New Valor Stated Income Loan | Valor Lending Group
Check out our New Valor Stated Income Loan Programs!
Are you a self-employed individual looking to acquire a loan?
When you are self-employed it may be difficult for you to qualify for a traditional mortgage because of the documentation required by the lender.
We are here to share all of our knowledge and advice we have on Stated Income Loans.
Stated income loans were created for self-employed individuals that do not qualify for a traditional mortgage 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. Investors and banks created the stated income loan program to help self employed individuals buy or refinance their home.
We have helped thousands of Californians and real estate investors nationwide. We are excited to announce we are now serving all of Arizona. There is no question too big or too small that we won’t be able to help you with. We pride ourselves on our top-notch communication skills to tackle any situation that comes our way. Reach out to us today, and one of our loan officers will get back to you ASAP with advice you can trust.
Valor Lending Group works with the very best to help you get the perfect loan that fits your needs.
We deliver top notch communication every step of the way and will be here to answer any questions or concerns that might arise during the loan process.
Top New Valor ARIZONA and CALIFORNIA Stated Income Loan Programs Available TODAY!
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 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.
Bank statement lenders still want to ensure borrowers can repay their mortgages; they just use bank statements to verify income as 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 Stated Income Loans?
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.
Valor Stated Income Loans | 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)
- Purchase Contract (for purchase)
- Current Mortgage Statement (for refinance)
- Hazard Insurance Dec Page or New Quote for purchase
- Driver License (front and back)
Valor Lending Group is here to help you with all of your mortgage loan needs!
Valor is FUNDING Stated Income Loans for Arizona and 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.
Give us a call and we will give you all the advice we can on Stated Income Loans.
Recap of our Loan Products:
- Stated Income Loans (No Tax Returns, no W-2s, No P&L) up to $3M
- Bank Statement Income Loans (Great Bank Statement Programs for business owners and self-employed)
- Hard Money Loans (As low as 20% down / minimal documentation) Fund in 7-10 days
- Flipper Loans (Flip a property with one of our many options) up to 90% leverage
- Commercial Line of Credit
- 100% Financing (cross collateralize- hard money)
- Foreign Nationals Loans (no social security or residency required)
- Raw Land & Lot Loans
- Ground up Construction for spec homes, custom homes and commercial ground up to $500M
- 2nd Position Loans up to $5M
- Rental Property Loan – No tax returns or DTI calculation! Based on subject property cash flow
- Farms, Vineyards, Ranches and Agricultural Properties (20-30% down)
- 10% down Jumbo’s with NO MI up to $1.5M
- Manufactured Housing / Mobile Homes (20% down / 620+ credit score)
- Acreage Properties
- Commercial Loans up to $500M
- 5% down Jumbo (Up to $2M Lender paid PMI)
We also offer:
- 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $647,200)
- High Balance Conforming aka Super Conforming (from $647,200-$970,800)
- Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
- FHA, VA, USDA
- ARM’s
- Reverse mortgages up to $10 Million Value
CONTACT ME TODAY for immediate attention to your scenario!
**Rates and terms subject to change without notice**
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