No Doc Mortgage Loans are on the rise due to business owners and self employed borrowers that write off large amounts of business revenue.
NO Income Doc
Our premier No Doc Loans Program is the favorite of our investors due to No Seasoning of Funds and No Sourcing of Funds. All We care about is the credit score and the real estate asset.
Individuals, LLC’s, Corporations and Limited Partnerships
U.S. Citizens, Permanent & Non-Permanent Resident Aliens.
Property Types: 1 – 4 Units, SFR, Townhomes, Condos
Minimum Property Value of $75,000.00 Required & Minimum Loan Amount $56,250.00
Minimum Credit Score 640, Minimum of 3 Active Trade Lines for 24 months, Bankruptcy 4 years out, Foreclosure, SS, DIO 3 Years out
Property can be leased or unleased, but must be rent ready with no deferred maintenance
PROFIT AND LOSS STATEMENT PROGRAM
Self Employed mortgage borrowers had been having a difficult time qualifying for mortgages since the 2008 Great Recession where no doc loans and stated income loans were no longer available. Great news, Loan Trust Mortgage has the solution. Introducing our new Profit and Loss Statement Program.
CPA to provide P/L covering the last two full years and YTD income
No bank statements will be required
Borrower only needs to own at least 25% of the business
The business needs to have existed for at least the last two years
Maximum 75% LTV with a minimum score of 680
Loan Trust will allow combined P/L from 2 separate companies.
At Loan Trust, we know even salaried or wage earner borrowers sometimes don’t always fit into the traditional mortgage box. The solution is the new Written Verification of Employment Program.
Using base salary or hourly wage only
Borrower must be employed with the same employer for at least two years
FNMA VOE (Form 1005) is completed by the Human Resource Department, payroll department or Officer of the Company
Maximum 43% DTI and 70% LTV, minimum 660 credit score
Two months bank statements deposits are needed to support at least 65% of the qualifying income
No Paystubs, W2s, tax returns or transcripts are required
12/24 MONTH BANK STATEMENTS
Perfect fit for self-employed borrowers who are unable to document income with tax returns. Loan Trust Mortgage provides flexibility for the borrower that cannot obtain financing with traditional tax returns. Loan Trust knows borrowers should not miss out on the opportunity of home ownership just because they don’t fit into the box that traditional, out-dated lenders require.
12 or 24 months complete business bank statements from the same account.
Can use up to two accounts per business.
Borrower must only own at least 25% of the business
Business bank accounts, personal bank accounts addressed to a DBA, or personal accounts with evidence of business expenses may be used
P&L statement may be prepared by the company or any verifiable third party covering the same period as the bank statements
Outside Dodd-Frank Plus (ODF+)
5 to 35 – Unit Properties:
Loans to business entities and trust
Mixed – Use
Up to 75% LTV
Interest only payment available
$3,000,000 Loan Amounts
Outside Dodd-Frank (ODF)
No Income Verification
Up To 75% LTV
$5,000,000 Loan Amounts
Interest Only Payments Available
No Pre-Payment Penalties
Stated Income for 1 – 4 Unit Properties:
Business Purpose O/O
Fix & Flips