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Traditions mortgage—port saint lucie mortgage—port saint lucie mortgages

Stated Income or No Income Verification Lending

772-344-8200  1-888-537-7896   1-888-LESS TWO

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Stated Income Mortgage Loan products:

 

Stated Income loans are the most commonly used and least expensive product in the reduced documentation suite of programs. A Stated Income Mortgage Loan is often the perfect choice if you have verifiable employment (self employment is fine) and assets. Income that is stated on the mortgage application must be reasonable in terms of your occupation and assets 

The Stated Income Mortgage Loan is the least expensive reduced documentation product if it works for you.

 

Available Stated Income Mortgage Loan Terms:

 

● 30 year fixed rate require only 10% equity or down payment. However, rates are lower with more equity.

 

● 1, 3, 5, and 7 year ARMs are available. Home Equity stated income mortgage loan and Second Mortgage programs are available.

 

Some guidelines for a Stated Income Mortgage Loan:

 

Minimum middle credit score is 640

5 credit accounts are required

Bankruptcy and foreclosures must be discharged for 3 years with reestablished credit

Two years employment with same employer

Two months PITI reserves are required with an LTV <=80%. 6 months reserves are required otherwise.

 

Allowable Use and Property Types:

 

Single Family, Townhouse, some manufactured housing, and low rise condos. Some programs allow high rise condos 2-4 unit buildings, second homes, or investment properties are slightly more expensive or require more equity. Allowable uses are for purchase or rate and term refinance. The programs will allow a "cash out" refinance but there are limitations on the allowable cash back. Please contact me with the specifics of your situation for guidance.

 

A key to Stated Income Loans:

 

Stated Income loans only work for borrowers whose income makes sense for their line of work. These loans are not designed to falsify income—but rather state the income that a borrower is unable to easily document. If a borrower applies for a Stated Income loan that requires asset documentation and the borrower does not have saved funds that match the income stated—the loan will not make sense and it cannot work. In addition, the borrower has to have a verifiable employer or owned business that is at least two years old. Good credit is required.

 

If the borrower cannot meet these guidelines, then a true No DOC loan may be the way to go. That type of loan requires NO income on the application and is based upon the amount of down payment, credit score and subject property value.

 

In some cases Assets DO NOT have to be verified.

 

Minimum down payment is always required from your own funds.

 

These loans are a specialty. Call me and I can help!