Unable to show income on W2’s, Pay Stubs or Tax Returns? Our Stated Income Mortgage is a perfect fit for borrowers who don’t qualify for traditional financing based on their tax returns or W-2 income. This program looks at the borrower’s overall financial and credit profile with mortgage payment reserves.
Stated Mortgage Program Highlights:
- Primary Residence Only
- Minimum 20% Down Payment with 720 credit with a minimum of 9 months of reserves for purchases
- Minimum 25% Down Payment with 680 credit with a minimum of 6 months of reserves for purchases
- Up to 75% Loan to Value with 700 credit with a minimum of 9 months of reserves for refinances
- Up to 70% Loan to Value with 680 credit with a minimum of 6 months of reserves for refinances
- Debt Consolidation is classified as a Rate/Term Refinance
- No 4506T Required [ tax return verification ]
- No Income Documents Required – no tax returns, no W2’s, no pay stubs
- No Employment Required
- Cash-Out CAN BE USED as Reserves
- 100% Gift Funds can be used
- Up to 6% Seller Concession Allowed
- Single Family Homes Allowed
- Townhomes Allowed
- Detached Warrantable Condos Allowed with 25% Down Payment
- Attached Warrantable Condos Allowed with 30% Down Payment
- Non-Warrantable Condos Allowed with 50% Down Payment