Documentation Checklist:
Take Some Work Out of the Paperwork With Our Guide

Bank statement loans are unique programs that allow self-employed business owners or contracted workers to qualify for a purchase or refinance home loan with their bank deposits, rather than their taxable income, which is often too low to qualify for other programs after self-employed expenses.  Usually 12-24 months of bank statements are used to calculate qualifying income.  There are business ownership and industry experience requirements as well.

DSCR loans qualify real estate investors without personal income documentation of any kind.  The debt service coverage ratio is instead used to determine the cash flow capabilities of the subject property, and subsequently, borrower approval.  DSCR documentation requirements will encompass your business entity you plan to close under (or your credit, if closing under your name), and use an appraiser to determine the fair market rent of the property in question.

Hard money loans typically are not documentation-intensive for the borrower.  Often times, income documentation is not asked for nor required by the investor, and credit history is weighed far more heavily.  However, information about the subject property will be scrutinized.  If hard money is being used to fund a rehab project, contractor quotes and plans for required repairs and renovations, an After Repair Value (ARV), and exit strategy will be requested by the lender.  

Reverse mortgages are comparable to government and conventional loans in their required documentation.  This is to ensure that the elderly borrower(s) and the lender are both protected and are entering into a sound financing solution.  Required documents usually include: social security card, social security awards letter, HOI policy, proof of property tax payments, recent mortgage statement, bank and asset statements, personal identification, property title or deed, and proof of reverse mortgage counseling course completion.  These requirements may vary.

Non-warrantable condo loans are, for the most part, somewhat similar in documentation requirements compared to government-backed loan programs and conventional loans.  However, as the lender is increasing their risk exposure by lending on a condo deemed non-warrantable, or not able to be financed, by government agencies, the lender will want to thoroughly examine the financial health and history of the condo or townhome association.  Be prepared to work with the lender to secure association documents showing their reserves, any lawsuits in progress, etc.

Asset depletion loans typically require no personal income documentation of any kind.  Instead, the borrower's liquid assets are measured against the lower of the home's purchase price or appraised value in order to qualify the for financing.  As such, while income vetting is small to non-existent, asset vetting is strict and thorough.  An asset-depletion lender will want to see asset statements for each liquid asset you use to qualify for financing.  

As another form of temporary financing, the documentation requirements requested by bridge loan lenders will be very similar to those requested by hard money lenders, though they may be more strict depending on the program chosen.  As you will be leveraging your current property to access funds to purchase a new property, expect heavy emphasis on property characteristics and appraisal rather than income or asset documentation.

Foreign national loans are unique in that they are among the handful of mortgage loan programs that do not expect a traditional credit score.  Alternative methods of ID and income verification will allow you to proceed towards approval.  Though requirements may vary depending on the program, you will likely need to present proof of passport ownership, a valid US visa, and two years of employment history.

One time close construction loans add several documentation requirements to the underlying program you choose (Conventional, FHA, VA, or USDA).  In addition to base program requirements, you will generally need to provide: land information (purchase vs already owned, value), construction details (builder/contractor information, lot size, dwelling square footage, number of bedrooms and bathrooms), construction cost (base costs, additions such as pools, patios), the estimated schedule and number of draws, the amount of any cash deposits made, and the post-construction market value of the home.  These can all usually be found in your contract.

Typically, cryptocurrency holdings must be liquidated in order to be considered eligible for use as liquid assets.  However, funds for closing or down payment generally must be "seasoned" for two months, meaning that if the liquidation occurred within two months of application and is visible as a large deposit within your bank statements, many lenders may disqualify those funds on the grounds that they were crypto holdings.  With several of our partners, so long as the holdings have been liquidated into US dollars and are held within a US-regulated institution, they are acceptable as liquid funds for reserves or closing costs, and are not subject to seasoning requirements.

ITIN programs will have relatively similar documentation requirements to foreign national programs.  Be prepared to present 2 copies of identification, one of which being your passport (the other acceptable ID form varies, may include valid US visa, foreign driver's license, military ID card, etc.), and 2 years' worth of residency and employment history, including past and present employer contact information.  No social security number nor green card is required for an ITIN loan.