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