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Home loan ValenciaFull Documentation vs Stated Income Home Loans

As part of the latest Financial Reform Legislation Non Self Employed borrowers can no longer state their income to qualify for a loan. Instead home loan Valencia loans must be fully documented with typically 2 years of tax returns. This is not true for those that are self-employed. Your “net” income is going to be the determining factor for eligibility. See more information about this important topic on the right side under “Declaring Ones Income”. 

Stated income for the Self Employed

There is one exception to the Stated Income Mortgage. If you are Self Employed and have over a 720 credit score, over $100,000 in liquid assets after the down payment and purchasing a home you will be living in, we can help you. There is some great options for self employed getting a Valencia mortgage.

Normally, Self Employed Borrower’s have tax returns reflecting low income mostly because they pay many personal bills from their business and claim it as an expense. With the Stated Income Mortgage, you can use Assets in place of Tax returns.If you are getting a  home loan Valencia this means, you need to have after down payment assets in the Bank. Stated Income loans with NO Tax returns are also great for  home loans where there is acreage involved.

We can help you see if you qualify for this program with a few answers to questions. Give us a call to discuss at 877-244-9190.

 

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