Finally a stated income loan qualifying with financial statements

Tight qualification has made it very difficult for borrowers to get mortgages and most people self employed borrowers started asking, “Do you have any stated income loans?”

For a long while the answer has been, “no.” But with the mortgage market tightening up as much as it has, finally there are stated income loans that can help the borrowers that own their own business.

Since the last generation of stated income products had a minimum requirement of a pulse to fund. The new stated, low doc/alt doc programs do have additional requirements to validate a borrowers capability.  These include business financial statements.  Home-buyers and investors can buy a single family, 2-4 unit residence, town home, or condo for up to $2,500,000 with a few of the requirement listed below (there are additional requirements but the minimum is) :

• Down payment: 50-55%
• Credit Score: Minimum 620 FICO
• Bankruptcy requirements 
• Foreclosure/Short Sale requirements less than fannie mae and freddie mac requirements
• Self Employed, meaning borrower owns at least 25% of business and has been in the same line of work for 2 years
  • We also carry other stated income/alternative doc programs for borrowers that are looking for a stated Jumbo Loans or 2 month banks statement verification loan with similar guidelines.
• Liquid reserves are required

Contact me directly for questions or additional information regarding these programs.  Free pre-qualification