More ways to qualify in Illinois
Full documentation and alternative income options
Prime Time reviews personal income for primary residences, second homes and investment properties. DSCR reviews the rental property. Licensing, occupancy, property type and the selected documentation path determine which options apply to your Illinois purchase or refinance.
The traditional full-doc path: paystubs and W-2s for wage earners, or 1–2 years of personal and business tax returns for self-employed borrowers. Also accepts AUS findings (Fannie Mae DU Approve/Eligible or Freddie Mac LPA Accept/Eligible).
- Wage/salary: paystubs, W-2s, and 1- or 2-years of tax returns
- Self-employed: 1- or 2-years personal and business tax returns + YTD P&L
- IRS Form 4506-C signed at close + verbal VOE (wage earners)
- AUS findings (DU Approve/Eligible or LPA Accept/Eligible) accepted
- DU Approve/Ineligible or LPA Accept/Ineligible permitted for: large loan amounts, interest-only, prepay, # financed properties, credit < 720 with ≥ 7 financed properties, or refis > 75% LTV (subject to program max)
- Caution / Refer with Caution findings NOT allowed
- Appraisal waiver from DU/LPA NOT eligible — full appraisal required
- Minimum credit score: 620
- Minimum two-year employment history
Qualify on the eligible deposits from 12 or 24 months of personal bank statements — ideal for self-employed borrowers whose tax returns don't reflect true cash flow.
- 12 or 24 months of personal bank statements
- Plus 2 months of business bank statements showing business activity and transfers to personal
- Qualifying income = eligible deposits ÷ # of statements
- Up to 90% LTV available at top FICO/loan tiers
- Business bank statements must reflect business activity + transfers to personal account
- Same LTV matrix as Standard Doc and 1099
Qualify on 12 or 24 months of business bank statements using one of three expense-ratio methods. Built for entrepreneurs and S-corp owners.
- 12 or 24 months of business bank statements
- Method 1: Fixed Expense Ratio (50%)
- Method 2: 3rd-party CPA / EA / tax preparer expense letter (min 10% ratio)
- Method 3: 3rd-party prepared Profit & Loss Statement (CPA / EA / tax preparer)
- Same Standard Doc LTV matrix — up to 90% LTV
- Expense ratio cannot be less than 10% when CPA/EA-stated
- The fixed 50% expense method does not require a third-party expense letter; the third-party ratio and P&L methods require qualified third-party support
Qualify on a CPA/EA/CTEC/Tax-Attorney-prepared 12- or 24-month Profit & Loss statement — no bank statements required. Built for established self-employed borrowers with consistent business books.
- 12 or 24 months CPA / EA / CTEC / Tax Attorney prepared P&L
- Preparer must attest they have completed or filed the borrower's most recent business tax return
- Up to 80% LTV at the best FICO/loan tier
- Maximum housing history: 1x30x12
- Minimum credit-event seasoning: 36 months
- Not available below 680 credit score
Qualify with a single FNMA Form 1005 (Written VOE) from the employer plus two months of personal bank statements showing the payroll deposits. Built for W-2 borrowers with non-traditional pay structures.
- FNMA Form 1005 completed and signed by employer
- Two most recent months of personal bank statements reflecting deposit(s) from the employer on each statement
- Deposits must support at least 65% of the gross wage/salary reflected on the WVOE
- Up to 80% LTV at the best FICO/loan tier
- Maximum housing history: 1x30x12
- Minimum credit-event seasoning: 36 months
- Not available below 680 credit score
Qualify on 1 or 2 years of 1099 income — ideal for independent contractors, gig workers, and commission-only earners who don't take traditional W-2 wages.
- 1- or 2-years of 1099s or 1099 transcripts
- Minimum 2-year self-employment history (per 1003 application Employment section)
- Fixed expense ratio: 10%
- Qualifying income = 12- or 24-month average from 1099 totals minus expense factor
- Up to 90% LTV available at top FICO/loan tiers (same as Standard Doc column)
- YTD documentation required if 1099 reporting period is > 120 days from Note date
- YTD must support ongoing receipt of income from the same source
Qualify on liquid assets divided by 84 (months) to produce a monthly income stream — perfect for retirees, high-net-worth borrowers, and asset-rich/income-light W-2 earners.
- Eligible assets less down payment, out-of-pocket closing costs and required reserves, divided by 84 = monthly qualifying income
- May be used as sole source of income or to supplement other income
- Up to 80% LTV at the best FICO/loan tier
- When supplementing other income, the minimum asset requirement is waived
- Maximum housing history: 1x30x12
- Minimum credit-event seasoning: 36 months
- Use the lowest credit score among all borrowers as the decision credit score
- Not available below 680 credit score
Illinois program limits and overlays
The following base matrices are subject to the state overlays below, property eligibility, credit history and reserves. Figures are maximums for qualifying files, not an approval or rate quote. For a primary residence the strongest standard, bank-statement and 1099 tiers allow up to 90% purchase LTV; P&L, WVOE and asset utilization use the separate alternative-documentation matrix.
- State overlay: maximum 85% LTV/CLTV for purchase and 80% LTV/CLTV for refinance, with a maximum loan amount of $2,000,000.
- Prepayment penalties on investment loans are not allowed when the loan is vested to an individual.
