Hot Loan Product Stated Income Loan to 80% LTV - 10 day close | Stated Income Loans / California Mortgages

75% Stated income and Verified Assets “SIVA” at 8.5% for 4 years.

See rate flyer below. Low fico OK. Loan amounts $75K to $5,000,000. Need 1003, credit report, 3 months complete bank statements all pages, Need to show 4 months reserves which can be an unseasoned gift, No personal financials, and your choice fund as individual or Corp. Choose a loan term 12 months to 4 years. I/O payment. For loans outside of California add 1% to the rate. You best choice is Hot Loan Product #6 .

Non owner investment loan only. CA, AZ, WA, TX, Oreg, CO, UT & FL only properties.

Stated income loans allow borrowers to simply state their monthly income on a mortgage application instead of verifying the actual amount by furnishing pay stubs or tax returns. This simplified method was originally intended for self-employed borrowers with complicated tax schedules, but has recently become more widespread, often because borrowers find this much easier to qualify for a loan by stating their income. See rate sheet and specific loan application below.

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List of Forms & Documents Required:

1. 3 months complete bank/financial statements (to show 4 months reserves – no seasoning okay)
  1. To expedite your file organize statements separated by month in adobe format “.pdf”.
2. Declaration of Non-Owner Occupancy form Link to Document
3. Letter of Experience form Letter of Experience
4. Photocopy of valid ID
5. If title to be held in Corporation/LLC Articles of Organization/Incorporation – Operating Agreement/Bylaws
6. Purchase Transactions – fully executed purchase contract
7. Refinance Transactions – mortgage statement
8. If property will require rehab, provide construction bid/plans (if recently repaired list of repairs made)
9. If property is leased, provide lease agreements
10. If property is leased and is more than 1 unit, rent roll Schedule of Real Estate Owned
11. Insurance declaration page/quote for coverage
12. 1003 Loan Application – use printed 1003 leave liabilities blank.
13. Credit report we will pull or if broker submitted need full 3 bureau – but we still have to pull it
14. Borrower authorization Borrower’s Authorization
15. Borrower authorization to run and pay for credit Credit $ Authorization Form
16. Borrower authorization To Wire Funds Authorization to Wire Funds
17. SI form – Statement of Information SI Form – Statement of Information
18. How do you want to hold title Vesting Form For Borrower
19. Social Media disclosure Social Media Disclosure
20. **To expedite your file organize documents in adobe format “.pdf”.

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3 loan choices –

1st Choice the 1 year loan – Interest only payments for 12 month term with a balloon payment due at the end of the term.

2nd Choice – 2 year loan – Interest only payment for 24 month term with a balloon payment due at the end of the term. This loan has a minimum period of 15 months interest to be collected.

3rd Choice – 4 year loan – Interest only payment for 48 months term with a balloon payment due at the end of the term. This loan has a minimum period of 24 months interest to be collected.