Typically, the mortgage payment on the property will be covered by the projected rent received (DCR=1.00)
STATED INCOME LENDERS PROVIDING FAST & EASY APPROVALS
- Business Purpose Loans and not subject to ability to repay laws.
- 100% of Rest utilized in DCR computation
- Credit Scores down to 600
- Can close in name of LLC
- Loan amounts from $100,000 to 1 Million
- 75% maximum LTV for purchase transactions
- 70% maximum LTV for refinance transactions
- No reserves required
- Interest Only terms available
- Borrower must be experienced property investor
- Total borrower income not disclosed, DTI not calculated
- Minimum Debt Ratio (DCR) 1:00
- All rents validated by lease agreements
- Full appraisal required, including Operating Income Statement and Comparable Rent Schedules
US Mortgage Lenders provides a stated mortgage program for residential rental homes that does not require borrower tax returns to conform to a typical bank underwrite. We like to see a minimum FICO score of 600 and will base the underwriting off of the asset(s).
Financing for 1 to 4 units investment/rental units free standing or attached duplex, triplex and fourplex properties. “blanket mortgage” funding available for multifamily apartment properties.
- 2 – 2.75% lender origination points.
- 30-year amortization
- Credit report with middle score of 650
- Maximum LTV of 75%
- No rehabilitation or construction costs financed.
- Will finance completed properties as a take-out/permanent mortgage funding.
- Borrower may use “stated income” – No personal debt to income ratios. No global underwrite.
- Appraisal done by a National Appraiser Service with average cost in the $400 to $600 range/property.
- Property tax and property insurance impounds are required.
- 3 Three, 5 five year fixed interest rate period followed by adjustable rate at WSJ “prime” plus Margin of four percent (4.00%). 2.00% is the maximum first adjustment, 1.00% periodic (every 6 months). 2.00% max annual adjustment and 6.00% life cap over start rate.
- Loans are fully assumable to qualified borrower for 1.00% fee. New borrower must conform for program.
- Free and clear properties receive a five percent (5.00%) reduction of maximum LTV. 65% instead of 70%.
- Any property listed for sale within the last six months is only eligible rate/term refinance. No Cash out available.
- Prepayment penalty is 3% for 1-4 unit deals and 5% for commercial. Borrower can pay off 20% of equity in any 12 month rolling period without triggering prepayment penalty. Example: 3 year fixed loan, a borrower can pay off 60% of principal without triggering penalty.
- Prepayment penalty can be bought down options available.
BOTTOM LINE – STATED INCOME LOANS = EASY APPROVAL & CLOSING
A true Stated Income Mortgage lender is perfect if you do not have to provide tax returns. If for whatever some reason you cannot or do not want to provide tax returns because of excessive write offs keep you from qualifying at your local bank mortgage. No Problem, We don’t care about your tax returns and we do not care about your debt to income ratio (DTI). Our Stated income loan program lets you purchase or refinance up to 85% of your Home Purchase!
Details of Bank Statement Only Lenders Program:
- Must have 24 consecutive months of statements (no gaps)
- Must provide All pages (even the last pages with advertising)
- If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
Stated Income Loans For Home Buyers!
( Properties must be located within 20 Miles of a population of 100,000 or more)
Stated Lenders Loan Approval Property Types:
- 1-4 single family homes including condo’s.
Stated Loan Investor Amounts:
- $100,000 to $1,00,000 for 1 units and condos
- $100,000 to $2,000,000 for 2-4 units
Stated Lenders Maximum (LTV) Loan To Value
- 70% = Min 30% Down payment required.
Stated Loan Investor Transaction Types Include:
- Purchases 2-4 units– OK!
- Refinance Properties 1-4 units– OK!
- Cash Out Refinance– OK!
- Stated Income – OK!
- No Tax Returns – OK!
- Previous Bank Turn Down – OK!
- Multiple investment properties owned – OK!
Minimum Fico Score Required:
- 640 Minimum Mid-FICO – There is a high number and low number the number in the middle must be min 640
Stated Loan Investor Terms:
- 30 years / due in 30 years (30/30)
- 3- 8 years fixed – adjustable year 4 through 30!
Stated Loan Investor Interest Rates:
- Rates starting at the 7% range fixed for 36 months, adjustable 6 months.
- Interest Rates buy downs are available.
Stated Loans And Prime rate, Federal funds rates are:
The prime rate will move up or down in lock step with changes by the Federal Reserve Board. What it means: The initials stand for The Wall Street Journal, which surveys large banks and publishes the consensus prime rate. The Journal surveys the 30 largest banks, and when three-quarters of them (23) change, the Journal changes its rate, effective on the day the Journal publishes the new rate. It’s the most widely quoted measure of the prime rate, which is the rate at which banks will lend money to their most-favored customers.
How it’s used: The prime rate is an important index used by banks to set rates on many consumer loan products, such as credit cards or auto loans. If you see that the prime rate has gone up, your variable credit card rate will soon follow.
STATED INVESTOR LOANS
Commercial stated mortgage lenders provide investors with the opportunity to take advantage of the real estate market. Typical stated mortgage transaction take approximately 3-6 weeks to complete from contact to closing. stated investor lenders can provide fast funding for business owners or professional real estate investors. Recently mortgage lenders and local banks are very critical on approving stated investor loans on investment type investment properties. stated mortgage lenders not only calculate a properties the Debt Service Coverage Ratio but the owner’s or buyer’s personal Debt To Income Ratio. As a result many self employed borrowers with a lot of write offs cannot qualify for investor loans to purchase or refinance income producing properties.
- Bank Statement Only Mortgage Lenders
- bank statement only – -Mortgage-Lenders.com
- -Bank Statement Only Mortgage Lenders
- BANK STATEMENT LOAN PROGRAM DETAILS – -Mortgage
- STATED MORTGAGE LENDERS-
- -Bank Statement Only Mortgage Lenders
15% DOWN+STATED INCOME MORTGAGE LENDERS-www.-mortgage-lenders.com/-mortgage…/186-stated–mortgage-l…”There are two main problems that self-employed borrowers face when qualifying for a mortgage,” “First, you need to prove their income with tax returns rather than using a ‘stated income’ loan. Second, the recent housing recession has caused declining income for many self-employed business owners.
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