First, call and speak with one of our licensed senior loan officers to begin the application process. We will conduct a quick phone interview to get a better understanding of your needs and quickly move to the application process.
Immediately following your application we begin the approval process. Our staff will work diligently to find the loan programs that best suit your needs and goals. We usually have an answer within 24 hours!
Once we’ve completed the approval process, you’re ready to fund your new loan. After you’ve completed signing the loan documents they will be returned to our funding department.
This is a type of loan where the borrower is not required to provide W-2 forms or tax return in order to verify their income. The borrower simply states their income. Also known as no income documentation loans, stated income home loans are available in California.
No income documentation loans are ideal for those who invest in real estate or those who are self-employed. These loans are a great option to help potential buyers or those wishing to refinance qualify for a loan where normal loan standards would not be acceptable. Typically, the combination of one’s mortgage and other loan payments are not to be more than 43.00% of one’s income. However, if investing in real estate or given other special circumstances (such as being self-employed) the sum of mortgage and loan payments can look much higher than 43.00% of one’s income, even though in reality, the consumer may have a large amount of disposable income.
As a mortgage applicant, you don’t have to provide tax returns or pay stubs to show your income. Stated income loans through City Capital Realty are loans at considerably higher interest rates and fees. Instead, City Capital Realty offers stated income loans from institutions that specialize in these programs.
Cross collateralization offers flexibility in using multiple properties to help secure funding or refinancing and an excellent means to secure financing when proof of income is an issue. These loans also offer the unique advantage of being available to entities such as corporations, LLCs, partnerships, trusts. Stated income loans can be qualified by cash flow (bank statements), FICO score, rental income, cash reserves, and loan-to-value in and of itself (or in combination). These standards greatly enhance qualification, and can be used to purchase, refinance, or cash out of the property.
For stated income loans throughout California, minimum FICO scores will be 700, as will the loan to value. These loans are offered for both owner occupied and investment properties.
|60% LTV||up to $1,000,000|
|55% LTV||up to $1,500,000|
|50% LTV||up to $2,500,000|
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 50% 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.
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.
We offer hard money loans with minimal documentation. If you have at least 30% down for a purchase, we can get your loan approved. City Capital Realty does loans the others can't!
City Capital Realty administers no income documentation for rate and term, purchase, and cash out refinances—although usually not including rural areas and large acreage lands. City Capital Realty offers Stated Income Loan options specifically for people who own and occupy their homes and for those looking to acquire investment loans.