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Stated Income Jumbo – 740 Credit Score

2024 Update ~

Access an easy home loan up to $4,000,000 based on stated income, with a minimum credit score of 740. Skip the hassle and stress of an executed Form 4506-C – its not needed for your application, approval or at any time throughout to close. Access substantial financing without the paperwork fuss and frustration, delays, improper expectations, etc.

Stated Income/ Verified Assets to $5,000,000 – case-by-case

  • 740 Minimum FICO
  • No IRS Forms 4506-C or (formerly form 4506-T)
  • Super Jumbo $4,000,000, Exceptions to $5,000,000 with strong compensating Credit Profile factor

Liquid Asset Requirements:

~ 12 Months PITIA (principle * Interest * Tax * Insurance * HOA (homeowners association) for Subject property + 6 months for each REO

Acceptable Liquid Assets:

  • 2 months of consecutive bank statements
  • Verification of Deposit form – broker produced “VOD” (easy peazy lemon squezy)
  • Checking Account(s)
  • Savings Account(s)
  • CD’s
  • Money Market Funds Cash Value
  • Stocks/Bonds
  • Retirement (unseasoned distribution payments)
  • Residual income factored
  • Accounts Receivable Considered

Eligible Property Types

  • Single Family Residence -SFR (attached and detached)
  • Townhomes
  • PUDS
  • Condos – 4 stories max

Available Terms

  • 5- and 7- Year ARMs
  • 15-Year fixed
  • 40-Year Amortization
  • Interest-Only Available

~ Credit Scores and Credit Criteria Requirements

  • Property Value: If the subject property exceeds $3,500,000 value – 2 appraisals required.
  • Mortgage Credit Scores – Middle of 3 or Lower of 2
  • No bankruptcies or foreclosures or consumer credit counseling allowed.
  • All collections, liens, judgments, and charge-offs
  • Consumer debt – 2 30-day lates ok in last 12 months and no lates on installment debt in the last 12 months
  • No mortgage lates for previous 2 years
  • Minimum of 4 open credit accounts required and 2 open and active with a 2-year history.

Underwriter Notes and Highlights:

Compensation credit profile factor considered for the purpose of reduced pricing and/or reduced approval conditions – If borrowers’ current property is going to be rented out / turned into an investment property, rental income can be qualified as additional income.

  • 20 Financed REO Maximum
  • Minimum Loan Amount – $400,000
  • The property must be in good and livable condition.
  • Refinance – must pay off existing mortgage liens.
  • No Cash Out (1% or $1000 max)
  • For refinance – 6 months seasoning from purchase date and ownership cannot be transferred via transaction
  • 6 months seasoning required from the time of purchase if the subject property value has increased more than 10%

Market Value Seasoning: If the property is currently listed on the MLS, must be removed from the MLS prior to the application date.

  • Permanent Resident Aliens OK
  • No Mortgage / Real Estate, Construction, Property Management or Real Estate Investors allowed.
  • No Non-Occupant Borrowers allowed
  • Max 4 financed properties allowed
  • “Gift” down payment is OK if at least 5% is coming from the borrower.
  • W-2 employee borrowers must have the same line of work job history for 2 years, no exception
  • Self Employed borrowers must have the same line of work job history for 2 years, no exceptions.
  • The business phone will be verified via 411 directories or/ in addition Internet Listings

Fraud Alert report Required – May Require LOEs if Underwriter requests for inquiries, previous addresses, etc.

Available in the Following States:

Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Maine, Maryland, Massachusetts, Michigan, Missouri, Nevada, North Carolina, Oregon, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, and Wisconsin