taylor@lowcountryhomeloans.com
843.800.0178
Non-traditional
Summary
All too often, some of our most important home buyers have a tough time securing a home loan. We are here to serve you and have loan products to back your home loan needs!
Available Programs
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Self-Employed Loan : Use bank statements or 1099s to qualify for a loan! These are our most popular self-employed loan programs.
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Asset-Based Loan : Loan programs based on your assets not your income.
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Recent Credit Event Loan : One year seasoning for foreclosure, short sale or deed-in-lieu. Two years seasoning for bankruptcy.
Programs
Self Employed Loan
Use bank statements or 1099s to qualify for a loan! These are our most popular self-employed loan programs.
Qualifications
| Minimum Down Payment | 10% of sales price |
| Minimum Credit Score | 600 |
| Max Debt-To-Income Ratio | 50% |
| Non-Occupant Co-Borrower | Allowed |
| Mortgage Insurance | No |
| Eligible Property Types | Single family residence, 1-4 unit, PUDs, townhouse, condo, non-warrantable condo, condotels |
| Loan Amount | $150,000 to $8,500,000 |
| Reserves | 3-12 Months (based on loan amount) |
| Occupancy Type | Primary, Secondary, and Investment |
Asset Based Loan
Loan program based on your assets not your income!
Qualifications
| Minimum Down Payment | 20% of sales price |
| Minimum Credit Score | 660 |
| Max Debt-To-Income Ratio | 50% |
| Non-Occupant Co-Borrower | Allowed |
| Mortgage Insurance | No |
| Eligible Property Types | Single family residence, 1-4 unit, PUDs, townhouse, condo, non-warrantable condo, and condotels |
| Loan Amount | $150,000 to $4,000,000 |
| Reserves | 110% of loan amount + 6-12 Months (based on loan amount) |
| Occupancy Type | Primary, Secondary, and Investment |
Recent Credit Event Loan
One year seasoning for foreclosure, short sale or deed-in-lieu. Two years seasoning for bankruptcy.
Qualifications
| Minimum Down Payment | 10% of sales price |
| Minimum Credit Score | 600 |
| Max Debt-To-Income Ratio | 50% |
| Mortgage Insurance | No |
| Eligible Property Types | Single family residence, 1-4 unit, PUDs, townhouse, condo, and non-warrantable condo |
| Loan Amount | $150,000 to $2,500,000 |
| Reserves | 3-12 Months (based on loan amount) |
| Occupancy Type | Primary, Secondary, and Investment |
FAQ
I'm self employed and write off all of my income. Are there any options for me?
Yes, we have several non-traditional loan products. The favorite is the bank statement program. The bank statement program allows your income to be calculated based off 12 or 24 months worth of bank statements as opposed to using your tax returns. Monthly income is calculated by using cash flow to bank account.
What if I have a bankruptcy within last 2 years and/or a foreclosure within last 3 years?
We have our recent credit event program and you can be one day out of foreclosure, short sale, deed in lieu or bankruptcy.
Do I need to be a US citizen to purchase a home?
No you do not! We can write mortgage for primary, second/vacation, and investment loans to foreign nationals.
Do we write mortgages on non-warrantable condos?
Yes!