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Realtors Partnering With Us

Stated Income on Primary Residence Properties

MortgageDepot has partnered with a lender that will mortgage owner-occupied primary residence properties with no income verification. It does require 50% down payment but hey where you can find a lender that will mortgage a primary residence property under a no income check mortgage program? As you search the web you are coming across no income check mortgage programs but they only can be financed on investment properties. This new no income check mortgage is now available for owner-occupied properties. If you fit this criterion then you need to contact our office and speak to a loan officer that will be able to see if you qualify for this no income check mortgage. Take a look below for terms of this no income check mortgage.

Stated Income: State employer’s information on the mortgage application and just stating the borrowers income without having to prove it.  Income must  be commensurate with the position held. No 4506 or 4506t required. Two years of employment history with the same employer and/or the same line of work. Salaried borrowers are permitted.

  • Asset:  Last two months bank statements without any large deposits
  • LTV:  50% LTV based on the purchase price or the appraised value the lower of two.
  • Term:  Term: 5/1 & 7/1 year Arm with a 30-year amortization.
  • Rate:  Ball park rate: 5.875% – 6.25% with 2 origination points.
  • Foreign Nationals:  Add .125% to the rate (Could possibly be higher depending on the ownership structure of the deal). Must establish a $200,000 minimum checking account relationship with the lender for the life of the loan.
  • Minimums:  Loan size: $500,000.
  • Home size:  1,000. Sq. Ft. and above
  • Credit Score:  680 Middle
  • Maximums:  Loan size $5,000,000. DTI: 43%
  • Ownership:  Individual, Joint, LLC or a Trust
  • Auto Payment:  Through an established account with the lender and have their monthly mortgage payment auto withdrawn from this account.

****This program is currently only available in New York****

Contact us today for a FREE consultation at (800) 535-0270 or email us by clicking here.

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