How Does This Work?
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.
Stated Income Home Loans
Competitive Interest Rates
What Are Stated Income Loans?
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 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.
Stated Income Home Loan Requirements
- Business phone must be verified via 411 or internet
- Min TWO years in same line of business
- CPA letter to verify borrower’s ownership of business for the past two years
- Borrower’s TWO months business bank statements
- Income with verified asset is required
- A full disclosure of income, assets and liabilities is required on the application
- Fico Score 720
- No 4506-T
- 5 Year Fixed Rate
- 30 Year Amortize
- Primary Residence
- Business License
- No Tax Returns
- 1003 Application
- 1-4 units
- To be employed in the same line of work for minimum of TWO years
- Varification of employment to verify borrower’s current status, position and length of employment
- Borrower’s TWO months bank statements
- Maximum debt to income coverage to be 45%
- Two full appraisals required if value is over $1,000,000
- Automatic Payment Required
- Gift is allowed on purchase transaction of primary residence
- Foreign assets must be transferred to U.S. bank prior to closing
- Foreign nationals must have valid passport and visa to US
- Maximum EIGHT financed properties
- 12 MONTHS months Principle, Interest, Tax, Insurance must be verified for cash reserve requirements
- Subordination financing: Not permitted
- Rental agreements must be provided
- 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.
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.
Why Choose Us?
We offer hard money loans with minimal documentation. If you have at least 20% down for a purchase, or 30% equity for a refinance, we can get your loan approved. Westpark Loans does loans the others can’t!
City Capital Realty has been in business for over 20 years. We have funded over $100 million in loans, and have relationships with hundreds of lenders and investors. This gives us the ability to say YES and fund your loan quickly at the lowest rate possible
- We can close your loan in as little as 72 hours!
- Guaranteed lowest rates!
- Over 20 years of experience.
- Evening and weekend appointments