STATED INCOME - no income verification
Traditionally first mortgages were only available with full income and
asset verification. We realize that many of our clients need or prefer
an alternative documentation program. We offer the following programs for
clients with either an A or B credit
history.
Stated Income / No Income Verification
A borrower may only be required to show a operating license or business
license and/or limited income information. With this type of financing,
rates offered tend to be slightly higher. This type of financing is recommended
for self-employed borrowers or borrowers who have difficulty showing their
income on paper, for one reason or another.
All other normal loan documentation is required
Stated Income & Stated Asset
A stated income program that does not require the verification of assets
other than the source and seasoning of downpayment.
No Income / No Asset
Neither the Income or asset sections of the loan application are completed
All other normal loan documentation is required
No Ratio Programs
No qualifying ratios are used to determine loan eligibility.
All other normal loan documentation is required
24 Months Bank Statements
Income is calculated using 1 bank account, either personal or business.
If a personal account is used, Income is calculated by taking the 24 month
average of deposits. For business accounts the 24 month average ending
balance is used as an income figure. Some underwriters will allow this
documentation to serve as the equivalent of tax returns.
All other normal loan documentation is required
12 Months Bank Statements
Income is calculated using 1 bank account, either personal or business.
If a personal account is used, Income is calculated by taking the 12 month
average of deposits. For business accounts the 12 month average ending
balance is used as an income figure. This program is considered a "lite
documentation program" and their may be adjustments to the rate or
loan amount offered.
All other normal loan documentation is required
*These programs are available on a first mortgage basis only
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