Stated Income Mortgage

No Doc and Stated Income Loans (Florida Only)

No Income Verification Loan (NIV) also known as Stated Income or Stated Income Verified Assets (SIVA) loan. The SIVA loan allows the borrower to state income and only verifies liquid assets. Stated income loan requires No W2's, No Pay stubs, No IRS Tax returns. Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed. Many of these flexible terms and conditions have changed. We offer these types of loans thru our extensive network of private mortgage lenders. We also offer Stated Income Verified Assets mortgage loans to our foreign national clients and US citizens.

Loan Details and Requirements:

• Lender charges 3 points origination fee
• Minimum 40% down payment
• From 8.95% interest rate for US citizens or residents
• From 8.95% for Non US Citizens
• Fixed Term, up to 5 years balloon interest only, 18 to 23 years amortization
• Minimum $50,000 and maximum $1.5m loan amount
• 12 months prepayment penalty
• 50% LTV on condominiums
• No reserves (PITI) required
• Up to 6% seller contribution towards buyers closing cost allowed
• Only up to 4 unit single family residential property or townhome eligible
• Developer in charge condos eligible
• Closing in 20 to 35 days
• Copy of ID or valid passport with visa if required
• Personal resume (for foreign borrowers only)
• Two letters of banking reference in English or with English translations. The banking relationships must have been in existence for at least two years. The letters may come from a US or a foreign bank
• Credit report if borrower has a social security number or credit in the US. (No minimum score)
• No Credit report required fo Non Us Citizens
• Verification of funds sufficient to complete transaction plus 6 months of reserves in the US or outside the country. Two months of bank statements, VOD or letter from banking institution
• Stated income
• Appraisal required
• Escrow letter
• Executed contract

Please do not hesitate to call or Contact Us as with any questions you may have. Also, if you wish to pre-qualify for the loan please fill out and submit Quick Pre-Qualification form on the right.