Who Offers No Income Check Mortgage on 1-4 Family Home
- Stated Income/Verified Assets Loans
- 12 Month Bank Statement Program
- Jumbo Total Income/Full Assets Verification Loans
- Strange National Mortgage Loans
- Interest Only Loans
- No Income Check Loans for Investment Properties
- Pledged Assets and Depletion of Assets for High Net Worth Individuals
Stated (NO INCOME CHECK) Income/Verified Avails Loans
If a person cannot verify income (self-employed, for example) but tin can verify assets with two month bank statements, Great Northern Mortgage will adjust for stated income loan financing on the following terms:
| Type of Transaction | Buy, Refinance (Greenbacks out and No cash out) |
| Occupancy | Primary |
| Blazon of Belongings | one – 4 Family, Condo, Coop (case by instance) |
| Property State | NYC, Nassau, Suffolk, Westchester, NJ |
| Maximum Loan to Value | 70% to $417,000 (max cash out is $100,000) |
| Maximum Loan Amount | See higher up |
| Type of Documentation | Stated Income/Verified Assets. Must show 2 months bank statements and verify 6-12 months post closing reserves of Master, Interest, Tax, and Insurance. |
| Expected Interest Charge per unit | Mid to High 5% |
| Minimum Credit Score | 700 (tin can exist > 700) |
| Self-Employed or W2 | Yes – depending on the program |
12 Calendar month Bank Statement Programme
This programme is only for Cocky Employed or 1099 Income Earners
| Type of Transaction | Purchase, Refinance (Cash out and No cash out) |
| Occupancy | Master, Second Home, Investment |
| Blazon of Property | 1 – 4 Family, Condo. Coop for Master only |
| Property State | NYC, Nassau, Westchester |
| Maximum LTV Main Maximum LTV Primary | 70% to $1,000,000 (Purchase and No greenbacks out) |
| Maximum Loan Amount | See above |
| Type of Documentation | See beneath |
| Expected Involvement Rate | High 4% to Mid 5% |
| Prepayment Penalty | 1% in the first 12 months, waived in the outcome the property is sold |
| Minimum Credit Score | 720 |
| Self-Employed or W2 | Self Employed or 1099 but |
Type of Documentation for ALL occupancies:
- Borrower to submit 3 months most recent and consecutive business organization account statements.
- Borrower to submit 12 months most recent and consecutive personal account statements.
- Borrower to submit their most recent 30 day payroll checks (front/dorsum) evidencing that these funds were drawn downward on the business account. - CPA letter must be procured evidencing the post-obit: length of self employment in current business, percent of business ownership - minimum of 25% ownership required, length of time that the CPA prepared corporate revenue enhancement returns on behalf of the borrower (minimum 2 year required), full and registered name of the business entity and the letter must be signed and dated by the CPA.
JUMBO Total Income/Full Assets
If a person demand a jumbo loan, and he/she tin can verify income, assets, and have from ii to 12 months of reserves for PITI (principal, interest, tax, and insurance), Great Northern Mortgage will arrange financing on the following terms:
| Type of Transaction | Purchase, Refinance (Greenbacks out and No greenbacks out) |
| Occupancy | Primary, Second Home* |
| Blazon of Belongings | 1 - 4 Family, Condo, Coop* |
| Property State | New York |
| Maximum Loan to Value (LTV) & Combined Loan to Value (CLTV) | xc% to $800,000 (Main, Buy & Refi) |
| Maximum Loan Corporeality | See above |
| Type of Documentation | Full Income/Total Avails |
| Expected Involvement Charge per unit | Mid to High v% |
| Interest But | Due north/A |
| Minimum Credit Score | 575 for 45% LTV |
| Self-Employed or W2 | Both |
*Occupancy (second dwelling house) and Type of Property (multifamily, condo, coop) may reduce LTV and loan amounts. Please phone call for details.
Strange National Mortgage Loans, Total Doctor Loans
Dandy Northern Mortgage volition adapt Foreign National Mortgage Loans on the following terms:
| Type of Transaction | Purchase, Refinance (Cash out and No cash out) |
| Occupancy | 2d Home, Investment Property |
| Type of Holding | 1 - 4 Family, Condo, Coop |
| Property State | New York |
| Maximum Loan to Value | threescore% to $5,000,000 |
| Maximum Loan Corporeality | $10,000,000 |
| Type of Documentation | Total DOC* |
| Expected Interest Rate | 5.5% - vi.5% - 2nd Abode |
| Expected Interest Rate | 7.25% - 8% - Investment Property (+.5% for Coop) |
| Minimum Credit Score | North/A |
| Self-Employed or W2 | North/A |
| Different Portfolio Product | Loan to value tin get upward to 60%, with the max loan amount of $500,000. In this example the borrower must show 12 months PITI reserves and meet full documentation requirements indicated below. Expected rates are from x% to 12%. Type of Transaction, Occupancy, Type of Property and Holding Country are the aforementioned as to a higher place. |
* For all Non U.South. Citizens, income documentation will need to be translated and currencies must exist converted to U.S. dollars.
