How To Get A Loan With Stated Income | Valor Lending Group
Are you wondering if you can I get a loan with stated income?
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.
If you are a self-employed individual in need of a mortgage loan, Valor Lending Group has got you covered!
Valor Lending Group is standing by for you call TODAY!
What is a Stated Income Loan?
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.
It is much more difficult to find the best stated income loans as many of the brokers and lenders have ceased to fund these unique programs. Bank statement lenders still want to ensure borrowers can repay their mortgages; they just use bank statements to verify income as to opposed to tax returns. Self-employed borrowers are able to document their ability to repay based on business deposits into their personal or business bank accounts i.e. their true cash flow.
How is a stated income loan different from a traditional mortgage?
Traditional mortgages require borrowers to prove their income through financial documents. Stated income loan programs do not require income verification.
What are stated income loans known as?
Stated income loans also referred to as Non-QM loans, alternative income verification loans, or alt doc loans. These types of mortgage loans use alternative means to verify your income, instead of using W2’s, tax returns, etc.
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
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)
Your loan could be the next loan we fund!
We are standing by for your call TODAY!
?GIVE US A CALL TO DISCUSS OUR NEW STATED INCOME LOAN OPTIONS!?
Recap of our Loan Products:
- Hard Money Loans (20% down / minimal documentation) Typically Fund 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
- Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow
- 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)
- 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)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans
- High Balance Conforming aka Super Conforming
- Jumbo’s to $10 Million / 10% down Jumbo to $1.5mm
- FHA, USDA
- ARM’s
- Reverse mortgages up to $1 Million Value
- Refinance including Cash Out
**Rates and terms subject to change without notice**
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