Alt Doc

The Alt-Doc (Alternative documents) mortgage program qualifies homeowners by determining qualifying income through non-traditional documents and/or non-traditional procedures.

Borrowers who are unable to qualify for a traditional mortgage program but have proven their ability to repay (ATR) a loan are subject to special approval requirements for this special solution. borrowers wishing to use bank statements and/or asset depletion as alternate qualifying techniques.

Alt doc loans are ideal for:

Self-employed individuals
Freelancers
Business owners
People with high cash flow but low taxable income
Borrowers with irregular income

Types of Alternative Documentation Used

Instead of tax returns or W-2s, lenders may accept:

Bank statements (typically 12 to 24 months showing deposits)
Profit and loss (P&L) statements (from a CPA or self-prepared)
1099 forms (for independent contractors)
Asset depletion (using liquid assets as income)
Rental income statements (for property investors)

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