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Stated Income/Verified Assets – California

2024 Update –

Almost all Stated Income loans are for investments properties. This loan is special in that it gives the option for people that can’t or prefer not to verifiy their income to purchase or refinance their primary home in California, Colorado, Florida, Texas, Virgina and Washinton.

Self Employed only

Purpose: Purchase, Rate and Term Refinance and Cash Out Refinance

Jumbo Loan Amounts:

Purchase to $2,500,000

Cash Out Refincne to $1,500,000 “cash-in-hand

Maximum Financing: Purchase and Rate and Term Refunance to 75% LTV. Cash Out Refincne to 80% LTV

Property Types: SFR Attached and Detached. Condos OK with 5% LTV Reduction

Occupancies: Owner Occupied. Second Home to 70% LTV

Credit Score requirement: 680 Minimum

Verified Asset Requirments:For loan amounts less than $1,000,000 – 6 Months Reserves (Housing Expense). For loan amounts greater than $1,000,000 – 12 Months Reserves Reserves (Housing Expense)

Underwriting Notes:

Borrower cannot have more than 10 financed properties. No limit on number of properties owned

Non owner occupied borrowers not allowed

Private mortgage insurance not requied

10 acre maximum on property

Appraisal notes:

Full Appraisal required, interior and exterior with photos of both

Desk review required for all loans greater than $750,000

Property cannot have been on MLS for more than 90 days

No purchase seasoning required for refinance – utilize current market value for LTV purposes

Credit history notes:

Payment history: No 30 day lates within last 36 months on mortgage or rent and consumer debt, revolving or installment

3 year active history on a minimum of 3 accounts (tradelines) required

Income document requirements:

Self Employed: 2 year job history

Business license or CPA letter

2 months bank statements or a VOD, Verification of Deposit, personal or business bank statements OK

Rental Agreements can be qualified as income

Eligible Borrowers: US Citizen, Permanent and Non-permanent Resident Aliens

Gift Funds for down payment OK. 5% borrower contribution required

Any liens on subject property must be a minimum of 6 months seasoned. 12 months on a HELOC with no draws within the last 12 months

reference# 254 525020215

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Hard Money Loans

Investor Loans

Investment Property Loans