Stated Income Loan and No Doc Jumbo Loans
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Stated Income Loan and No Doc Jumbo Loans |
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| We have teamed up with jumbo investors to offer some of the best stated income mortgage and no income documentation home mortgage loan programs. These no doc loans are ideal for the employed & self employed borrowers and those who do not want to deal with the paperwork associated with full documentation (W-2s, Paystubs & Tax Returns)Jumbo Loan programs. These creative no income documentation jumbo loan programs are being offered at low interest rates so you do not have to sacrifice great rates for the added convenience of no income documentation. Free, no documentation loan obligation mortgage loan consultation. You can also apply for a No Doc Jumbo Loan in minutes using our No Doc mortgage loan application. | ||||||||||||||||||||||||||
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| Request a free No Doc Jumbo Loan stated income mortgage Jumbo Loan Application | ||||||||||||||||||||||||||
| More about No Doc Jumbo Loans - Stated Income Jumbo Loan Programs | ||||||||||||||||||||||||||
Self Employed Mortgage Financing Experts |
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| We have helped thousands of employed and self employed borrowers with their mortgage financing needs. The great thing about stated income jumbo loan products is that you simply “state” your income and jumbo mortgage lenders place added weight on your credit scores. This added emphasis does not mean that you have to have perfect credit. We work with jumbo mortgage lenders that offer stated income jumbo loan products to mortgage borrowers with scores down to the upper 500s (700 minimum for 100% financing). | ||||||||||||||||||||||||||
Stated Income Loan / No Income Verification
The popular No Income Verification Loan (NIV) also known as Stated Income - requires No W2's, No Pay stubs, No Tax returns, and No IRS Forms. Available to W-2 wage earners, 1099, Self Employed, and Retired.If you need financing but your income is difficult to prove or document then the answer for you is a Stated Income or No Income Verification loan.
There are "3" types of NIV or No Income Verification jumbo loans for purchase or refinance that offer 100% financing explained below:
Stated Income Verified Assets Loan: (SIVA) - Jumbo Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income stated on the loan application.
100% to $900,000 ( need 660+ FICO score )
90% to $1,500,000
80% to $2,400,000
80% to $15,000,000
No Doc Jumbo Loans & No Doc Jumbo Loans Fixed Rate Interest Only
General No Doc Jumbo Loan Requirements:
Jumbo Mortgage Lenders usually look for a minimum of 2 years of employment and or self-employment history in the same line of work. Proof for minimum of 2 years employment history for self-employed borrowers may be accomplished by obtaining a typed letter from a CPA on their company letterhead to get verification of the borrowers self employment. If an accountant is not available, two years of business license or confirmation from 3 disinterested business associates may be required. Your ability to qualify for the loan is based on the income stated on the application. The income must be in line with your occupation. We also have jumbo loan that require 6 months bank statements and for lower rates 12 months of bank statements.
Credit & Reserves:
Borrowers generally need credit FICO scores over 600, with the mortgage not over 30 days past due in the last 12 months. Loan Programs offered on on 6 mo adjustable, 2, 3, 5, & 7 year ARM's. The borrower should have 2 to 4 months of the mortgage payment in liquid cash reserves on a purchase or refinance for the best rate. Liquid Cash Reserves can be from checking, savings, cash, CD's, money market accounts, stocks, bonds, IRA's, 401k's, and Keogh accounts.
On cash out refinances, reserves can come from the loan proceeds and the credit score may need to be higher. The other programs (30 yr and 15 yr fixed) require less reserves.
Some NIV or stated income programs have credit FICO scores as low as 600 with higher debt to income ratios. Of course you can always inquire of your particular situation and see what we can offer.
Often, jumbo loan investors and people who don't want to show their tax returns inquire about stated income or no doc loans for residential but also commercial property. Mortgage loans over $417,000 are a no doc jumbo loan.
