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California

 

Stated Income Home Loan

 

60% LTV up to $2,000,000

 

Stated income home loan requirements:

Fico Score 720 Primary Residence 1-4 units
No 4506-T Business License 1003 Application
5 Year Fixed Rate Purchase Refinance
30 Year Amortize No Tax Returns SFR/CONDO

 

Self- Employed Borrowers:

 

1- Business phone must be verified via 411 or internet
2-Min TWO years in same line of business
3-CPA letter to verify borrower’s ownership of business for the past two years
4-Borrower’s THREE months business bank statements
5-Income with verified asset is required
6- A full disclosure of income, assets and liabilities is required on the application

Salaried Borrowers:

 

1-To be employed in the same line of work for minimum of TWO years
2-Varification of employment to verify borrower’s current status, position and length of employment
3- Borrower’s THREE months bank statements

 

Program Highlights For Purchase Transactions

 

70% LTV up to $417,000 70% LTV up to $625,000
70% LTV up to $1,000,000 60% LTV up to $2,000,000

 

1- Maximum debt to income coverage to be 45%
2- Two full appraisals required if value is over $1,000,000
3- Automatic Payment Required
4- Gift is allowed on purchase transaction of primary residence
5- Foreign assets must be transferred to U.S. bank prior to closing
6- Foreign nationals must have valid passport and visa to US
7- Maximum FIVE financed properties
8- Six months Principle, Interest, Tax, Insurance must be verified for cash reserve requirements
9- Subordination financing: Not permitted
10- Rental agreements must be provided

 

City Capital Realty understands your needs if you are self-employed or have a complicated income structure. Our Stated Income Mortgage allows you to borrow up to 60% of your property’s value without providing income documentation. Borrower approval is based on your credit history, verifiable liquid assets, the value of your home and your stated income. This loan product is unique.

 

Credit & Reserves:

 

- No mortgage payments more than 30 days late in the past 24 months.
- No short sales, foreclosures, bankruptcies, or repossessions
- No unpaid judgments, liens, or collections.

 

Reserves can be from checking, savings, CD's, money market accounts, cash, stocks, bonds, IRA's, 401k's, and Keogh accounts

 

Stated income home loan has a higher interest rate and more points than other loan that require documentation 

 

www.LAStatedIncomeJumboLoans.com

 

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Shawn Rabban 310-714-5616

City Capital Realty

"California Department of Real Estate, Real Estate Broker".

CAL BRE. 00667328 NMLS 298861 / 729817

Terms and condition are subject to change without notice. Some restrictions may apply.

 
2013 Copyright City Capital Realty.(310)714-5616 Shawn Rabban. All Rights Reserved.