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Stated Income Mortgage / No Income Verification Loan

Stated Income Mortgage

No W2's
No Pay stubs
No Tax returns
No IRS Forms.

Stated income loans available to W-2 wage earners, 1099, Self Employed, and Retired.If you need financing but your income is difficult to prove or document then the answer for you is a Stated Income or No Income Verification loan.

No Income Verification loans for purchase or refinance that offer up to " 100% stated income mortgage up to $1,400,000 "

Stated Income Verified Assets Loan: Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed.

Requirements are very simple:

Lenders usually look for a minimum of 2 years of self-employment history or employment history in the same field. Proof for minimum of 2 years employment history for self-employed borrowers may be accomplished by obtaining a typed letter from a accountant/CPA on their company letterhead to get verification of the borrowers self employment. If an accountant is not available, two years of business license or confirmation from 3 disinterested parties may be required. Your ability to qualify for the loan is based on the income stated on the application. The income must be in line with your occupation.

Credit & Reserves:

For borrowers with credit FICO scores over 620, the borrower should have 3 to 4 months of the mortgage payment in liquid cash reserves on a purchase or refinance for the best rate.
Liquid Cash Reserves can be from checking, savings, cash, CD's, money market accounts, stocks, bonds, IRA's, 401k's, and Keogh accounts.

On cash out refinances, reserves can come from the loan proceeds and the credit score may need to be higher. The other programs (30 yr and 15 yr fixed) require less reserves.

Credit score as low as 620

No Documentation / No Doc Loan

No income or asset information is provided or verified.
Approval is based on credit history, and property value.
Some programs still require employment documentation, while others do not.
No Doc Loans may go to 100% loan to value or 10% down/equity depending on credit.
Alternate credit is allowed.

The standard credit scores needed are above 620.
For No Doc 100% financing, you'll need credit scores above 720.

Stated Income Highlights

100% for Purchase or Refinance existing loan Single Family Homes only max loan $1.4 mil (credit scores over 620)

100% Cash Out Stated for Owner Occupied; 75% Cash Out for Non-owner occupied (credit scores over 680)

80% cash out up to $1.7mil - Owner Occupied SFR


No Asset Verification and No Employment Verification Loan Programs

Often, investors and people who don't want to show their tax returns inquire about stated income mortgage.


The following options are available on fixed and adjustable rate mortgages to better meet your needs:

Interest Only Option:

If a large part of your income is non-salary - or if you want to maximize the tax benefits of a mortgage - the interest-only option may be a sensible choice. Unlike the traditional 30-year amortizing loan, which bills you monthly for principal and interest, the interest-only option allows you to pay interest only for the initial fixed period. Once the initial fixed period ends, you are billed for both interest and principal, as with a traditional amortizing loan and the loan is re-amortized for the remaining years.

Stated Income Pre Approved Loan before you buy:

Getting An Approved stated income mortgage before you buy. Pre-approved borrowers increase the chance that their offer will be accepted when buying a home. Only take you a few minutes to fill out and a loan officer will be in touch with you within 24 hours.Cost nothing to get approved for your stated income mortgage. " Apply Today ".

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