Alt Doc
FlexIQ – Alt Doc
The FlexIQ Alt Doc products allow 12- and 24-month bank statements, 1- and 2-year 1099s, P&L, WVOE, and Asset Qualifying options. This program is available for Primary Residence, Second Home, and Investment transactions. The Alt Doc products are designed for conforming and jumbo loan balances, and are offered as 15-, 30-, and 40-year fully amortized Fixed Rate, as well as 30- and 40-year Fixed Rate with a 10-year interest only period.
- Max 90% LTV for Purchase and Rate/Term
- Max 80% LTV for Cash-Out
- Loan amounts from $100,000 up to $3,000,000
- Up to 50% DTI
- Credit score down to 640
- 1x30x12 housing history allowed
- U.S. Citizen, Permanent and Non-Permanent Resident Alien, First Time Homebuyer, Inter Vivos Revocable Trust, Entity Vesting
- 1-4 Unit, Warrantable and Non-Warrantable Condo, </= 20 Acres, Rural
- Reserves as low as 3 months; cash-out proceeds may be used to meet reserve requirements
- Unlimited cash-in-hand permitted for LTV </= 65%
FlexIQ Specific Tools & Forms
General Reference Tools
- FlexIQ Business Narrative Download
- FlexIQ Non-Agency Business Purpose & Occupancy Affidavit Download
- FlexIQ Non-Agency Prohibited Exception List Download
- PHH Non-Agency Prepayment Penalty Guide Download
- PHH Non-Agency Rate Lock Policy Download
- Non-Agency Submission Checklist Download
- PHH Entity Review Checklist Download
FlexIQ Product Guidelines
Tools & Forms for All Products
General Reference Tools
- Quick Reference Sheet Download
- Encompass-Investor-Connect-Tips Download
- Buydown FAQ Download
- Recast Policy Download
Non-Delegated
- Non-Delegated Condo Doc Requirement Checklist Download
- Non-Delegated Loan Delivery Checklist Download
Delegated
- Delegated Document Delivery Checklist Download
