Best Stated Income Loans
Business Owners | Self Employed
Stated Income loans come with benefits including financing available up to $2.5 million, and also combining the use of one loan for the
entire loan amount instead of having multiple mortgages. Competitive pricing is also a plus going the stated income loan route.
Valor Lending Group has the Best Stated Income Loan programs around!
We require a minimum of 2 years in business and we use your bank statement cash flow.
Stated income loans are available for self employed borrowers, they can use their bank statements as proof of income instead of providing tax returns. Stated income loans are also known as bank statement loans or alt-doc loans. As a result it is a great option for self employed business owners.
Those who are self employed often run into issues when applying for a mortgage because they take advantage of all the legal tax deductions, and by doing that showing a lower net income. By showing a lower net income is makes it challenging to qualify for a conventional mortgage.
The stated income lenders use the cash flow of qualifying deposits into your bank account on your most recent 12 or 24 months bank statements to calculate your average monthly income. This is an advantage for self employed business owners as it typically provides a higher qualifying income than what their tax returns would show.
Stated Income Program Highlights:
- 12 and 24 month Bank Statement options available.
- Up to 90% LTV (on Purchases & R/T Refinances)
- Borrower and Lender paid points available.
- Must have 2 years verifiable self employment income.
- No Tax Returns
- No 4506T
What you would need for submission
- 12-24 Months Bank Statements (business or personal)
- Copy of Business License (3 years)
- Provide CPA Letter (stating you are 100% owner, have been in business for 2 years and taxes have been done for two years | Also list a current expense ratio and the CPA License Number)
- Purchase Contract (for purchase)
- Current Mortgage Statement (for refinance)
- Hazard Insurance Dec Page or New Quote for purchase
- Driver License (front and back)
Valor is FUNDING Stated Income Loans for California residential properties. We are Non QM Specialists! No tax returns! We use 12-24 months bank statement cash flow for self employed borrowers and business owners.
Call me now for immediate attention to your scenario.
