These programs have the best rates available, and calculate borrowers' income based on either W2's alone, and/or tax returns.
Popular Full-Doc programs include the W2-Only program which qualifies borrower based on two most recent years of W2's, and the 1- & 2-year tax return(s) programs, which calculate income based on borrower's tax returns.
These program have slightly higher rates when compared to Full-Doc programs, and calculate your income based on 1099's, bank statements, or the rental income of the subject property itself.
Popular Alt-Doc programs include the 12- & 24-month Bank Statements, Investor Cash Flow (DSCR), and 1099-Only programs.
These programs naturally have the highest rates out of the three types, but simply never calculate your personal income. Instead, the qualification criteria depends on your current assets in reserve.
Contingent upon borrowers' middle credit score, the reserves requirement can range between 3 to 18 months.
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