10% Down Stated Mortgage Lenders up to 1MIL
The Stated Mortgage Lenders only loan program is for home buyers and home self-employed.
Bank Statement Only Lenders now have a LOWER Minimum Score and INCREASED LTV’sHave you ever had to turn away self-employed borrowers because they didn’t show enough income on their tax returns? Fortunately, Angel Oak has the solution.
|
600 mid score for 85% |
660 mid score for 90% |
- Purchase and R/T
- Must be self-employed for 24 months
- Minimum loan amount 150k
- 12 months Personal OR 24 months Business bank statements
- Cash-out available
- No tax returns
Stated borrowers that can document their income by providing the following:
The Stated mortgage lenders allow you do document you income by using bank statements in lieu of traditional full doc loans with tax returns via 4506T to support income. In addition, if there is a wage earner borrower, too, primary or co-borrower, and the loan applicant uses their W-2 and paystub for income documentation because this Stated Mortgage Lenders Only mortgage loan program does not have a prepayment penalty, Stated Mortgage Lenders only borrowers can refinance our Stated mortgage lenders at any time with NO PRE-PAYMENT PENALTY to obtain a lower rate or take cash out.
Bank Statement Guidelines Focus Points Include:
- Purchase, Rate and Term refinance and Cash Out Refinance
- Stated Income Program:
- Alternative Documentation “Alt-Doc”
- Stated Income Documentation:
- Unconventional – 24 months Stated Mortgage Lenders for self employed
- and or
- Conventional – W-2 and paystub for wage earners – Bank Statement Deposit
Case by case changes – Stated Loan Criteria changes quickly dependent on the Stated lender.
Bank Statement Only Mortgage Lenders
Same Day Approvals!
Stated Employed With Deposits For All Business Types:
- Sole Proprietorship.
- Limited Liability Company.
- Cooperative. …
- Corporation. …
- Partnership. …
- S Corporation.
Stated Qualifying Credit Criteria:
STATED MORTGAGE LENDERS GUIDLINESS ARE CHANGING DAILY!
FILL OUT A FULL APPLICATION FOR A SAME DAY PRE APPROVAL!
STATED MORTGAGE LENDERS PROGRAM NOTES
Credit Scores: 500
Loan to Value ratio (LTV) 85%
Debt to Income Ration (DTI): 50%
Maximum Loan amount: $3,000,000
Property Types: Single Family Residence (SFR) 1-4 Units
Occupancy: Owner Occupied / Primary
Investment Mortgage Lenders
Terms:
7 year ARM
30 year Fixed add .25
15 year Fixed add .50
No Prepayment Penalty
Stated Mortgage Lenders Loan 500 Credit Score
Stated Mortgage Lenders Loan for Stated Borrowers
Stated Mortgage Lenders Income Loan
Stated Only – Personal or Business Stated Mortgage Lenders.
Stated Mortgage Lenders loan means to utilize 24 months of borrower personal and or business Stated Mortgage Lenders to show income in lieu of traditional income documents. This income documentation option is for the owner-occupied purchase, refinance and or cash out loan.
24 MONTHS STATED MORTGAGE LENDERS
This Stated mortgage lender requires 24 months and will utilize gross monthly deposit amounts to represent gross income. Personal Stated Mortgage Lenders can be used as business Stated Mortgage Lenders. All pages required (except processed checks) for all months.
Jumbo Stated Mortgage Lenders Loans Up To 2 Million
Qualify 12 Months Stated Mortgage Lenders – 12 Month Average Balance for Income Documentation
Stated Mortgage Lenders in this case are used as a traditional income documentation alternative. However,1099’s can be used without the 1040 or schedule C can be accepted and considered more like a full income documentation program which will produce full income documentation pricing.
85% Stated Lenders Financing Available
Loan Purpose / LTV:
Purchase or Rate and Term refinance 85% LTV to $1000,000
Cash Out Refinance to $1,000,000 – 75% LTV
Credit Notes:
Credit Score 500 minimum middle for all borrowers
Bankruptcy discharged – 18 months seasoning required
Foreclosure discharged – 18 months seasoning required
Loan Modification complete (yeah, right. Lose your paperwork, did they?)- 3 Years seasoning required
Available Stated Mortgage Lenders Terms:
5, 7 and 10 year ARM’s and 15 year fix
Balloon note at ARM maturity or option to roll into an equity line
Owner Occupied Only
1-4 Unit properties OK
