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.

Options:

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.

Pre Approved 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 ".

No-doc mortgages let you pay for privacy

If your income doesn't come from a paycheck

or you don't want to reveal all to some lender,

you can still get a home loan, but you'll pay more.

Here's how   By Bankrate.com

Most homebuyers work for a steady paycheck and are willing to divulge details of their finances in exchange for the best available mortgage loan.

But a lot of buyers don't draw a steady paycheck from a boss. They own businesses, make commissions, live off investments, get their income in cash or live a life of crime. Others don't want to give up their financial privacy. Limited-documentation mortgages are available for these people.

They're called "low-doc" and "no-doc" mortgages for the amount of documentation they require. The terminology isn't always accurate. Some low-doc mortgages require the borrower to give up lots of paperwork, such as tax returns and profit-and-loss statements. Even no-doc mortgages require at least a credit report and a property appraisal.

Borrowers pay for the flexibility and privacy of these types of mortgages. They carry higher interest rates than conventional mortgages. Lenders want these borrowers to make substantial down payments and to have excellent credit.

The high price of privacy

Ethical mortgage brokers and lenders generally try to talk customers out of getting low-doc and no-doc loans because they cost more. Before applying for one, "talk to a qualified mortgage banker and give him all your information first," says Brian Pawsat of Prosperity Mortgage in suburban Washington, D.C. "Most people who ask for one don't need it. A good loan officer can help you work through and document what you think is undocumentable."

There are three main types of low-doc/no-doc mortgages.

•        Stated-income mortgages tend to be for people who work but don't draw regular wages or salary from an employer. That   includes        self-employed people or those who make a living off commissions or tips.

•        No-ratio loans are often the right call for wealthy people with complex financial lives, retirees who live off investments and people    whose lives are in flux because of divorce, recent death of a spouse, or career change.

•        No-doc or NINA (no income/no asset verification) mortgages are for creditworthy people who want maximum privacy and can   afford to pay for it.

Stated-income mortgages

Someone who gets a stated-income mortgage must disclose annual earnings, usually for the last two years and sometimes more. Instead of backing up the income statement with pay stubs and W2 forms, the borrower might have to show tax returns, bank statements and even profit-and-loss statements.

The borrower must list assets and debts. That's why the term "low documentation" isn't always accurate.

Stated-income mortgages are for people who make the money they say they make, but that amount doesn't show up on the bottom line of their income taxes, says Hugh McLaughlin, president and CEO of KMC Mortgage Services Inc., a lender and broker in Naples, Fla.

"They work for cash. They might be cleaning people or people who work in restaurants," McLaughlin says. "It is also good for self-employed borrowers who actually make gross sufficient amounts of income, but write off a lot on their taxes. They have the capacity to pay the loan back, but what they file with the IRS doesn't reflect their real income."

The borrower has to list debts because the lender wants to determine the debt-to-income ratio. That's the percentage of gross income that is used to pay off debt. Lenders look at two ratios: the percentage of income that goes toward the mortgage payment, and the percentage that goes for all debt, including mortgage, credit cards, auto loans and other loans.

A rule of thumb states that the interest rate on a stated-income mortgage is about a half-point above the comparable rate for a conventional mortgage. Like all rules of thumb, that's sometimes accurate and often isn't.

A borrower's interest rate depends on a lot of things: income stability, debt-to-income ratio, credit score, size of the down payment and appraised value of the property. Depending on those variables, a borrower with a stated-income mortgage could expect to pay anywhere from one-eighth of a percentage point above the conventional rate to more than 1 percentage point above.

No-ratio mortgages

With these mortgages, the borrower doesn't declare income. No pay stubs, no W2s, no tax returns. Think of it as the "don't ask, don't tell" mortgage: The lender doesn't ask how much the borrower earns, and the borrower doesn't tell.

These are called no-ratio mortgages because the lender doesn't compute the debt-to-income ratio. The lender can't compute it because the lender doesn't know the borrower's income. Sometimes the borrower doesn't supply a list of debts, either.

But the borrower does list assets -- money in the bank, stocks and bonds, real estate, ownership stakes in businesses.

"The purpose of the no-ratio program is to provide expedited processing for creditworthy borrowers," Pawsat says. "It's not intended as a means to qualify marginal borrowers."

Someone who owns 10 car dealerships might apply for a no-ratio mortgage because a conventional loan could require submitting personal and corporate tax returns and a year-to-date profit-and-loss statement for all the dealerships. "It might cost him more to assemble that from his accountant than it would cost in rate," Pawsat says.

McLaughlin says this type of loan also can be for someone going through a big change, such as a divorce, death of a spouse, a career switch or retirement.

"There are those who basically retire, say, 'I cashed out of my business and got $3 million and I invested it and I'm going to make 10%.' That can't be documented," McLaughlin says. "That's a person who might get a no-doc loan until they get a track record of making money."

He says these loans also are for people "who say, 'I don't want to tell my whole life story to someone, so I want to pay a premium rate not to do that.'"

The rate for a no-ratio mortgage would start out at about a half-point above the rate for a conventional mortgage and might be up to 3 points higher, depending mostly on credit score, size of down payment and the property appraisal.

No-income/no-asset verification mortgages

These loans, sometimes known as NINAs, need the least documentation. In some cases the borrower provides his or her name, Social Security number, the amount of the down payment and the address of the property being bought. That's it. The lender gets a credit report and a property appraisal.

The line gets fuzzy between no-ratio and NINA mortgages, McLaughlin says. A lot depends upon the borrower's credit score. The better the score, the less documentation the lender will demand. In many cases, the lender will want to know what the buyer does for a living, and for how long. Lenders feel more comfortable with a borrower who has been doing the same job for at least two years.

In any case, an excellent credit score is required. These mortgages are for people who never, ever fail to pay bills on time. Actually, they're for people who employ assistants to pay the bills on time.

They're meant for people who zealously guard their privacy -- the movie star who doesn't want someone in the loan office selling copies of her tax return to The National Enquirer, the mobster who doesn't want to leave a paper trail.

The less documentation, the higher the rate. Someone getting a no-documentation mortgage might pay up to 3 percentage points higher than the going rate for fully documented conventional mortgages.

"It's always a layered risk situation," McLaughlin says. The size of the down payment is one layer -- the bigger the down payment, the lower the risk and the lower the rate. The same goes for credit score, willingness to show ownership of assets, and the degree of openness about what the borrower does for a living.

Stated Income Pre Approval before you buy: