“Alt” Income Program Underwriting Philosophy Basics
Intercounty Mortgage Network takes a common sense approach to underwriting a borrower’s creditworthiness to determine the willingness and ability to repay the loan. Each applicant has a different situation and each loan is weighed on its own merits. Our goal is to help good borrowers with their financial needs while mitigating risk for the company. The portfolio products are high risk loans. Intercounty Mortgage Network will only approve loans for which the company has a reasonable belief that the borrower has the ability to repay the subject loan. This reasonable belief is based upon information provided by or verified by an independent third party. Any irregularity in borrower profile, documentation provided, or property used to support the debt may be a cause for denial of the loan.
“Alt” Income Program Highlights
Designed for credit worthy self employed borrowers (one borrower must be self employed; may have W2 co-borrower)
- Self-employed borrowers are qualified using bank statements for the most recent 12 month period
- No tax returns or 4506
- Assets must be traditionally documented
- Up to 50% debt to income ratio
- Loan amounts up to $2 million
- Credit scores as low as 680
- Purchase, refinance, or cash-out
- Cash-out up to $350,000
- Minimum 20% down
- Primary, 2nd home, investment property 1-4 units
“Alt” Income Program Guideline Overview
Loans meeting the parameters outlined in these guidelines are consistent with the Dodd Frank Wall Street Reform Act Ability to Repay. Documentation standards are designed so that loans are made to borrowers who have demonstrated the ability and have the wherewithal to repay the debt. This documentation program requires review and verification of documentation to ensure that the loan meets Ability-to-Repay standards.