Alternative documentation loans, also known as alternative income verification loans, are designed to expedite loan approval where the lender accepts certain documents from the borrower as verification of income made on the loan application.
Alternative documentation involves the borrower providing several financial documents, including W-2s, paycheck stubs and bank statements.
Such loans offer more flexibility than conventional loans. Alternative documentation loans might be a good option if you are in a special situation, such as if you are self-employed or recently divorced.
They can also help borrowers who need a loan more quickly. Confirming a borrower's information in this manner is considerably faster than the traditional method of verifying information with third parties.
Get in touch with us today for more information about alternative documentation loans.
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