Stated Income Loans
Stated Income Loans are new to our portfolio and can be a great tool for someone needing flexibility to purchase, refinance or needing cash out on Real Estate. No tax returns required and a quick approval process.Business Purposes
- Credit Scores as low as 500 or Lower
- Up to 75% Loan to Value
- Terms up to 36 months Interest Only Payments
Property Types
- Residential Property Types: SFR’s – Condos – Condotels - Townhouses – 2 to 4 Units
- Commercial Property Types: 5+ Units, Mixed Use, Office & Retail
Purpose
- Business Purpose only.
- See our Consumer Purpose rate sheet or call a rep for details on consumer purpose loans.
Occupancy
- Owner Occupied
- Non-Owner Occupied
- 2nd Homes – NPR
Loan Amounts: $50,000 - $15,000,000
Lending To
- Individuals
- Family Trust
- LLC’s / Corporations / LLP’s / IRA’s
Down Payment
- No Source or Seasoning of down payment up to 75%
- No Bank Statements, No Gift Letter, NO questions asked whatsoever – Up to 75%LTV
- Source Down (1-month bank statement), Closing Cost & Reserves 75.01 – 80% LTV
DSCR
- No DSCR calculated on ANY Residential collateral
- No DSCR on Commercial collateral with LTV’s up to 60%.
- 1.0 DSCR on 5 units and Mixed-Use with LTV’s above 60%.
NON OWNER 1-4 Units
Occupancy
- N/O/O and Investment purposes only.
- FTHB, Renters or borrowers that are “buying up” in value, size or property are not allowed on this product.
Property Types Residential
- SFR, Condo, Townhouse, 2 – 4 Units.
- Available in all states listed above.
- < 70% LTV must be located in populous area (no rural).
- > 70% LTV must be located in metropolitan areas.
Property Condition
- Property must show “Pride of Ownership”.
- See Hard Money product for properties with deferred maintenance.
Loan Terms
- 3, 5 and 7 year interim fixed variable rate 30 year fully amortized product
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NO 1040’s!
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NO Schedule E’s!
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NO 4506 Forms!
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NO Impounds Required!
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NO Income Stated
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NO Income Verified
Disclosures: Agreement and commitment to lend money is contingent on the Lenders final aapproval and proper documentation. Commitments to lend money must be in writing and signed by an authorized representative. Any product addressed on this site are subject to change and final documentation. Nothing contained on this site is to be considered a commitment to lend money or extend credit. If your application for credit is denied, you have the right to a written statement of the specific reasons for the denial. Primary Lending Source makes no representation or warranty with respect to the accuracy or completeness of any documentation or information provided by any third party.
