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Loan products, defined

Alternative Loans

    Our newly launched, suite of proprietary portfolio products are perfectly suited for prime borrowers who are underbanked, self-employed, or require flexible, common-sense underwriting of the loan.

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  • Our unique set of alternative products enables us to responsibly help millions of diverse, underserved borrowers and their communities. We have something for everyone.

Alt-ATR:

  • Alt-ATR is a unique loan program based on common sense underwriting that does NOT require income documentation or employment verification. This streamlined mortgage program is a fast and simple solution for the large number of borrowers who have been previously turned down for a mortgage or left stranded because of the inability to meet stringent income documentation requirements.
  • It is ideal for borrowers that are unable to meet traditional underwriting requirements due to volatile or alternative income, lack of income documentation or those recovering from a past event (i.e. employment issues due to health, divorce, foreclosure, short sale, bankruptcy).
  • Retired, self-employed or un-employed
  • New to the workforce
  • Owners &/or employees of cash businesses
  • Borrowers who want to buy before they sell
  • Real Estate investors

Alt-A:

  • Alt-A is a program specifically designed for borrowers that can meet the full income and asset documentation requirements, but do NOT fit the Jumbo Prime credit box. In addition to accommodating credit guidelines, potential borrowers include those with excellent credit but may not meet restrictive Prime or Conventional underwriting requirements for documentation or debt-to-income (DTI) ratios.

Alt-Doc:

  • Alt-Doc (Alternative Documentation) is a mortgage program that qualifies homeowners by using non-traditional methods and/or non-traditional documentation to determine qualifying income. This unique solution has distinct approval parameters for borrowers that have demonstrated the ability to repay (ATR) a loan but cannot qualify for a standard mortgage program. Borrowers looking to take advantage of alternative qualifying methods such as Asset Depletion or as few as 3 months Bank Statements, can do so with lower credit scores (down to 600) and loan-to-values (LTVs) up to 90%.

One-Time Close Construction Product:

  • Our One-Time Close Loan gives buyers a new option – a single loan with one single closing date, and a defined set of parameters for how the loan is to proceed during the construction phase and beyond. This custom-tailored loan product gives homebuyers the chance to both construct and finance the home of their dreams with just one application and one closing as well as one set of closing costs and fees, a simplified draw schedule, plus the ability to make interest-only payments during construction.

Foreign National:

  • Owning a home is a big part of the American Dream. It's also a goal of many people who live in the country, but haven't yet acquired official citizenship.
  • Commerce’s Foreign National Loan Product is a mortgage solution for non-US citizen foreign national borrowers wanting to purchase a second home or investment property. A foreign national borrower is defined as a non-resident alien who is NOT authorized to live or work in the U.S. or holds a visa that is indicative of a more temporary residency than required to meet Non-Permanent Resident Alien requirements.
  • If this describes you, then investor guidelines and regulations can make the home buying process more complicated. However, there are programs and products that can help you become a homeowner. We offer financing options to non-resident aliens, foreign nationals, and citizens of countries outside of the U.S.
  • Our Foreign National loan program is unique in that we do not require a credit score, have interest-only options and accept loan-to-value (LTV) ratios (size of the loan compared to the value of the property) of up to 70%.
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