Stated Income Mortgage Loan Up to $4,000,000
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 – it’s 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 and Verified Assets Loan Program
This stated income mortgage program requires a strong overall credit profile, with a minimum qualifying credit score of 740. Credit history, mortgage payment performance, open tradelines, and recent derogatory events are reviewed as part of the underwriting decision.
- 740 Minimum FICO
- No IRS Form 4506-C
- Loans to $4,000,000
- Exceptions to $5,000,000 with strong compensating factors
Credit Score and Credit Requirements
Mortgage Credit Score Requirements
The qualifying mortgage credit score is based on the middle score when three credit scores are available or the lower score when only two scores are reported. A minimum 740 FICO score is required.Credit Events and Payment History
Borrowers may not have a history of bankruptcy, foreclosure, or consumer credit counseling. Collections, liens, judgments, and charge-offs are subject to underwriting review and may be required to be satisfied depending on the circumstances.
Consumer revolving debt may generally include up to two 30-day late payments during the previous 12 months. Installment debt may not have late payments during the previous 12 months.
Mortgage payment history must remain current, with no mortgage late payments permitted during the previous 24 months.
Tradeline Requirements
Borrowers must demonstrate an established credit history with a minimum of four open credit accounts. At least two accounts must be open and active with a minimum two-year credit history.
Refinance Requirements
- Existing mortgage liens must be paid off
- Cash out OK
- Six-month seasoning
- Property-value seasoning
- Ownership transfer restrictions
- Market-value seasoning / MLS required
Property Value and Appraisal Requirements
- Two appraisals when value exceeds $3,500,000
- Property condition
- Property condition
Self-Employed Borrower Eligibility Requirements
Self-Employed Borrowers: 2-year Job History. 1 year considered with industry experience. There are many ways to verify employment. Example: third party such as your CPA. or anyone else who carries an active and verifiable license. Ask your loan officer for assistance, further details and additional information.
Stated Income/Verified Assets Reserve Requirements
Your income is stated on the application by loan officer. Stated Income/Verified Assets The amount of liquid assets required pertains to your loan amount illustrated below:
Liquid Asset Requirements: Loan Amount / Reserves
Reserve Requirements
- $2,000,000 / $150,000
- $2,000,000 / $250,000
- $3,000,000 / $400,000
- $4,000,000 ‘/ $500,000
Acceptable Liquid Assets
Keep checking, savings, CDs, stocks/bonds, retirement, money market, cash 30 days seasoned in the bank. etc. as bullets rather than headings.
2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK
Eligible Borrowers
- Investors/ Property Managers – Rental Agreements can be qualified as income
- Permanent Resident Aliens
- Ineligible Borrowers
- Real Estate Owned and Financed Property Limits.
- 20 Financed REO Maximum
Eligible Property Types
- Single-Family Residence
- Townhomes
- PUDs
- Condos
- 1–4 units if applicable
Eligible Occupancies
- Owner-Occupied
- Non-Owner-Occupied
- Investment Properties
- Second Homes
Additional Underwriting Guidelines
- Borrower Fraud Alert report ordered by lender before funding
- Business phone verification
- Gift funds
- Accounts receivable
- Residual income
- Other miscellaneous underwriting notes
Available Loan Terms
- 5- and 7-Year ARMs
- 15-Year Fixed
- 40-Year Amortization
- Interest-Only Available
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
Last Updated on 6 days ago by Broker Mortgages