FHA and Investor Specialist

Stated Income Mortgage: Despite the contraction of the secondary markets, there are still Stated Income Mortgage (w/ full asset verification) programs available (currently in NJ, CT, and certain counties of NY only) to those who qualify for this type of financing in the vein of which it was originally intended: allowing for self-employed consumers who cannot prove their actual true income via their tax returns.  We offer this program on a brokered basis and the terms, rates, and guidelines are subject to change without notice, just like everything else in this world we live in today.  Mortgage Brokers: This program is offered by my company direct to consumers only and not by my company on a wholesale level. 

The basic parameters of the Stated Income Mortgage loan are as follows: 70% Loan to Value (30% down) for purchases and refinances up to $750,000 for recommended credit scores of 700 and above.  This program is not so much credit score driven, as the whole credit picture is taken into consideration.  A high credit score lacking the necessary credit tradelines and credit depth may not be seen as favorable.  55% Loan to Value (45% down) with loan amounts up to 1,000,000.  A 50% Loan to value is available up to a loan amount of $3,000,000.

This program, once again, is designed for the borrower who truly cannot document their true earnings, thus the name Stated Income Mortgage.  Assets are documented and are expected to be consistent with the income stated.  By self-employed, a consumer is expected to show a corporate type structure, rather than simply some Schedule C income on a tax return to count as self-employed.  This is not a traditional "liar's loan".  Expect the appraisal and appraisal review to be on the conservative side, but not unreasonable.  A typical requirement for the Stated Income Mortgage verification of self-employement is a letter from your CPA or Tax Preparer, coupled with proof of incorporation.

Basic rates for this Stated Income Mortgage program are competitive: 4.75%-6.5% range for short term ARM financing (3/1, 5/1, 7/1, and 10/1) to 15, 20 and 30 Year Fixed rates, typically with 0-1 discount pt.  Rates can vary by loan amount, loan-to-value, and State, and are subject to change without notice.  For more information about this product and other available programs, please contact me directly at 908 531 6170.