Non-QM Programs for when your loan doesn’t quite fit inside the box.
Simple Access has several documentation options that cater to borrowers with unique scenarios.
Investor Cash Flow (ICF): Qualifying for a mortgage on an investment property can be tricky, particularly if the borrower owns multiple properties. The Simple Access Investor Cash Flow option makes qualifying simple: The only income considered to determine qualification is the rental income from the subject property vs. the PITIA payment. No DTI is developed. It’s that simple. NOTE: Foreign Nationals and MLO’s who are unlicensed are allowed with this product, with restrictions.
Bank Statement: In some cases, a borrower’s tax returns don’t tell the whole story. The borrower’s income is derived using the most recent 12 or 24 months of personal and/or business bank statements. There are multiple options to calculate the borrower’s net qualifying income to make qualifying easy!
Asset Qualifier: Borrowers qualify for this program based on their liquid assets or assets that can be liquidated without any restrictions. No income or employment needs to be verified, and there is DTI developed. Typical borrowers who would take advantage of this program would have sizable assets, but don’t have sufficient income from regular employment sources.
1099 Only: This program is for Borrowers who are paid in the form of commissions or as an independent contractor and receive 1099(s).
P&L Statement Only: This program relies on unaudited profit & loss statement(s) in conjunction with a minimum of 2 months business bank statements to determine qualifying income.
Fully Documented: The Full Doc program is typically used in situations where a borrower has had a recent major derogatory credit event and doesn’t qualify for other more mainstream loan programs. There are reduced documentation options available based on the borrower’s situation, including a 1-year tax return or a 1-year W-2 option for qualified borrowers.
Guidance & Documents
- Product Guidelines
- Quick Guide - 1099 Only
- Quick Guide - Asset Qualifier
- Quick Guide - Bank Statement
- Quick Guide - Foreign National Program
- Quick Guide - Full Doc
- Quick Guide - Investor Cash Flow (ICF)
- Quick Guide - P&L Statement Only
- Foreign National Data Entry Job Aid
- Borrower Certification of Business Purpose
- Borrower Affidavit - Asset Qualifier Option
- Borrower Affidavit - Bank Statement Option
- Borrower Affidavit - Investor Cash Flow Option
- Borrower Affidavit - Full Doc Option
- Borrower Affidavit - 1099 Only Option
- IRS Form W-8BEN – Individual
- IRS Form W-8BEN – Entities
- Temporary Buydown Calculator