Lending / Home Loans / Specialized Loan Products
Specialized Loan Products
Full Standard Documentation Loans
Limited Documentation Loans
Loans designed for experienced investors, self-employed borrowers, and members with complex income.
Not all borrowers fit neatly into traditional lending boxes. Some have solid cash flow, meaningful assets, or income tied to rental properties or businesses—but their tax returns don’t provide the holistic view needed to tell the whole story. That’s why Homefield Credit Union is proud to offer new, limited documentation lending options designed to evaluate borrowers based on how they actually earn and manage money. When traditional income documentation isn’t the clearest measure of your financial stability, you’ll find alternative ways to qualify for financing at Homefield Credit Union.
Talk to a lending specialist today!
LIMITED DOCUMENTATION LOAN PRODUCTS
For real estate investors
Qualification
- Determined by dividing the gross rents of the subject property by the qualifying loan payment
- No tax returns collected
Eligibility and requirements
- Not available to LLCs or first-time landlords
- Available to revocable trusts
Property and financing
- Up to 80% loan-to-value (LTV), 1-4 unit properties
- Loan categories—Purchases, Limited Cash-Out Refinance, and Cash-Out Refinance
Financial requirements
- Minimum 700 FICO
- Cash reserves required
For self-employed borrowers, high-net-worth borrowers, retirees or investors with substantial assets.
Qualification
- Based on the applicant’s liquid assets and assets that can be liquidated without restrictions
- No tax returns collected
Eligibility and requirements
- Requires 6 months of asset statements on all assets to be used
- No asset pledge required
- Available to revocable trusts
Property and financing
- Available for primary, secondary, and investment properties
- Up to 80% LTV, 1-4 unit properties
- Loan categories—Purchases, Limited Cash-Out Refinance, and Cash-Out Refinance
Financial requirements
- Minimum 700 to 720 FICO (depending on loan specifics)
- Cash reserves required
For high-asset borrowers, business owners, and mixed-income households
Qualification
- Calculated from the eligible deposits into a self-employed borrower’s business or personal bank account
- No tax returns collected
Eligibility and requirements
- Eligible for self-employed borrowers or a combination of a self-employed borrower and a non-self-employed co- borrower
- Business must have been opened and operated by the borrower for a minimum of 1 year
- 12-24 months of bank statements required (depending on consistency and stability of deposits)
Property and financing
- Available to revocable trusts
- Available for primary, secondary, and investment properties
- Up to 80% LTV, 1-4 unit properties
- Loan categories—Purchases, Limited Cash-Out Refinance, and Cash-Out Refinance
Financial requirements
- Minimum 700 to 720 FICO (depending on loan specifics)
- Cash reserves required
The total amount of a non qualified mortgage (Non QM) is dependent upon loan specifics. Some have a maximum loan amount of $2.5 million; others cap at $1 million.