Alt-Doc loans (bank statement – no credit)

Alternative Loan programs

Alternative Documentation loans do not meet the credit requirements of Fannie Mae and Freddie Mac. They are known as Alternative Documentation Loan. Loan applicants typically have a bad credit history, have filed for bankruptcy, or have had a property in foreclosure.

However this is not always the case: some other Alt-Doc programs include:
·         Bank Statement
·         No Credit
·         Bankruptcy – Foreclosure


Alt-Doc Loans are often issued as temporary loans until the applicant can restore credit and qualify for a conventional conforming loan. Interest rates on Alt-Doc Loans are generally higher than for conventional conforming loan programs.