An alternative (or reduced) documentation or non-conforming loan is a type of loan that has different income documentation requirements that fall outside of the scope of the majority of mortgage products. These types of loans are useful for borrowers who do not fit the mold of traditional financing. Alt-A interest rates, which are determined by credit risk, therefore tend to be between those of prime and subprime home loans, although there is no single accepted definition of Alt-A.

Some Alt-Doc Loan Features:

  • Rate/term refinance
  • Home purchases
  • As little as 20% down
  • Up to 80% financing
  • No credit requirements
  • No mortgage insurance
  • Full or partial income documentation (12-24 month bank statement programs available)
  • Available for 1 year self-employed

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Alt-Doc Mortgage Programs