Jumbo Stated Income Loans
If you are looking for a suitable jumbo stated income loan and haven’t found it yet, Custom Mortgage can offer you a loan program that fits your scenario perfectly. We have a comprehensive range of loan programs to qualify self-employed borrowers than any other online source. We have been offering stated income jumbo mortgages backed by a group of professional and trusted stated income loan lenders. Our specialists hear your queries thoroughly, suggest you the suitable plans, and help you find the best loan program.
What is a Jumbo Stated Income Loan?
Jumbo stated income loans are the loan programs that enable a borrower to state his monthly income rather than verifying the actual amount by furnishing pay stubs and tax returns. This loan program is the ideal approach for the self-employed professionals who have complicated tax schedules, and this loan program further got popular for people seeking a loan by only stating their income.
At Custom Mortgage, we offer stated income jumbo mortgages and loan programs from $150K to $5 million to the borrowers who can’t qualify with bank statements or tax returns. All our loan programs come with no income requirements and are perfect for primary residences and investment properties. Backed by a dexterous network of stated income loan lenders, we have got our customer’s back while catering to his diverse financial needs.
We have some of the nation’s leading apartment loan programs such as Fannie Mae, Freddie Mac, HUD FHA insured, REITs, institutional investors providing custom mortgage solutions to meet your apartment financing needs.
Types of Jumbo Stated Income Loan
Refinancing with no documentation or few documents is now possible with jumbo stated income loan program that enables qualified homeowners to improve their mortgage. If you are looking for a no-documentation loan to reduce the current interest rate, the stated income loan lenders might ask you to have a few months of cash reserve in order to qualify this loan program. Because the lenders need to ensure that the borrower has sufficient amount of money to pay loans for a minimum of three to six months before lending money. However, this all might vary from vendor to vendor.
SIVA Loan: Also known as stated income/verified asset loan, this loan program allows a borrower to state his monthly gross income on the loan application and verify his assets by providing bank statements or investment statements. For homeowners who are looking for a stated income refinance mortgage, this loan program is the best option for them.
SISA Loan: Also known as stated income/stated asset loan, this loan program allows a borrower to state both- his monthly gross income and the assets. As both the items are directly stated, the stated income loan lenders will not ask the borrower to verify his information. Borrowers seeking this loan program must have a lot of money down, strong credit score and strong cash reserves.
Qualifying for a Jumbo Stated Income Loan
Going for a full documentation loan, the borrower needs to verify the income with tax returns, pay stubs, and even the assets by providing bank statements or any other documents. But, qualifying for stated income jumbo mortgages is a lot easier.
While qualifying for a jumbo stated income loan, the lender will the borrower to provide one to two years bank statements, he’ll then review the borrower’s deposit history and calculate his monthly income. To qualify for this loan program, the borrower will be required to have good savings amount, good credit score (over 700), bank statements, and high income.
Loan Programs from Custom Mortgage
Custom Mortgage provides wide range of jumbo stated income loans up to 70% LTV. For self-employed borrowers, the minimum loan size will be minimum of $417,001, we’ll lend up to $2,000,000 at 60% LTV. We do lend on single-family homes and town-homes only. The borrowers need to have their own funds. Cash, cash equivalent securities and readily marketable securities will be considered as verified liquidity.
Loans amount <=$650,000, minimum liquidity = $100,000
Loans amount >$650,000 to $1,000,000, minimum liquidity = $2500,000
Loans amount >$1,000,000 to $1,500,000, minimum liquidity = $500,000
Loans amount >$1,500,000, minimum liquidity = $1,000,000
The borrower must have at least three months’ bank statements for personal as well as business assets. In case of retirement assets, the person must be of retirement age (59 ½) so that the retirement assets can be used at 70% of the current balance. So, if a borrower has 30% to put down and has a credit score of 700 or more, he can easily get a jumbo stated income loan and meet his financial needs.
Our expert professionals are available round the clock to assist you and clear your queries about the financing services and other loan programs. Simply let us know your requirements and which loan program you are looking for, we’ll assist you with our best loan programs that will definitely cater to your needs.