These loans are nominally intended for real estate investors who might have difficulty documenting their income. Stated income loans have been extended to customers with a wide range of credit histories, including subprime borrowers.
Stated Income loans fill a gap of situations which normal loan standards would not approve. This would seem prudent for a person just owning their main home. However, a real estate investor may have multiple properties and for each may receive only a small amount more than their loan payments on each house, but end up with disposable income.
Stated Income loans also help borrowers where fully documented loans normally would not consider the source of income as being reliable and stable, such as investors who consistently earn capital gains. Fully documented loans also do not consider potential future income increases.
Another type of loan that uses the same principles is the No Income loans.
|Loan Amount||Purchase||Cash Out||Credit Score||Reserves|
|$10,000,000||Up to 75% LTV||Up to 75% LTV||Case by Case||Case by Case|
- 1-4 Family, High-Rise Condos, Non-Warrantable Condos and Condo-Hotels
- Investment Property Only
- Lease Contract is required on Tenant Occupied properties
- 2 Month Bank Statements
- Gift funds allowed
- Case by case – no minimum score
This type of loan secured by the Mortgage is exempt from any provisions of the Real Estate Settlement Procedures Act of 1974, as amended and Regulation “X” of the Secretary of Housing and Urban Development because the proceeds of the Loan and the Loan proceeds are being used for as an extension of credit primarily for a business, commercial, or agricultural purpose, as defined by 12 CFR 1026.3(a) (1) of Regulation Z.
This is not a commitment to lend, each applicant and borrower must be approved by the lender or investor. All terms and rates are subject to change with out notice. Please call our office to get pre-qualified.
20200 W Dixie Hwy Suite 1104
Aventura, FL 33180
Fax: 305 692-3000
Mon - Fri 9:00am - 5:00pm