ConstructionLoansFAQ.com

                               

 
 
   
 

Stated Income and No Income Qualifying Construction Loans


 
 
Can Not Document Income?
  • Single Lock, construction to permanent loan.

  • Borrow up to $3,000,000 with this stated income program.

  • Up to 90% Loan to Value.

  • Up to 90% Loan to Cost.

  • Fixed rate, 3/1 ARM, 5/1 ARM and 1 Yr ARM.

  • Up to 18 Months to Build.


  •    S
    tated income construction loans are intended for those who have difficulty documenting their income.

       Programs are available for up 90% Loan to Value and 85% Loan to Cost for loan amounts up to $3,000,000. Of course the higher loan amounts have lower loan to value restrictions and higher cash reserve requirements.

       Stated income construction loans normally require a post closing cash reserve requirement which can be as little as the equivalent of two months of the new mortgage payments (principal, interest, taxes and insurance) or as much as 75% of stated annual income.

       Cash reserves for qualifying under stated income construction loans can be any form of cash or cash equivalent instrument such as 401K, stocks, bonds or mutual funds. Bare in mind that you only show the stamens, you do not pledge it.

      
    Stated income construction loans are not a license to lie about your income and try and qualify for a loan that you are not qualified for but rather a simplified version of an otherwise complicated income qualification process.

      
    Also offered are construction loans under a more liberal income qualifying guidelines known as No Income Qualifier, which requires you to have an income source but simply does not require to state any income. in fact the income field is left blank.

      
    I
    n brief there are very many types of construction loans available that may suite your needs, but you'll need the assistance of a competent loan officer to guide you in the maze of products available.

     
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