What is Stated Mortgage Home Loan? Stated Mortgage Loan is perfect for borrowers who want to buy or refinance a primary residence or second home but cannot document income or employment to qualify for other Non-Conforming type loans . A Stated Mortgage Loan underwriting is based on LTV, FICO, and Liquidity, (b) Income Documentation is not required; c) Employment is not required; and (d) Debt-to-Income (DTI) is Not Calculated Most people confuse Stated Mortgage for non-owner occupied investment property loans which uses the comparable rental income to qualify you and does not require proof of incomeThe minimal requirements makes a Stated Mortgage ideal for borrowers unable to qualify for conventional loan and other Non-QM types loans due to: •High DTI (debt-to-income) ratios•Volatile, Irregular Employment or No Employment•Retirees on fixed incomes •Owners of Cash Businesses•Change of Industry or Type of Employment•Transitioning from W-2 to Self-employed under 1 year •Online Retailers using difference online payment systemsBenefits of a No Income / No Employment Verification Mortgage •Purchase or Refinancing: Primary or Second homes•No income verification•No employment verification•No tax returns•No 1099’s•No W2’s•No DTI calculatedKey Loan Highlights•Min $200,000 up to $3,000,000 MILLION LOAN AMOUNTS•No Income or employment verification required •Owner Occupied Primary Residence & Second Homes only•80% LTV 740+ with Credit Scores for owner occupied 1-4 units & 2nd homes (no reduction in LTV for multifamily) •75% LTV with Credit Scores of 680-739 •70% LTV for 660-679 Credit Scores•65% LTV for 640-659 Credit Scores•CASH-OUT CAN BE USED AS RESERVES FOR CASH OUT TRANSACTIONS – NO LIMIT ON CASH OUT UP TO 70% LTV•Reserves must be borrowers, down payment and closing costs can be gifted•Assets sourced & seasoned for only 30 days•No employment or income on 1003•1 Tradeline for 24 months or 2 tradelines for 12 months open - active within the last 90 days•BK one day out – F/C, Short sale, or deed in lieu 12 months seasoning•Cash out can be used as reserves for cash out transactions – no limit on cash out •Min Loan Amount (not purchase price) $150,000 up to $3 Million •30yr fixed and Interest only adjustable-rate loans available•No Pre-Payment Penalty / No Mortgage InsurancePrimary Documentation Required •Last 2 months banks statements showing a sufficient source of Funds for down payment, closing cost and reserves. The reserves amount is based on your credit score for both purchases and refinancing. RESERVES CASH-OUT CAN BE USED FOR CASH OUT TRANSACTIONS •Last Mortgage Statement if Refinancing •Valid Drivers License •Appraisals (must ordered by underwriting some recent appraisals can transferred)•Most recent Mortgage Statement if refinancing Credit Requirements: A hard inquiry full credit report must be pulled by 1st Florida Lending •A minimum (middle) credit score of 660 •There can be no mortgage lates within the last 12 months.•Revolving or installments payments require Letters of Explantion (LOE)•Active collections cannot exceed $25,000 Tradeline Documents Requirement: Borrower must have active tradeline(s) a outlined in option 1, 2 or 3. (A tradeline is defined as any combination of credit cards, student loans, car loans etc. ) •Option 1. Active tradeline for 24 months •Option 2. Active tradeline for 12 months•Option 3. I have both of the above •Either tradelines must be active within the last 90daysIf the Borrower has not established an active tradeline as defined in Option 1 or 2. We cannot proceed with this loan. Mortgage Credit Events - OK•Foreclosure Seasoning - 12 months from removal of name on deed•Short Sale / Deed in Lieu Seasoning - 12 Months out•Bankruptcy Seasoning - Settled/DischargedEligible Properties •Primary Residences: Borrowers must occupy the property as your permanent residence •Second Homes: Must be occupied by the borrower some portion of the year. Must be located a reasonable distance from the borrowers and is restricted to one-unit dwellings. The borrower must have exclusive control over the property and cannot be rental property or a timeshare agreement.Condominiums•Fannie Mae warrantable condo’s up to max LTV per eligibility grid•Non-warrantable condo’s up to 65% max LTV Mixed-Use Properties•The property must be a 1-unit dwelling the borrower occupies asa primary residence. •The borrower must be both the owner and operator of thebusiness. •The property must be primarily residential in nature•The dwelling may not be modified in a manner that has an•adverse impact on its marketabilityIneligible Properties: Any property that is Zoned Commercial, Investment Properties, Condotels, Co-ops, Manufactured / Mobile Homes, working farms, ranches, orchards, Acreage limited to 40 acres
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Stated Mortgage Home LoansINo Income or Employment Verification Required to Purchase or Refinance a Primary or Second Home
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