Stated Income Loans | Rates starting at 4.75%. Our stated income programs are available for self employed and wage earner borrowers. We have several different programs for different property types.
We breakdown stated income loans for investors and alternative documentation loans for homebuyers looking to purchase a new home. Plus.
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No Qualifying Home Loans Non Qualified Mortgage Loans | Non-QM Programs and Guidelines – Non-qualified mortgage loans are home loans that do not fall within the CFPB's definition of a qualified mortgage rule. They don't conform to QM underwriting.
These new stated income mortgage loans are often referred to as " bank statement loans ", "alt doc loans", or "alternative income verification loans". Technically, you are not just merely stating your income, but rather using an alternative means to verify your income (both personal and business bank statements may be used).
Income is stated instead of being proven. Taxes, W2’S or Paystubs are not required. Higher stated income means a higher loan approval. Clients who have had a few problems in the past (late pays, collections, charge offs) may qualify for smaller dollar amounts ($10,00 to $20,000) and go thru a probationary phase to qualify for more in the future.
Stated Income Small Commercial Loan or Different Types of Loans in Texas. The first kind of loan a person could apply for is a Stated Income Verified Asset or SIVA loan. This type of loan means a person must verify their assets through a bank statement or via other documentation. The second type of loan available to a person is a Stated Income Stated Asset or SISA loan.
What Banks Offer No Doc Loans Nations Direct Mortgage offers a variety of non-QM programs, including interest-only options, alt-doc, asset depletion, bank statements, 40-year loan terms, and loan amounts up to $2 million. Navy Federal Credit Union offers interest-only loans, including loan amounts up to $2,000,000 with no PMI on many of the loans they offer.
Commercial Stated Income Lending. The Commercial Stated Income Loan Program does not require personal or business tax returns, personal financial statements, and has no monthly or annual reporting requirements. Please Note: The subject property must cash flow at a minimum DSCR of 1.25x. appraisal rents are used to qualify income.
While stated income loans don’t exist for owner-occupied properties, they’re still available for borrowers looking to purchase an investment property. This is a big help for borrowers like real estate investors, house flippers, wanna-be landlords, and self-employed borrowers looking to purchase a non-occupant property and qualify for a loan without fully documenting their income or providing tax returns.