"Property Ownership Within Reach" First and Second Mortgages · Purchases · Refinancing · Home Equity Loans · Lines of Credit Ph: 267-382-0690 Toll Free: 866-636-9300 · Licensed in Pennsylvania |
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Case Studies -->>
Stated Income Programs
Example: A general contractor who has been self employed for over two years is
interested in purchasing a property. He/she fears that the application will
be turned down because the net profit showing on the tax returns can not
support the mortgage payment, taxes and remaining debt. His middle credit
score is 695 with a proven ability to pay his creditors. The loan was
granted because he has been self employed for two years; the score is high
and can pay 5% for the down payment. Income documentation is not required
hence "Stated Income".
Qualifications
Stated income programs are mostly used by self employed people and wage earners
who can not verify income or choose not to disclose income.
Reasonability Test
Employment verification and business verification
Licensed by Pennsylvania Dept. of Banking
Pursuant to the First and Secondary Mortgage Loan Act