Community Mortgage: Alternative Qualification Explained

Traditional mortgage programs often rely on tax returns, W-2s, pay stubs and employment verification. Select participating owner-occupied programs may use alternative qualification methods, but they still require a complete application and underwriting review.

The Community Mortgage starts with a different question entirely. Select participating owner-occupied programs may use alternative qualification methods. Final eligibility remains subject to the complete application, credit, assets, occupancy, property review and all applicable program and underwriting requirements.

Who This Program Was Built For

Some business owners, retirees, high-net-worth borrowers and professionals in transition may not fit traditional documentation models. Alternative-qualification programs evaluate different combinations of credit, assets, reserves, occupancy, property and other program requirements.

Factors Participating Programs May Review

1. Credit

Credit history is reviewed. Score requirements and pricing vary by program.

2. Assets and Reserves

Reserves are the cash or liquid assets you have remaining after the down payment and closing costs. Reserve requirements vary by program.

3. Equity and Property

Equity, occupancy and property review are part of underwriting. These are not the only factors reviewed. Select participating owner-occupied programs may use alternative qualification methods. Final eligibility remains subject to the complete application, credit, assets, occupancy, property review and all applicable program and underwriting requirements.

What the Program Offers

• •Owner-occupied primary residence only
• •Alternative qualification methods in select participating programs
• •Loan amounts, credit and documentation requirements vary by program

What This Is Not

This is not a no-documentation loan or a promise of approval. Participating programs may require different documentation and may carry higher interest rates, points or fees than traditionally documented programs.