“Best mortgage company I have ever worked with. Investing in properties with only 1 day pre-approval makes my entire workflow seamless. I don’t think anybody can offer a better loan.”
Eugene Fogel
Here are some of the most common ones people ask us
Need Help?
If you have additional questions, we’d be more than happy to answer them. Just call (855) 225-2345 and get the answers you’re looking for.Oftentimes if you’re self-employed, transitioning between jobs or have other circumstances affecting your ability to document your income, you may have trouble getting a home loan from a bank.
Now, in order to address these issues, a new type of home loan, known as a Stated Income Home Loan or a No Income Verification (NIV) Loan has become available.
If you’re looking to buy a home in a major metropolitan area including Los Angeles, San Diego, Santa Barbara, San Jose, Sacramento and San Francisco to name a few, you’ll be glad to know that Stated Income Mortgage Loans are available for these areas, as well as throughout California.
The truth is, you can buy a home anywhere in California, including Los Angeles, with a Stated Income Home Loan. It works in much the same way as a traditional bank loan, but without the lengthy income verification process.
In order to qualify for a stated income home loan, you must:
- Be self-employed or salaried. If you are self-employed you must be a minimum of two years at the same location or be able to explain why the location moved.
- You can be a home-based business with a business license as well. You may also have a tax accountant or CPA verify two years of your self-employment at the same location.
- If you are salaried, your current job position must match and be verified through your credit report, Lexis-Nexis or other database verification method.
- If you are salaried or you have a W2, your employer must provide written verification of those details.
- Be able to provide two months of personal bank statements with no overdrafts or NSF (non-sufficient funds).
Gifts are acceptable for Stated Income Home Loans - up to a maximum of 50% of the down payment.
However, Stated Income Home Loans are not available for first-time home buyers.
Your credit is a major determining factor on your ability to be approved for a Stated Income Mortgage Loan. You’ll need great or excellent credit for the last five years, which must include a mortgage for at least two years. You’ll also need:
- A minimum FICO score of 680 or better
- A 24 month recent mortgage history
- 3 credit tradelines (including credit card, auto loan or mortgage) with a 24-month history. At least one of them needs a 5 year history (can be opened or closed).
- No foreclosures, short sales or bankruptcies in the last five years.
- No charge-offs, collections or tax liens in the last three years.
You can also include reserves if you have them, and they can be from checking accounts, savings accounts, CDs, money market accounts, stocks, bonds, IRAs, 401(k)s and Keogh accounts.
Keep in mind that despite the fact that they don’t require income verification, Stated Income Home Loans have higher interest rates and more points than traditional loans. This is because of the risk involved in the lack of income verification.
There are several notable benefits to stated income home loans. Not only do you not have to provide verification of income, but a stated income home loan also speeds up the application process -- a particularly important point when you consider the huge competition for real estate in Los Angeles and surrounding areas.
Plus, a Stated Income Loan puts you in control You can decide what you can afford, rather than your lender deciding. This gives you more freedom in interpreting your finances. In the world of self-employment, income can vary considerably, but smart entrepreneurs know how to see the big picture -- something that lenders often miss.
When you call, you’ll speak to one of our friendly, licensed senior loan officer who can walk you through the application process. One quick phone interview is all it takes to get started.
Once your application is received, we work to find loan programs that will best suit your needs and budget. The best part is, we can usually get you an answer on approval within 24 hours!
After the approval process is done, your loan moves on to funding. You’ll sign the appropriate documents and your paperwork then goes to our funding department.
If you’re ready to learn more about how a Stated Income Home Loan can help you buy a home in Los Angeles or surrounding areas, we’d love to help! Give us a call right now and we’d be glad to answer any question you may have, as well as help to start you on the application process if you qualify.
Call (855) 225-2345 or Click Here to Request a Consultation
Even if you don’t fit all of the criteria for a Stated Income Home Loan, there’s still hope! We work with numerous lenders and networks who can help you get financed quickly and easily. Contact us today and learn about exciting new loan programs that can help make your home ownership dreams a reality!
