W2 TRANSCRIPTS ONLY PROGRAM – EXPANDED TO INCLUDE 620 FICO.
Now We Do Allow Construction Industry Workers on the W2 Transcript Only Program. We are well equipped with providing the right financing.
W2 only Program Details
- Minimum Credit Score = 620
- Allowed on FHA, VA, and Conventional Loans.
- Max DTI is 50
- Loans with additional rental properties are not allowed
- VA cash-out is limited to 90% LTV/CLTV
- All borrowers must be paid with a W2
- No 1099s
- No commission income borrowers
- No self-employed borrowers
Keep in mind this is what else what specialize in.
- We offer FHA and VA as low as 580 scores
- Down Payment Assistant programs are permitted
- Manual Underwrites to 580 on both FHA and VA
- Manual Underwrites max date up to 40/50 with 2 FHA
Compensating Factors per Mortgagee Letter 14-02
- VA to 100% LTV cash out
- Conventional both Freddie and Fannie
- Freddie allows for Non-Occupied Co Borrowers
- Underwriting Turn times are now at 48-72 hours.