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DGNQM Alternative Documentation

For high net worth or self employed borrowers, the DGNQM Alternative Documentation program features reasonable qualification based on either bank statements or eligible assets.

Asset Qualification

For High Net Worth Borrowers

  • Employment and Income are not required to be disclosed on the 1003
  • Minimum FICO 600
  • Loan amount $100K to $3M
  • Maximum cash out $2M
  • Loan qualification based on verified liquid assets
  • 15 & 30 year fixed, 5/1, 7/1, 10/1 ARM Interest only available on ARMs*
  • DTI not calculated
  • Payment shock not calculated
  • 4506T not required
  • Full asset documentation required for funds to close, reserves and qualifying asset requirements
  • Assets can be cash in the bank, stocks, bonds, IRAs, 401Ks, mutual funds or retirement accounts
  • Asset levels in the verified accounts are expected to be consistent and sustained
  • No ownership seasoning requirement for cash out refinance
  • Cash out from subject may be used towards reserves
  • Gift Funds & Gift of Equity

Bank Statements

For Self-Employed Borrowers

  • Minimum FICO 600
  • Loan amount $100K to $3M
  • Maximum cash out $2M
  • Bank statements with or without
  • asset amortization
  • W-2 co-borrower is allowed
  • W2 co-borrower income and employment traditionally verified
  • Personal or business statements
  • DTI up to 50%
  • Payment Shock not calculated
  • Optional - P&L statement if business & personal accounts are combined
  • Statements for the most recent 12 month period required
  • Assets must be fully documented
  • Retirement income is usable with verification (1099, award letter, etc.)
  • 15 & 30 year fixed, 5/1, 7/1, 10/1 ARM.
  • Interest only available on ARMs*
  • No ownership seasoning requirement for cash-out refinance
  • Cash out from subject may be used towards reserves
  • Gift Funds & Gift of Equity allowed (refer to guidelines)

Request Information

 
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CALL THE DG TEAM NOW  305-851-5225