Income Documentation Alternative for the Well Qualified Self Employed Borrower
March 2019
Stated Income Mortgage | Tax Returns Not Required | Form 4506T Not Required
Stated Income Mortgage loan program will be supported by the cash flow of bank statements and is for the Self Employed borrower only.
| Pre Qualification Form |
Stated Income / Verified Assets SIVA
Primary Residence |
|||||
Loan Purpose |
Units |
LTV |
Maximum Loan Amount |
Maximum Cash Out |
Credit Score |
|
Purchase Rate and Term Refinance |
Single Family Residence | 70% | $1,000,000 | N/A | 700 |
| 60% | $2,000,000 | 700 | |||
| 50% | $3,000,000 | 700 | |||
| Cash Out | 70% | $1,000,000 | $400,000 | 700 | |
Second Home |
|||||
Loan Purpose |
Units |
LTV |
Maximum Loan Amount |
Maximum Cash Out |
Credit Score |
|
Purchase Rate and Term Refinance |
Single Family Residence | 60% | $750,000 | N/A | 700 |
Underwriting Guideline Summary
Credit Notes:7-year credit history - No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling 2 years clean credit history on mortgage and rent No consumer debt lates - 1 year Credit report must show a 2-year history of 2 or more open and active trade line accounts Unlimited real estate properties owned, but 3 financed properties maximum Employment Type:Self Employed only - 25% ownership minimum Employment verification: Business license and or CPA letter depending on business industry showing 2-year minimum same line of business verifying the name of the business, the percentage of ownership Business phone number will be verified by both 411 and or the internet
Asset Documentation
Stated Income / Verified AssetsTax Returns not required
Required Asset Documentation:Income is being "stated" on the 1003 Uniform Residential Application, but not verified by traditional income documents 2 months bank statements to verify liquid assets If using rental income to qualify, must provide leases for all rental properties All fixed income including retirement, annuities, dividends, Social Security, child support, alimony can be utilized to qualify Liquidity requirements:Verified assets must support the amount of income we are stating. Stated income amount should be proportionate to the cash flow of the bank statements Loan Amount between $400,000 and $650,000 - Minimum liquid asset requirement: $100,000 Loan Amount between $650,000 and $1,000,000 - Minimum liquid asset requirement: $250,000 Loan Amount between $1,000,000 and $1,500,000 - Minimum liquid asset requirement: $500,000 Loan Amount between $1,500,000 and $3,000,000 - Minimum liquid asset requirement: $1,000,000
Additional Underwriting Guideline SummaryProperty Types:
Eligible Borrowers:
6 months title seasoning required for the subject property Gift of equity not allowed
Reference #124 528alnexsiva041415 |