Andres Garcia
Loan Officer
NMLS: 2246130
813-847-4199
Alternative Document Jumbo Loans
Unveiling the Secret to Financing High-Value Properties - The Jumbo Loan with a Twist
Get the jumbo loan you need with simplified document requirements. Ideal for self-employed and high-net-worth individuals.
Pros of Alternative Document Jumbo Loans
1
Simplified Documentation
Less paperwork and easier qualification compared to traditional jumbo loans.
2
Great for Self-Employed
Ideal for borrowers with non-traditional income sources.
3
Get approved fro what you can actually afford.
Tax returns don't always tell the full story we can use bank statments, 1099's or even a single P & L.
Cons of Alt Doc Jumbo Loans
1
Costs More
Life is a give and take. Less documents is more percieved risk to the lender which means higher interest rates and down payments.
2
Larger Down Payment
80% is a typical max and most investors would prefer to see you at 75%. A "CLTV" of 85% may not be out of the question but it would dwindle our options.
Key Issues That Will Get Early Attention
1
Explore Every Option
I love these unique programs but at the end of the day we're going to want to see you in the lowest cost solution. We have to be 100% sure that proving income in a more traditional way is completely our of the question.
2
Discuss an Exit Strategy
I would want you be be 100% clear on exactly what you would have to do in order to qualify for a traditional loan in the future. In most cases the additional tax responsibility makes the extra cost of an Alt Doc mortgage seem very, very reasonable.
3
Evaluate Down Payment
We'll clarify the larger down payment requirements and explore your options.
4
Discuss Avaialable Documentation
Explore the Flexibility of Alt Doc Loans - Opt for Bank Statements, 1099s, or CPA-Prepared P&L. Experience Slightly Higher Costs for P&L Only Mortgages. Rich in Assets but Low on Income? Consider an Asset Depletion Mortgage. Every Scenario is Tailored to Your Needs
