Stated Income / Verified Assets Mortgage
This Stated Income / Verified Asset mortgage loan program is for borrowers that own their own business and also have liquid reserves equal to 12 months of the proposed housing expense.
Loan Scenario Form – Credit Check Not Required
True California Stated Income Programs We Offer
Self-Employed Home Loan: 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 65%. You could also call it a “portfolio loan” or “Non-QM” mortgage.
Well Qualified Alternative Income Documentation Program
On a refinance transaction, the purpose of a program like this is to improve the borrower’s 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.
Loan Matrix: Credit Score-Property Type-Loan Amount-LTV Single Family Residence
720 Credit Score
- $2,500,000 – 80% LTV
- $3,000,000 – 75% LTV
- $3,500,000 – 70% LTV
700 Credit Score
- $2,500,000 – 75% LTV
- $3,000,000 – 70% LTV
- $3,500,000 – 65% LTV
680 Credit Score
- $1,5000,000 – 65% LTV
- $3,000,000 – 60% LTV
- $3,500,000 – 55% LTV
Product Term: 7/1. Interest-Only payment is available
Reserves Requirement
All Stated Income Loans require 12 Months P&I Principle & Interest for each property financed; exceptions are common with compensating factors.
Eligible Property Types:
- Single Family Residence SFR
- PUD
- Condos
- Duplex
- Triplex
- 4 Unit
Eligible Occupancy Types:
- Owner-Occupied
- Owner-Occupied
Eligible Business Entity Types:
- C Corporation
- S Corporation
- LLC
- Partnership
Stated Income/ Asset-Based
- Stated Income on 1003 (reasonable for job position/job title) or
- Verified Assets including down payment + / 6 = Income
Self-Employment Verification | SVOE Documentation
- Proof of ownership – Business License, CTP CPA Letter verifying 2yrs+ ownership, etc.
- Description ‐ Business, Industry, and Borrower’s Title on 1003
Verification of Employment | VOE Documentation
- Proof of employment – Business License or equivalent, etc.
- Description ‐ Business, Industry, and Borrower’s Title on 1003
Underwriter Note Highlights (Pre Underwrite Available)
- Exception down to 700 Credit Score
- Loan Amounts to $2,500,000
- Loan Amount exceptions made to 11,500,000
- Interest Only not available
- No 4506T not required
- Tax returns not required
- Paycheck stubs not required
- 2 month Bank Statements
- Liquid assets from the business are OK if 100% ownership
- Debt-to-Income | DTI Max 45%
- Foreign Nationals OK
- 100% Gift funds OK and 60% Foreign National
Credit Notes
- Previous housing payment history, 1 30-day late Maximum
- 3 open accounts on credit at minimum 1 year seasoned
- “Housing event” seasoning
- Bankruptcy – 3 years
- Short Sale – 2 years
- Foreclosure – 5 years
Available in the Following States:
California, Colorado, and Florida.
Reference # 123-34c52-100717
Last Updated on 3 weeks ago by Broker Mortgages