OR
for a better rate1.) Use a "NINA"
- No Income No Assets - or Just State your Income and Assets - Not Documented , not Verified !!OR
2.) No Doc with verified Assets
---- Purchase & Refinance ----
100%
up
to
$750,000,
now
$1,000,000
95% up to $1,350,000 (e.g.; on a $1,420,000 home)
90% up to $1,750,000 ( e.g.; on a $2 million dollar home)
Owner Occupied - -- Non-Owner / Investment --.. Second Home …..Jumbo Loan Borrowers
------- Unlimited
CASH OUT! Take all the cash you want--------90% CLTV to $1,500,000
80% CLTV to $2,500,000
Jumbo Loan Property Types: 1 - 4 units, PUDs and Condos ( High Rises OK). No manufactured homes.
As a jumbo mortgage banker we have the ability to fund jumbo mortgage loans that make sense rather than having a turn down in jumbo underwriting and to adhere to traditional jumbo loan underwriting guidelines. We provide the full spectrum of No Doc jumbo loans, No Income doc jumbo loans, No Asset and Stated Income Jumbo Mortgage Loans available in today's marketplace. We employ the latest technological innovations to get initial loan approvals for "A credit" clients in minutes on some of our Jumbo Stated Income and No Doc Jumbo Loan programs. Try are sister mortgage company for no doc jumbo home loan programs.
We have No Income Verification Jumbo Loans, No Doc Jumbo Loans, No Ratio Jumbo Loans, Stated Income Loans, and No Income, No Asset Jumbo Loans. Many lenders either cannot provide a real no doc loan or they will require you to put down 10%. We still do 5% Down No Doc Jumbo Loans for purchases and we still offer 90% loan to value cash out refinance no doc loans for those with high credit scores and very good credit. Many people would like access their home equity to invest in their business, consolidate debt, remodel a residence, buy a second home, etc. and sometimes it makes good financial sense to do so. If we refinance your first mortgage we may be able to offer you a "No Income Verification" or “Stated Income” second mortgage or home equity line of credit up to 100% of the value of your property. If you are looking for a No Doc Jumbo Loan, a Stated Income Jumbo Loan or a No Income Verification Jumbo Loan, then Jumbo Mortgage loan programs is the right choice for your jumbo home mortgage needs.
No Doc (documentation) and Low Doc loans provide increased ease and privacy in exchange for a higher interest rate.
Low doc loans are available to meet the needs of various employment and income situations.
The more income documentation you provide your jumbo mortgage lender (employment, income and credit history) the lower the interest rate is. Many home buyers choose not to offer income documentation for personal privacy reasons, and willingly opt for a lower jumbo loan interest rate. Yet, many of these mortgage loan borrowers have a high income, or savings, and good credit. A no doc jumbo loan (no income documentation jumbo loans) or low doc jumbo loan provides increased ease and privacy when getting a mortgage in exchange for a slightly higher rate.
Buyers that opt for a low doc home loan are typically those who don't prefer to have their entire life and financial history presented to the jumbo mortgage lender. For instance, they might be using an inheritance to secure a jumbo loan or have fluctuating income from owning their own business.
Ease is a big factor as well. With a no doc jumbo loan or low doc loan, the borrower provides their name and social security number, along with information regarding the property being purchased. The rest is up to the low rate jumbo mortgage lender.
No Doc jumbo loans require the least documentation and are for buyers with good credit. The home buyer provides minimal income documentation (usually social security number and general home loan property information) and the jumbo mortgage lender does the rest.
Stated Income Jumbo Loans, or low doc loans, typically attract mortgage borrowers who work on a cash or commission basis - people who don't draw a consistent salary. The borrower will need to disclose earnings, usually for two years, and might need to show tax returns and 12 months bank statements.
No Ratio jumbo mortgage loans are for borrowers who do not wish to disclose their income; therefore there is no debt ratio for the jumbo mortgage lender to consider. The no ratio loan and it's borrower has good credit and can make the Jumbo Loan Interest Only payment and abundant assets that make up for the lender not considering the borrower's income information. This loan can be a quick and easy process for borrowers that would have difficulty gathering no income documentation.
No Income No Asset Programs:
(NINA)