New Valor Stated Income Loan Available Now
VALOR LENDING GROUP HAS THE NEW TOP STATED INCOME LOAN AVAILABLE NOW YOU HAVE BEEN LOOKING FOR!
ATTENTION SELF-EMPLOYED BORROWERS!
Are you interested in learning about our New Valor Stated Income Loan Available now?
Stated income loans were created for self-employed buyers and homeowners that do not qualify for a home loan due to the low income on their tax returns. Self-employed individuals use the IRS tax code to write off expenses; however, by doing that, their income is much lower than the amount needed to qualify for a loan. If using the full income documentation to be eligible for a loan, it would not show enough income after deductions and write-offs. Investors and banks created the stated income loan program to help self-employed individuals buy or refinance their homes. Stated income loans are higher risk, and the interest rates will typically be on the higher side of the spectrum; however, it is an excellent option for those that wouldn’t have any other avenues to go down.
UNLOCK OUR NEW VALOR STATED INCOME LOAN PROGRAM OPTIONS NOW!
Valor Lending Group is standing by for you to call TODAY!
What you will learn:
- What a Stated Income Loan is
- Why you would want to use a Stated Income Loan
- The Difference
- Qualifying
- Stated Income Program Highlights
- What you will need for submission
- Recap on our loan programs
What Are Stated Income Loans?
These are not the type of loans that were prevalent in the pre-2008 financial crisis, and no longer are the days in which loan applicants can state their income on a loan application with virtually no due diligence conducted by the Lender.
After the 2008 financial crisis, the sweeping provisions of Dodd-Frank changed the industry substantially, at least in the owner-occupied residential context. Since 2010 Dodd-Frank has required lenders to document a residential borrower’s ability to repay the loan.
Finding the best-stated income loans is much more challenging. Many brokers and lenders have ceased funding these unique programs. Bank statement lenders still want to ensure borrowers can repay their mortgages; they use bank statements to verify income instead of tax returns. Self-employed borrowers can document their ability to repay based on business deposits into their personal or business bank accounts, i.e., their actual cash flow.
Why Use Stated Income Loans?
1) The Difference
To determine monthly income, traditional mortgage lenders require tax returns, W-2s, and paycheck stubs require tax returns, W-2s, and paycheck stubs to determine monthly income. The lenders look at gross income for qualifying purposes for salaried and hourly borrowers. But traditional mortgage lenders look at net income for self-employed borrowers, the adjusted gross income showing on tax returns. This disadvantages self-employed borrowers because the typical self-employed or 1099 employee will write off as much expense as possible from their gross income on their tax returns to minimize how much they owe once tax season comes around.
2) Qualifying
This is a great and expanding area of mortgages that levels the playing field for self-employed and 1099-employee borrowers, providing the opportunity to qualify without tax returns. These loan programs can be used for both owner-occupied and non-owner-occupied 1-4 unit properties, the same as traditional financing allows.
To obtain a bank statement loan, borrowers must qualify based on the income deposited over a specified period. They are typically verified on 12 or 24 months of bank statements. The gross amount deposited in the given time is then considered their “gross income.” Once this number is established, the debt to income ratio (DTI) is derived (based on the income against the new mortgage payment and current monthly minimum debt obligations, i.e., credit card, car loan, student loans, etc.) to ensure the borrower can afford the addition of the mortgage loan payment. If all aspects of the borrower’s finances are within the program requirements and a DTI no higher than 55%, the Lender can underwrite and finance the loan.
Again, these loan programs can be used for both owner-occupied and non-owner-occupied 1-4 unit properties, the same as traditional financing allows.
Stated Income Program Highlights:
- 12 and 24 months Bank Statement options available
- Up to 90% LTV (on Purchases & R/T Refinances)
- Borrower and Lender paid points available
- Must have 2 years of verifiable self-employment income
- No Tax Returns
What you would need for submission:
- 12-24 Months Bank Statements (business or personal)
- Copy of Business License (3 years)
- CPA Letter with CPA License Number(stating you are 100% owner, 2 years and 2 years of taxes
- Current expense ratio
- Purchase Contract (for purchase)
- Current Mortgage Statement (for refinance)
- Hazard Insurance Dec Page or New Quote for purchase
- Driver’s License (front and back)
Your loan could be the next loan we fund!
I am standing by for your call TODAY!
GIVE DAVID A CALL TO DISCUSS OUR New Valor Stated Income Loan Available!
Recap of our Loan Products
- Hard Money Loans (35% down / minimal documentation) Typically Funded in 7-10 days.
- Stated Income Loans (Great for business owners and self-employed) No tax returns!
- 100% financing is available (we can cross-collateralize other properties if there is enough equity)
- Valor VA Home Loan 100% financing up to $1.5MM
- Rental Property Loan – No tax returns or DTI calculation! Based on the subject property’s cash flow – No DSCR Coverage is needed!
- Flipper & Rehab Loans (Flip a property with one of our many options)
- 2nd Position Loans up to $5mm
- Raw Land & Lot Loans
- Ground-up Construction for spec homes, custom homes, and commercial ground-up.
- Farms, Vineyards, Ranches, and Agricultural Properties (25-30% down)
- 10% down Jumbos, WITH NO MI up to $2MM /10% Down up to $3MM
- Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
- Acreage Properties
- Commercial Loans up to $500mm
- 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
- Foreign Nationals Loans (no social security or residency required)
Other Programs we Offer:
- Conventional Conforming Loans
- High Balance Conforming
- FHA, USDA
- Reverse mortgages up to $1 Million in Value
- Cash-Out Refinancing
*Terms and conditions can change daily without notice
We look forward to the opportunity to serve you!
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