Stated Income Primary Residence Mortgage Program
True Stated Income eligible on primary residence. Include multi-unit owner-occupied investment properties. Form 4506-C not required.
This program can be used as a purchase loan or cash out refinance.
* Purchase 90% LTV to $3,500,000
* Cash Out Refinance to 90% LTV Financing to $2,000,000 and 85% LTV to $4,000,000
* Loan amount exceptions to $10,000,000. Liquid asset requirements below.
~ No Credit Check Mortgage Pre Qualification Form
This kind of mortgage is called a Business Purpose Loan. Our Business Purpose Loans for owner-occupied properties are structured differently than consumer mortgages.
Business Purpose Mortgage Loan – Owner-Occupied
This particular loan program can be structured as an owner occupied business purpose mortgage that can meet the rule criteria, and in effect, safely circumvent the rule and you have is a legitimate business purpose stated income home loan. to be used to “expand the business” as you see fit and at your discretion in the case of a cash out refinance.
Cash Out Refinance Business Purpose Loan
Note: Cash out funds would need to be wired into your business bank account.
The Ability-to-Repay rule is a rule, not a regulation.
and is a great alternative to hard money. Similar conditions, higher cost. Lender points, broker points and significantly higher rate.
is special in that it provides the option for people that cannot or prefer not to verify their income or just simply want an easy and quick mortgage to purchase or refinance their primary home or investment property..
No Doc | Income and Employment Required Documentation – N/A
* Required Employment Documentation: None
* Required Income Documentation: None
* Form 4506-C – Not Required
| Notes: |
Verified Asset Requirements: (see Stated Income/Stated Assets and No Doc)
* $2,000,000 Loan Amount – $100,000 in liquid assets.
* $2,000,000 – $3,000,000 Loan Amount – $300,000 liquid assets
* $3,000,000 – $4,000,000 Loan Amount – $500,000 liquid assets
* Loan Amounts >$4,000,000 – $$1,500,000 liquid assets. Underwriter discretion. Contact a loan officer for free consultation
Underwriting Highlights:
* The borrower cannot have more than 10 financed properties. No limit on the number of properties owned
* Non-Owner-Occupied Borrowers – OK
* Private mortgage insurance not required
* 10 acres maximum on property
Eligible Property Types:
* Single Family Residence SFR
* Condo (70% LTV maximum)
* No Non-warrantable Condos
Eligible Occupancies:
* Single Family Residence – Attached
* Single Family Residence – Detached
* Second Home to 70% LTV – $1,500,000 on Purchase and Refinance. -No Cash Out
Appraisal Notes:
* Full Appraisal required including interior and exterior with photos
* Desk review required for all loans greater than $1,500,000
* Property cannot have been on MLS for less than 90 days
* No purchase seasoning – utilize the current market value
Credit History Notes:
* Payment history: No 30-day lates within last 24 months on mortgage or rent
* No 30-day lates on any consumer debt, revolving or installment
* Minimum 2-year active history on a minimum of 2 accounts required
Self-Employed and Wage Earner Job and Income Document Requirements
Self-Employed Borrowers:
* 2-year Job History. 1 year considered with same line of work history
* Company phone number and address must be located on a Third-Party Internet Directory Website
* Business License or CPA letter
* 2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK
Investors/ Property Managers – Rental Agreements can be qualified as income
Eligible Borrowers:
* US Citizen
* Permanent and Non-permanent Resident Aliens
* 3% contribution OK
* Unconventional Credit Is acceptable. Any liens on the Subject Property must be a minimum of six
* Seasoned. 12 months on a HELOC with no draws within the last 12 months
Available in the Following States:
Alabama, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, and Wisconsin
Reference# 254 52502021