True Stated Income 2022 - Forms 4506-T and 4506-C Not Required for California

Stated Income / Verified Asset mortgage program for borrowers that own their own business. Business entity types: C corporation, S corporation, LLC, partnerships. Employment and income sections on application left blank.

Submit your loan scenario for Loan Officer (credit check not required!) review: Loan Scenario Form - Credit Check Not Required

Self-Employed Home Loan Income and Employment Documentation

An alternative to the "bank statement loan" program for the well-qualified self-employed borrower. You could say this is an equity-based loan program in that the max LTV would be 75%. You could also call it a "portfolio loan" or "Non-QM" mortgage.

Reduced Doc Employment Verification Documentation

Acceptable Self Employment Proof of ownership

  • Business License
  • Business Certificate
  • CPA Letter verifying 2yrs+ ownership including % of ownership, etc.
  • EA Letter verifying 2yrs+ ownership including % of ownership, etc.
  • Description ‐ Business, Industry, and Borrower's Title on 1003

 

 

On a refinance transaction, the purpose of a program like this is to improve the borrowers existing mortgage, Rate & Term refinance.

With a substantial down payment purchase or good equity-position refinance, excellent credit with liquid assets in the amount of at least 12 months housing expense reserves. It can be an alternative to a "bank statement loan" program for the well-qualified borrower.

Alternative income documentation for well-qualified self-employed borrowers

Self-Employed Mortgage Loans

Available Terms: Product Term: 7/1. Interest-Only payment is available

Property Types: Single Family Residence SFR, PUD's, Condominiums, 2 Unit, 3 Unit, and 4 Units

Loan Amount / Credit Score / LTV Matrix


SFR *


720 Credit Score

  • $5,000,000 - 70% LTV
  • $4,000,000 - 75% LTV
  • $3,000,000 - 80% LTV

 


700 Credit Score

  • $5,000,000 - 65% LTV

  • $4,000,000 - 70% LTV

  • $3,000,000 - 75% LTV

 


680 Credit Score

 

  • $4,000,000 - 60% LTV

  • $3,000,000 - 65% LTV

  • $2,000,000 - 70% LTV

  • $1,500,000 - 75% LTV


2-4 Units *

 

 


720 Credit Score

  • $3,000,000 - 65% LTV
  • $2,000,000 - 70% LTV
  • $1,500,000 - 75% LTV

 


700 Credit Score

  • $2,500,000 - 65% LTV
  • $2,000,000 - 70% LTV
  • $1,000,000 - 75% LTV

 

 

680 Credit Score

  • $2,000,000 - 60% LTV
  • $1,500,000 - 65% LTV
  • $1,000,000 - 70% LTV


Reserves Requirement:

This Stated Income loan program requires 12 Months P&I Principle & Interest, Tax, Insurance, Homeowners Association (PITIA) for each property financed; exceptions are common with compensating factors.


Credit Notes

  • Previous housing payment history, 0 30-day lates previous 12 months. 1 30-day late OK previous 24 months
  • 3 open accounts on credit at minimum 1 year seasoned


"Housing Event" Seasoning Requirements

  • Bankruptcy - 5 years
  • Short Sale - 4 years
  • Foreclosure - 4 years


Underwriter Notes

  • Non-Owner Occupied Investment OK
  • Exception down to 660 Credit Score
  • Maximum loan amounts - $5,000,000. Loan amount exceptions made to 15,000,000
  • Interest Only - Available
  • No 4506-C Not Required
  • Foreign Nationals OK
  • 100% Gift Funds OK
  • Maximum LTV 70% for Foreign National


Now Available in the Following States:

Arizona, California, Colorado, Florida, Ohio, Tennessee, and Texas.

 

Reference # 123-34c52-100717