A way for borrowers to get a great loan with a lot less paperwork.
If you are self-employed, a business owner, or a contract worker, applying for a loan can be challenging to say the least. That’s because conventional mortgages require two years of paystubs as proof of income. But we know that great borrowers don’t always have W2 forms to show their earnings. Ark’s Alt-Doc can make getting a loan possible with alternate ways to document your income.
You qualify for the Alt-Doc loan with any of three alternate proof of income.
- Profit and Loss (P&L) statement
- Single year’s tax return
- 12-months bank statements
Borrowers only need one of these types of proof to apply.
What will my monthly payments be?
Just as with any conventional mortgage, your monthly payment will depend on the purchase price, downpayment, current interest rate, home insurance, mortgage insurance (if required), and taxes. We can calculate a complimentary “good faith” estimate of your payment once we know a bit more about you.
For a ballpark number, use the mortgage calculator below.
What kind of property can I purchase using this loan?
Residential or investment are both ok. And you can use it for primary homes, second homes, multi-family (up to 4 units), and condos.
Does the Alt-Doc loan have a higher interest rate?
No. The same rates apply as with any conventional mortgage — determined by the current rate, your income, downpayment, etc.
If I am a salaried worker, can I still get an Alt-Doc loan?
Yes. Speak to your Ark Advisor to find out if this loan type is more advantageous for your needs.
Ready to figure out your options?
Ark Advisors are here to help.