Stated Income Loans

Stated income loans are loans that do not require work history or tax documents to approve the loans. It’s a perfect mortgage loan for investors and self-employed who wish to purchase or refinances for an investment property. Our stated income loan agents are experts at getting investors funded for stated income home loans. We get you funded very quickly!

Benefits of Stated Income Loans

No income verification required! We do not need your income tax returns, your IRS form 4506t, your Business License, nor your CPA letter stating anything about borrower’s employment.

• Bank Statements can be used to ascertain cash flow.
• Gift funds are acceptable as part of the down payment for a purchase.
• Stated loans fund faster than verified loans since stated income loan programs have fewer restrictions.
• Fixed interest rates for 3 years, averaging 7% to 7.75%
• No penalty for refinancing into another loan program after 3 years
• Borrow up to $2 million – very high loan limits

How to Qualify for a Stated Loan

The key to qualifying for a stated home loan is having enough money for a down payment or having enough equity for a refinance. Appraisals determine the value of the property, but the lender requires their own appraisal, and the values tend to come in at the low end of the spectrum. Our team is here to answer your questions and help you to get a stated home loan today. We will help you get a pre-approval within 24-48 hours on the very first call.

FHA loans are a perfect choice if you have been denied a home loan due to credit or reserves. One of the advantages of FHA is the lower credit score requirements, as the guidelines are generally more lenient than other loans. There is a 580 minimum credit score for FHA loan, which is much lower than the 700+ FICO score required for other conventional loans with higher down payments. Even if your credit history is poor, you may still be able to qualify for an FHA loan.

Benefits of FHA Loans

• Government-insured or guaranteed
• Down payment assistance programs available
• Low down payment requirement, 3.5% of the purchase price.
• Gift funds can be used up to 100% of closing costs and down payment
• Down Payment Assistance Available to 103%!
• FHA 203K loan (rehabilitation and repair included), additional loan for home repairing.

A conventional loan does not require the property to be occupied by the owner and there are multiple loan options that borrowers can access. There are also various down payment programs that are available for the borrower that can make the monthly payment lower, this is a key difference between FHA and a conventional loan.

Benefits of Conventional Loans

• No maximum loan limits
• Does not require the property to occupied by the owner (great loan option for investors)
• Quickest loan approval for a homeowner who wants to purchase a second home
• Various programs and terms available to meet each borrowers needs
• Down payment assistance programs available

Reverse mortgages can help many seniors live a stress-free life after retirement. Several recent studies have indicated that the harsh economic conditions have left many seniors struggling to pay their mortgages and keep up with property taxes and homeowners' insurance. There has been a lot of recent coverage of new guidelines and rules in reverse mortgage news, with the recognition that reverse mortgage loans are beneficial for many borrowers faced with the very real financial pressure of paying their mortgage and keeping up with all expenses and obligations.

Benefits of Reverse Mortgage Loan

• Can borrow large sums of money without having to pay a monthly mortgage payment
• You can stay in your home until you decide to move, sell or in the event of death a decision can be made to pay off the loan and retain the home for your estate.
• HUD Insured
• No credit score requirement

The Home Affordable Refinance Program (HARP) is a federal loan refinance program that was introduced in March of 2009. The program was designed to help homeowners refinance their loan at current market rates; even if the home is upside down [worth less than the amount of the loan]. HARP loan rates are very low and can save a borrower hundreds to thousands of dollars per payment. The highlight of the HARP program is that there is no equity required, unlike a normal refinance, and no matter how underwater the property is you may still qualify; as long as you have been making mortgage payments on time for the past 12 months and your loan is owned by Fannie Mae or Freddie Mac.

Benefits of HARP Loan

• No appraisal required
• Benefits borrower’s that obtained loan before the May 31, 2009 deadline.
• Refinance without equity