Primary residence: standard, bank statement and 1099
| FICO | Maximum loan | Purchase LTV | Rate/term LTV | Cash-out LTV |
|---|
| 720 | $1M | 90% | 85% | 80% |
| 720 | $1.5M | 90% | 85% | 80% |
| 720 | $2M | 85% | 80% | 80% |
| 720 | $2.5M | 80% | 75% | 75% |
| 720 | $3M | 75% | 70% | 70% |
| 720 | $3.5M | 70% | 65% | Not eligible |
| 720 | $4M | 70% | 65% | Not eligible |
| 700 | $1M | 90% | 85% | 80% |
| 700 | $1.5M | 90% | 85% | 80% |
| 700 | $2M | 85% | 75% | 70% |
| 700 | $2.5M | 75% | 70% | 65% |
| 700 | $3M | 75% | 70% | 65% |
| 700 | $3.5M | 70% | 65% | Not eligible |
| 680 | $1M | 90% | 85% | 75% |
| 680 | $1.5M | 85% | 80% | 75% |
| 680 | $2M | 80% | 75% | 70% |
| 680 | $2.5M | 75% | 70% | 65% |
| 680 | $3M | 70% | 65% | 65% |
| 660 | $1M | 80% | 80% | 75% |
| 660 | $1.5M | 80% | 75% | 75% |
| 660 | $2M | 75% | 70% | 65% |
| 660 | $2.5M | 70% | 65% | 65% |
| 640 | $1M | 80% | 75% | 70% |
| 640 | $1.5M | 70% | 65% | 65% |
| 640 | $2M | 65% | Not eligible | Not eligible |
| 620 | $1M | 70% | 70% | Not eligible |
Primary residence: P&L, WVOE and asset utilization
| FICO | Maximum loan | Purchase LTV | Rate/term LTV | Cash-out LTV |
|---|
| 720 | $1M | 80% | 75% | 70% |
| 720 | $1.5M | 80% | 75% | 70% |
| 720 | $2M | 80% | 75% | 70% |
| 720 | $2.5M | 75% | 70% | 70% |
| 720 | $3M | 70% | Not eligible | Not eligible |
| 700 | $1M | 80% | 75% | 70% |
| 700 | $1.5M | 80% | 75% | 70% |
| 700 | $2M | 80% | 75% | 70% |
| 700 | $2.5M | 75% | 70% | 65% |
| 700 | $3M | 70% | Not eligible | Not eligible |
| 680 | $1M | 80% | 75% | 70% |
| 680 | $1.5M | 80% | 75% | 70% |
| 680 | $2M | 75% | 70% | 65% |
| 680 | $2.5M | 70% | 65% | 60% |
Second home / investment: standard, bank statement and 1099
| FICO | Maximum loan | Purchase LTV | Rate/term LTV | Cash-out LTV |
|---|
| 720 | $1M | 85% | 80% | 75% |
| 720 | $1.5M | 85% | 80% | 75% |
| 720 | $2M | 85% | 80% | 75% |
| 720 | $2.5M | 80% | 75% | 75% |
| 720 | $3M | 75% | 70% | 70% |
| 720 | $3.5M | 70% | 65% | Not eligible |
| 720 | $4M | Not eligible | Not eligible | Not eligible |
| 700 | $1M | 85% | 80% | 75% |
| 700 | $1.5M | 85% | 80% | 75% |
| 700 | $2M | 85% | 75% | 70% |
| 700 | $2.5M | 75% | 70% | 65% |
| 700 | $3M | 75% | 70% | 65% |
| 700 | $3.5M | 70% | 65% | Not eligible |
| 680 | $1M | 85% | 80% | 75% |
| 680 | $1.5M | 85% | 80% | 75% |
| 680 | $2M | 80% | 75% | 70% |
| 680 | $2.5M | 75% | 70% | 65% |
| 680 | $3M | 70% | 65% | 65% |
| 660 | $1M | 80% | 80% | 75% |
| 660 | $1.5M | 80% | 75% | 75% |
| 660 | $2M | 75% | 70% | 65% |
| 660 | $2.5M | 70% | 65% | 65% |
| 640 | $1M | 80% | 75% | 70% |
| 640 | $1.5M | 70% | 65% | 65% |
| 640 | $2M | 65% | Not eligible | Not eligible |
| 620 | $1M | 70% | 70% | Not eligible |
Second home / investment: P&L, WVOE and asset utilization
| FICO | Maximum loan | Purchase LTV | Rate/term LTV | Cash-out LTV |
|---|
| 720 | $1M | 80% | 75% | 70% |
| 720 | $1.5M | 80% | 75% | 70% |
| 720 | $2M | 80% | 75% | 70% |
| 720 | $2.5M | 75% | 70% | 70% |
| 720 | $3M | Not eligible | Not eligible | Not eligible |
| 700 | $1M | 80% | 75% | 70% |
| 700 | $1.5M | 80% | 75% | 70% |
| 700 | $2M | 80% | 75% | 70% |
| 700 | $2.5M | 75% | 70% | 65% |
| 700 | $3M | Not eligible | Not eligible | Not eligible |
| 680 | $1M | 80% | 75% | 70% |
| 680 | $1.5M | 80% | 75% | 70% |
| 680 | $2M | 75% | 70% | 65% |
| 680 | $2.5M | 70% | 65% | 60% |
Prime Time reserves: 3 months PITIA at 80% LTV or below; 6 months at 80.01–85%; 12 months above 85%. Loans above $1.5 million require 9 months; loans above $2.5 million require 12 months. Apply the highest applicable requirement. General maximum DTI is 50%; the limited full-documentation primary-residence exception requires a separate review.
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