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Alternative Income

Bayview Alternative Income Product

Call us at 85-Lakeview (855-253-8439) to learn more about our loan programs and products

The Alternative Income product is designed for the consumer who does not meet traditional agency policies associated with qualifying sources of income. This product is very applicable to borrowers who are self-employed and/or have transitioned to new employment within the last 24 months. This product allows for the financing of single family owner occupied, second homes and non-owner occupied properties.  Cash-out refinances allowed

Acceptable sources of income under this program may include:

  1. Self-employed income from the partial/incomplete second year of self-employed borrowers
  2. Commission/bonus income of applicants that have changed employment from salaried positions to non-salaried positions or who have a material portion of income derived from commissions/bonuses paid at year end
  3. Most recent period higher income for self-employed applicants that have increasing income in the past two years

The program is non-QM.

Additional product underwriting guidelines including the following:

  • Standard loan amounts to $1.5 million
  • Minimum FICO score of 700
  • Maximum LTV of 80%
  • 15 & 30 yr Fixed ; 5/1 & 7/1 ARMs
  • Residual income test is applicable
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