New Stated Income Loan Programs | Valor Lending Group
ATTENTION SELF EMPLOYED BORROWERS AND BUSINESS OWNERS VALOR LENDING GROUP HAS THE NEW STATED INCOME MORTGAGE LOAN PROGRAMS YOU HAVE BEEN SEARCHING FOR!
Are you Self Employed or a Business Owner?
Tax returns preventing you from getting a good rate?
Not anymore, Provide your 12-24 months (business or personal) bank statements with a CPA letter for income qualification!!
Valor Lending Group has had the pleasure of serving up stated income loans all over the beautiful state of California and now we are taking on the state of Arizona! We are here to help you with the ins and outs of the mortgage loan process.
Our Stated Income Loans allow self-employed borrowers to qualify based on the amount of deposits into their bank account, where the cash flow is sufficient to cover the new mortgage payment and all other debts.
Stated Income loans are best for investors and business owners who write off a majority of their income on yearly taxes (as we all do) and need an alternate way of qualifying their income to purchase an investment or owner occupied 1-4 unit property.
New ARIZONA and CALIFORNIA Stated Income Mortgage Loan Programs Available TODAY!
What is the Best Stated Income Loan?
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 simply 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.
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.
Why Use a Stated Income Loan?
1) The Difference
Traditional mortgage lenders require tax returns, W-2s, and paycheck stubs in order to determine monthly income. For salaried and hourly borrowers, the lenders look at gross income for qualifying purposes. But for self-employed borrowers, traditional mortgage lenders look at net income, the adjusted gross income showing on tax returns. This puts self-employed borrowers at a disadvantage 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.
Bank Statement Loan 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
- Maximum loan amount $7.5M
- Purchase and cash-out or rate-term refinance
- 2 years seasoning for foreclosure, short sale, bankruptcy or deed-in-lieu
- Owner-occupied, 2nd homes and non-owner occupied
What you would need for submission:
- 12-24 Months Bank Statements (business or personal)
- Copy of Business License (3 years)
- CPA Letter (stating you are 100% owner, you have been in business for 2 years and they have done your taxes for two years | Also list your current expense ratio and the CPA License Number
Valor is FUNDING New Stated Income Mortgage Loan Programs for Arizona and California residential properties.
We are Non QM Specialists!
No tax returns required!
We use 12-24 months bank statement cash flow for self employed borrowers and business owners.
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
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow – No DSCR Coverage 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 Jumbo’s up to $1.5mm
- 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:
- Conventional Conforming Loans
- High Balance Conforming
- Jumbo Loan Financing | 10% down Jumbo to $1.5mm
- FHA, USDA
- Reverse mortgages up to $1 Million Value
- Cash Out Refinancing
**Rates and terms subject to change without notice
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