| Definitions | |
| Strange National | Foreign Nationals, besides known every bit Non-Resident Aliens, are individuals with foreign citizenship immune to be in the country for personal or business purposes. They do not have "greenish cards" or other legal documents allowing them to work in the United states of america. Banks will non lend to applicants with Diplomatic Immunity. |
| Permanent Resident Alien | Lawful permanent residents of the Usa that hold adequate prove of permanent residency issued by the INS, including : (A) INS Form I-551 Conflicting Registration Receipt "green card", or I-751 with an unexpired date or (B) an Unexpired passport with an unexpired stamp reading "processed for I-551". Temporary prove of Lawful Admission for Permanent Residence. Valid until [date]." Employment Authorized" |
| Not-Permanent Resident Alien | Foreigners who live in the US on a temporary basis and have work visas. Documentation from the INS must verify that they are legally in this country and have work authorization. Adequate documentation includes electric current passport with one of the post-obit unexpired visas: E-1, East-2, H-1, L-1 or TN - NAFTA, if applicable. Note: Non-Permanent Resident Aliens with US Credit and a TN-NAFTA visa or no visa use Foreign National guidelines "With US Credit". |
Click HERE for more details on Foreign National Loans
Interest Simply, Full Income/Full Assets
If a person wants to pay interest only , Great Northern Mortgage volition conform financing on the following terms:
| Type of Transaction | Purchase, Refinance (No greenbacks out only) |
| Occupancy | Primary, Second Domicile |
| Type of Property | ane – two Family, Condo |
| Property State | New York |
| Maximum Loan to Value | 75% to $1,250,000 |
| Maximum Loan Amount | Come across above |
| Type of Documentation | Total Income, Total Assets |
| Expected Interest Rate | Mid 3% - Mid 4% |
| Minimum Credit Score | 680 |
| Loan Product | 5/1, vii/one, 10/1 ARM |
| Self-Employed or W2 | Both |
NO INCOME CHECK LOANS FOR 1 TO four INVESTMENT PROPERTIES
If a person is cocky-employed with at to the lowest degree two (ii) years in business and cannot verify income but can verify assets , Great Northern Mortgage will adapt no income verification loan with self-employment affidavit on the following terms:
| Blazon of Transaction | Purchase, Refinance (Cash out and No cash out) |
| Occupancy | Investment Backdrop just |
| Blazon of Property | 1 to 4 Family and Condominiums |
| Property Land | NYC, Long Isle, Westchester, Rockland and Northern NJ |
| Maximum Loan to Value | 75% to $1,500,000 (Buy 1 Family unit and Condos) 70% to $one,500,000 (Refinance one Family and Condo) 75% to $i,750,000 (Buy 2-4 Family) |
| Maximum Loan Amount | See above |
| Type of Documentation | Self-Employment Affidavit from CPA or attorney. Four months consecutive depository financial institution statements (personal) are required that shows monthly deposits sufficient to substantiate income stated. If using business banking company statements, the bank can only use the corporeality paid for personal expenses as income and proof must be provided. Cyberspace worth of the applicant(s) must be equal to three to six times the almanac income reported on Self-Employment Affidavit (can apply internet worth of the business organisation, other backdrop, personal avails and then on). Post closing reserves are minimum 4 months. |
| Expected Involvement Rate | Low iv% - Low 6% with two Points to Lender |
| Interest Only | Due north/A |
| Loan Production | 3/i, 5/1, vii/ane, 5/25 (rolling), 10/10/5 ARM |
| Minimum Credit Score | 660 |
| Self-Employed or W2 | Self Employed or 1099 simply |
PLEDGED ASSETS AND DEPLETION OF Assets FOR HIGH Cyberspace WORTH INDIVIDUALSPledged Assets Loans
- Pledged Assets Loans - The Pledged Nugget Loan Program allows up to ninety% financing of the property value (the bottom of the appraised value or the purchase price).
- By pledging Eligible Assets, a borrower eliminates the demand to liquidate assets to obtain the cash needed for a down payment, avoids upper-case letter gains taxes associated with such liquidation, maintains a more liquid position, and continues to benefit from any future earned interest, dividends, and appreciation in their pledged assets.
