Alternative Income Documentation now available on Near Prime loans!
W-2s and 12 month bank statements may be accepted.
Carrington is now accepting alternative income documentation for our Near Prime loan programs! Great for those who have good credit but have had a few recent credit events such as foreclosures or bankruptcies or are self-employed. If you’ve recently turned away buyers for these reasons, you may want to take a second look.
ALTERNATIVE INCOME DOCUMENTATION FOR OUR NON-QM PROGRAMS*
- 12 months personal bank statements
- 24 months business bank statements
- 1 year documentation (W-2 or tax return)
- Recent year W-2 and pay stub(s) covering the most recent 30-day period providing year-to-date earnings
NEAR PRIME PROGRAM HIGHLIGHTS
- Primary and second homes
- Purchase, refinance and cash-out loans
- Loan amounts up to $1.5 million
- Non-warrantable condos OK
- Investment properties OK
- 30 year fixed, 5/1 and 7/1 ARMS
- Minimum FICO 620 (85% LTV)
- Maximum cash out is $500,000
Call us to learn more about this great program.
*Non-QM product (Non-Prime/Near-Prime) requirements vary depending on the consumer’s credit grade, LTV, DTI, and FICO scores and may require reserves from 3 to 6 months. Ask your Loan Officer for additional details and requirements. Not available in AK, MA, ND, and WV.