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Stated Income Verified Assets Owner-Occupied Jumbo

Stated Income Mortgage Program
Forms 4506-T and 4506-C Not Required
Almost all stated income loan programs are for investment properties. This loan is special in that it provides the option for people that cannot or prefer not to verify their income to purchase or refinance their primary home. In addition, what is also unique about this program is it allows for cash-out on a refinance in Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Nevada, North Carolina, Oregon, Texas, Virginia, and Washington. Cash Out Refinance to LTV Financing: 90% LTV to $3,000,000

True Stated Income | Owner-Occupied Primary Residence
Property Types:

Single Family Residence SFR
Condo (70% LTV maximum)
No Non-warrantable Condos

Eligible Occupancies:

Single Family Residence – Attached
Single Family Residence – Detached
Second Home to 70% LTV – $1,500,000 on Purchase and Refinance. -No Cash Out

Credit Score Requirement – 680

Refinance Cash Out to 85% LTV | $5,000,000

Verified Asset Requirements:

Loan Amounts Less than $2,000,000 requires $100,000 in liquid assets
Loan Amounts Greater than $2,000,000 requires $200,000 liquid assets
Loan Amounts Between $2,000,000 and $3,000,000 requires $300,000 liquid assets
Greater than $3,000,000 – $5,000,000 requires $500,000 liquid assets

Underwriting Highlights:

The borrower cannot have more than 10 financed properties. No limit on the number of properties owned
Non-owner-occupied borrowers not allowed
Private mortgage insurance not required
10 acres maximum on property

Appraisal Notes:

Full Appraisal required including interior and exterior with photos
Desk review required for all loans greater than $1,500,000
Property cannot have been on MLS for less than 90 days
No purchase seasoning – utilize the current market value

Credit History Notes:

Payment history: No 30-day lates within last 24 months on mortgage or rent
No 30-day lates on any consumer debt, revolving or installment
Minimum 2-year active history on a minimum of 2 accounts required
Self-Employed and Wage Earner Job and Income Document Requirements

Self-Employed Borrowers:

2-year Job History. 1 year considered with same line of work history
Company phone number and address must be located on a Third-Party Internet Directory Website
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
3% contribution OK
Unconventional Credit Is acceptable. Any liens on the Subject Property must be a minimum of 6 Months Seasoned. 12 months on a HELOC with no draws within the last 12 months

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 | Wisconsin

Reference# 254 52502021

Alternative Income Documentation

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Non-Qualified Mortgage Lending

Hard Money Loans

Investor Loans

Investment Property Loans