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• About Us  • View Testimonials  • Construction Programs  • Construction rates  • Comparing Options  - Loan offers from different    banks  -Construction cost estimates  -Building new or remodeling    VS buying an existing home  -Being my own contractor   VS using a general contractor  - Get Answers  • Educational Resources  - ABC's of Construction    Financing  - Stick-Frame Home    Information  - Log/Timber-Frame Home    Information  - Modular Home    Information  - Lending Dictionary  - Construction Dictionary  • Bank  - Refer a customer for a    construction loan  - Learn more about    construction loans  - Receive consultation on setting    up our own construction    loan program(s)  - Get added to the Construction     Advisors network of lenders  - Get Answers  • Contact US   Alternate Documentation of Income Loans This resources provides basic information about Alternate Documentation of Income Loans, including: What Is an Alternate Documentation Loan? How Does an Alternate Documentation Loan Work? Do Alternate Documentation Loans Have Higher Rates? What Is an Alternate Documentation Loan? An alternate documentation loan is for borrowers who do not wish to provide income documentation (W-2's, tax returns, etc.) to get approved for a loan but can do it by providing bank statements. These loans are typically used for small business owners, independent contractors, commissioned sales people and others who do not have the required two years of documented income to qualify for a new mortgage. How Does an Alternate Documentation Loan Work? The borrower simply provides copies of personal or business bank statements for a period of not less than 1 but not more than 24 months. The number of statements requested will be based on the loan terms you want. The income is then determined by the average amount of the deposits made into the accounts during the requested time period. The income is not verified by W-2's, tax returns or any other method. As long as you meet the loans criteria for credit score, debt to income ratio (DTI) and down payment, then the process is pretty quick and easy. Do Alternate Documentation Loans Have Higher Rates? As long as you meet the lenders minimum requirements for credit score, Debt-To-Income, down payment and other factors, you will not have a much higher rate or fees but they will be slightly higher. Experience the Construction Advisors difference today —Contact Us to get started!

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