We provide stated income loans in Texas and Florida

Stated Income Loan Requirements

Loan Types: 5/1 ARM and 7/1 ARM

Minimum Credit Score: 700

Maximum / Minimum Loan Amount: $2,000,000 / $510,401

Down Payment:
30% on Loan Amounts up to $1,000,000
40% on Loan Amounts up to $2,000,000

Reserve Requirements:

Loan amount <= $650,000, mimimum liquidity = $100,000
Loan amount > $650,000 to $1,000,000, minimum liquidity = $250,000
Loan amount > $1,000,000 to $1,500,000, minimum liquidity = $500,000
Loan amount > $1,500,000, minimum liquidity = $1,000,000
Cash equivelent securities / readily marketable securities may be used as verified liquidity
Funds in a retirement account will not be included as verified liquidity

Self-Employment Requirements:

Must have been self-employed for a minimum of 2 years in same line of business
Minimum 6 months bank statements for both business and personal assets must be provided
Business Number must be verified via 411 or Internet
Business license or CPA letter verifying borrower's ownership of business for last 2 years
State income levels are to be validated by documentation in file to be determined as reasonable, e.g., average monthly deposits should support income levels or other documentation must be provided.
Passive income (retirement, Social Security, trust, interest dividend, annuity, child support, etc. must be fully verified
Rental agreements must be provided if rental income is used to qualify
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Self Employed Luxury Home Loan Video

Testimonial:

When purchasing my personal home I used Mike Clover, he delivered and closed on time. Giving a lender 5 star review from an award winning Realtor of 32 years should tell you all you need to know. Mike is personable and prompt on returning phone calls also!
— Pamela Kizer Payne Facebook Review

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Call us at 1-800-223-7409 or submit information for a FREE Quick Quote!