Refinance Loans
Limited Documentation Refinance
Self-employed or non-traditional income? Qualify without the usual paperwork.
Limited documentation refinance programs are designed for self-employed borrowers, freelancers, business owners, and high-asset retirees whose tax returns don't reflect their true earning power. Instead of W-2s and returns, we use bank statements, asset statements, or 1099s to qualify. These are full-recourse mortgages — just with smarter income documentation.
Key Features
- • Bank statement qualification (12 or 24 months)
- • 1099-only programs
- • Asset-depletion qualification
- • Profit-and-loss programs (CPA-prepared)
- • Rate-and-term and cash-out options
- • No tax returns required
How it works
These are "non-QM" loans — meaning they don't meet the strict Qualified Mortgage rules required for Fannie/Freddie sale. Instead they're funded by portfolio lenders or specialty investors who underwrite to common-sense documentation standards. Bank deposits become income, liquid assets become income, 1099s become income. The trade-off is a slightly higher rate and tighter LTV — the benefit is access to credit that full-doc underwriting would deny.
What this looks like in Washington
Washington has an enormous self-employed population — real estate agents, tech contractors, Etsy/Amazon sellers, construction subs, consultants, restaurant owners, gig workers, retired stock-compensated tech employees. For all of them, traditional underwriting is brutal because tax returns are loaded with legitimate deductions. Bank statement and asset-depletion programs are how those borrowers actually access competitive refinance rates. No WA-specific restrictions.
Pros
- • Qualify without tax returns
- • Common-sense income calculation
- • Cash-out available
- • Multiple program types to choose from
Cons
- • Rates 0.75–1.75% above conventional
- • Tighter LTV caps
- • Higher reserve requirements
- • Heavier documentation of deposits
Best for: WA self-employed, 1099 contractors, retired high-asset borrowers, and anyone whose tax returns understate their true cash flow.
Common Questions
Related Loan Types
Popular WA markets for Limited Documentation Refinance
Limited-doc refinances for self-employed WA homeowners across the state.