There are two main types of stated income programs on the market today. One is designed to meet the needs of self employed borrowers. The other is targeted towards residential and commercial real estate investors with no employment required.
Loan programs are available on either A) non-owner occupied real estate or B) business purpose loans where the proceeds are made out to a company with a primary residence used as collateral for the business loan.
Mortgages that are covered by the Dodd Frank Act are not able to qualify for stated. However bank statement qualifying is available for self employed and 100% commissioned folks.
One example of a loan covered by The Dodd Frank Act would be the purchase or refinance of a primary residence.
Investment real estate loans and commercial loans are not covered and there are fewer lending restrictions on these property types.
What does this mean for you as an investor or self employed business person?
- You can avoid more expensive hard money rates.
- You can buy or refinance almost any type of real estate from $65,000 all the way up to 5 million
- Rates as low as 6.5% with standard 30 year term
How are these processed and how to find out if you can qualify?
Call us 813-874-5800 to discuss your deal.
You can open or download the checklist and application to print out. Or feel free to apply online then email, fax or mail in the checklist.