Unconventional Mortgages and Loans (800) 718-8906

Unconventional Mortgages and Loans

Customer Service: (800) 718-8906

Stated Income / Verified Assets Super Jumbo

Income Documentation Alternative for the Well Qualified Self-Employed Borrower

December 2023 Stated Income Loan – Tax Returns 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.

Stated Income / Verified Assets SIVA – Forms 4506-T and 4506-C Not Required

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.

Stated Income / Verified Assets

Tax 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 Summary

Property Types:

Single Family Residence

PUD

12 acres maximum

Eligible Borrowers:

Permanent Resident Aliens

Non-Permanent Resident Aliens

6 months title seasoning required for the subject property

Gift of equity not allowed

Eligible Occupancies: Primary Residence

Credit Notes:

6-year credit history – No Foreclosure, Bankruptcy, Short Sale, Loan Modification or consumer credit counseling

1 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.

Available in the Following States:

Arizona. Alabama, California, Colorado, Florida, Georgia, Illinois, Louisiana, Maine, Maryland, Mississippi, Nevada, North Carolina, Oregon, Pennsylvania, South Carolina, Texas, Virginia, and Washington.

Reference #124 10765_0523

Alternative Income Documentation

Contact a Loan Officer

Non-Qualified Mortgage Lending

Alt Doc Purchase Loans

Alt Doc Refinance Loans

Category - Non-QM Lenders