Stated Income and No Income Qualifying
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.
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
In 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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