Request a free, no obligation consultation.
“Best mortgage company I have ever worked with. Investing in properties with only 1 day pre-approval makes my entire workflow seamless. I don’t think anybody can offer a better loan.”
Lilly S.
Here are some of the most common ones people ask us
Need Help?
If you have additional questions, we’d be more than happy to answer them. Just call (877) 226.1141 and get the answers you’re looking for.Oftentimes if you’re self-employed, transitioning between jobs or have other circumstances affecting your ability to document your income, you may have trouble getting a home loan from a bank.
Now, in order to address these issues, a new type of home loan, known as a Stated Income Home Loan or a No Income Verification (NIV) Loan has become available.
If you’re looking to buy a home in a major metropolitan area including Los Angeles, San Diego, Santa Barbara, San Jose, Sacramento and San Francisco to name a few, you’ll be glad to know that Stated Income Mortgage Loans are available for these areas, as well as throughout California.
The truth is, you can buy a home anywhere in California, including Los Angeles, with a Stated Income Home Loan. It works in much the same way as a traditional bank loan, but without the lengthy income verification process.
In order to qualify for a stated income home loan, you must:
- Be self-employed or salaried. If you are self-employed you must be a minimum of two years at the same location or be able to explain why the location moved.
- You can be a home-based business with a business license as well. You may also have a tax accountant or CPA verify two years of your self-employment at the same location.
- If you are salaried, your current job position must match and be verified through your credit report, Lexis-Nexis or other database verification method.
- If you are salaried or you have a W2, your employer must provide written verification of those details.
- Be able to provide two months of personal bank statements with no overdrafts or NSF (non-sufficient funds).
Gifts are acceptable for Stated Income Home Loans - up to a maximum of 50% of the down payment.
However, Stated Income Home Loans are not available for first-time home buyers.
Your credit is a major determining factor on your ability to be approved for a Stated Income Mortgage Loan. You’ll need great or excellent credit for the last five years, which must include a mortgage for at least two years. You’ll also need:
- A minimum FICO score of 680 or better
- A 24 month recent mortgage history
- 3 credit tradelines (including credit card, auto loan or mortgage) with a 24-month history. At least one of them needs a 5 year history (can be opened or closed).
- No foreclosures, short sales or bankruptcies in the last five years.
- No charge-offs, collections or tax liens in the last three years.
You can also include reserves if you have them, and they can be from checking accounts, savings accounts, CDs, money market accounts, stocks, bonds, IRAs, 401(k)s and Keogh accounts.
Keep in mind that despite the fact that they don’t require income verification, Stated Income Home Loans have higher interest rates and more points than traditional loans. This is because of the risk involved in the lack of income verification.
There are several notable benefits to stated income home loans. Not only do you not have to provide verification of income, but a stated income home loan also speeds up the application process -- a particularly important point when you consider the huge competition for real estate in Los Angeles and surrounding areas.
Plus, a Stated Income Loan puts you in control You can decide what you can afford, rather than your lender deciding. This gives you more freedom in interpreting your finances. In the world of self-employment, income can vary considerably, but smart entrepreneurs know how to see the big picture -- something that lenders often miss.
When you call, you’ll speak to one of our friendly, licensed senior loan officer who can walk you through the application process. One quick phone interview is all it takes to get started.
Once your application is received, we work to find loan programs that will best suit your needs and budget. The best part is, we can usually get you an answer on approval within 24 hours!
After the approval process is done, your loan moves on to funding. You’ll sign the appropriate documents and your paperwork then goes to our funding department.
If you’re ready to learn more about how a Stated Income Home Loan can help you buy a home in Los Angeles or surrounding areas, we’d love to help! Give us a call right now and we’d be glad to answer any question you may have, as well as help to start you on the application process if you qualify.
Call (855) 225-2345 or Click Here to Request a Consultation
Even if you don’t fit all of the criteria for a Stated Income Home Loan, there’s still hope! We work with numerous lenders and networks who can help you get financed quickly and easily. Contact us today and learn about exciting new loan programs that can help make your home ownership dreams a reality!