Owner-occupied and Investment
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Fixed and adjustable programs
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FICO down to 680
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Purchase, refi, cash out
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1-4 units, 2nd homes, condos, co-ops
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Salaried, commissioned, self-employed
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Settled Bankruptcies allowed
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Loan amounts to $3MM
Eligibility requirements, exclusions and other terms and conditions apply.
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