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Stated Income Mortgage Program

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 60% LTV - $750,000 on Purchase and Refinance. -No Cash Out


Credit Score Requirement - 700

 
Refinance Cash Out to 85% LTV | $3,000,000


Verified Asset Requirements:

  • Loan Amounts Less than $650,000 Must be $100,000 liquid
  • Loan Amounts Greater than $650,000 Must be $250,000 liquid
  • Loan Amounts Between $1,000,000 to $1,500,000 Must be $500,000 liquid
  • Greater than $1,500,000 - $1,000,000 Must be $750,000 liquid


Underwriting Highlights:

  • The borrower cannot have more than 3 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, interior and exterior with photos of both
  • Desk review required for all loans greater than $750,000
  • 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:

  • 2 year Job History
  • Compies Phone Must be Located on a third Party Internet Phone Directory websites Phone number will be verified via the internet
  • 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

 

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