- Any family unit member may pledge avails on behalf of a borrower in lieu of the downwards payment, second mortgage, or home equity loan.
- Pledged assets may be kept with the new lender, or a brokerage firm of choice (i.e. the applicant does Non need to motion assets from the electric current brokerage business firm), as long as certain pledge account requirements are met.
- Trading is immune in the pledged account.
- The proceeds from a loan, including cash-out refinances, may not be used to purchase, carry, or trade whatever assets, or to repay any debt used to buy, bear or merchandise assets, pledged under the Pledged Assets Loan Program.
| Type of Transaction | Buy, Refinance (Cash out and No cash out) |
| Occupancy | Principal, Second Home, Investment |
| Type of Belongings | 1 - 4 Family unit, Condo, Coop |
| Property State | New York, New Bailiwick of jersey, Connecticut, Florida |
| Maximum Loan to Value | xc% to $5,000,000 (With Pledged Assets) |
| Maximum Loan Amount | Come across above |
| Blazon of Documentation | Full Income, Full Assets. The borrower /obligor must execute the Pledge Agreement prior to loan funding. The securities intermediary must execute the Account Control Understanding prior to loan funding. |
| Expected Interest Rate | Low 4% - Low 5% |
| Interest Simply | Yes |
| Loan Product | Stock-still and ARMs available |
| Borrower Requirements | The obligor (the party that pledges the Eligible Assets) does not have to be the borrower nor does the obligor need to have a family unit relation to the borrower. Yet, the lender, at its sole discretion, will determine eligible obligors based on obligor's relationship to borrower and circumstances. |
| Eligible Assets | Eligible assets include stocks, bonds, mutual funds, CDs, money marketplace, savings, and others. |
| Pledged Account | Pledged accounts may be released after 36 months, at the lender's discretion, if a new appraisal shows the current LTV is equal to or less than original Constructive LTV. Borrower must exist current on loan payments with no delinquencies in the concluding 12 months. |
| Pledged Amount Ratios (Run into case below) | The Base of operations Pledge Amount equals the disinterestedness requirement percentage multiplied by the belongings value; minus whatever equity or downward payment. The Initial Pledge, Amount equals the Base Pledge Amount multiplied by 2 hundred percentage (200%) if non greenbacks assets (Market Assets) are pledged, if cash avails (Money Accounts) are pledge the Base Pledge Amount is One Hundred per centum (100%). If the business relationship value of Market Assets drops beneath 168%, the borrower must furnish the account or the lender may crave the auction of all or a portion of the pledged avails. |
| Minimum Credit Score | 680 – Primary Residence, 700 – Investment Belongings |
| Self-Employed or W2 | Self Employed and W2 |
Pledged Asset Example
Purchase Toll $1,000,000
Max LTV (per lender'southward matrix) lxx% = $700,000
Pledged Asset Max LTV xc%= 900,000
Divergence $200,000 may come from
Money Accounts 1:1 pledge = $200,000 (i.e. CDs, Savings Accounts)
Market Accounts 2:1 pledge = $400,000 (i.e. Stocks, Bonds)DEPLETION OF Avails FOR INCOME
- Asset depletion is taking assets (not 401K or life insurance or IRA unless retired age and has total access), amortizing to age 85, never more than thirty years, never less than 5 years, at a charge per unit of 5%, and adding that monthly figure to the monthly Full Documentation income.
- Eligible avails include greenbacks equivalents such as CDs, savings, MMAs and public stocks, bonds, mutual funds, etc. (not Existent Estate Owned Properties)
- Downward payment and 12-months full debt service reserves must exist subtracted from Eligible Avails.
- Avails held in a retirement account are eligible when the borrower ≥ 62 years old.
- Works neat for high net worth individuals and retirees, cocky employed, trust fund people, divorcees, and so on.
Example:
| Available Assets | Borrower'due south Age | Boosted Monthly Income |
| $100,000 | Less than 55 | $537 |
| $300,000 | Less than 55 | $1,610 |
| $500,000 | Less than 55 | $2,684 |
| $i,000,000 | Less than 55 | $five,368 |
| $1,000,000 | 75 and Over | $10,607 |
| $5,000,000 | Less than 55 | $26,841 |
| $viii,000,000 | Less than 55 | $42,946 |
Please be brash that programs and guidelines may be changed without any notice.
Please always telephone call us or consummate our secure online application form to see if you lot would authorize.
* Contact us for more details 888-9LOAN99 or inoble@GetLowRate.com
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Source: https://www.getlowrate.com/jumbo-stated-loan-programs.html
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