The people who benefited from stated income and other types of no income verification mortgage loans in New York are the self-employed borrowers and cash income people like waiters and taxi drivers. Stated income. stated income loans, Programs, Lenders and Information. PA, NJ, CT and New york stated income mortgages.
Each New York stated income lender’s requirement may be different depending upon YOUR scenario. What you can count on is having to provide 12-24 months’ of statements. You will need to provide your business and/or personal statements to show a flow of money coming in.
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About Stated Income residential loans. stated income residential loans are ideal for self employed people and others who find it hard to get loans from banks. Usually, a borrower will approach a lender, and the lender will let the borrower state’ their annual income.
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New York Stated Income Loans (N/A) A stated income loan is a mortgage loan available for individuals that are self-employed and may not have the traditional income verification documents like w-2’s and tax returns needed for a mortgage.
· Property State: New York, New Jersey, Connecticut, Florida: Maximum Loan to Value: 90% to $5,000,000 (With Pledged Assets) Maximum Loan Amount: See above: Type of Documentation: Full Income, Full Assets. The borrower /obligor must execute the Pledge Agreement prior to loan funding.
The detriments of a stated income loan could be that the interest rates most likely will be higher than a traditional mortgage loan, depending on the lender. The down payments can also be quite high. Many of the stated income loans are based on the equity position in a property.
No income verification mortgage definition from the mortgage glossary at QuickenLoans.com. Learn mortgage terms and jargon with the Quicken Loans.
No Income Check Mortgage. As time has evolved the No Income check program has allowed individuals who are 1099 or retired to also obtain financing under this program. Most lenders across the continental United States require that borrowers provide income documentation to qualify for a mortgage loan and do not offer no income verification mortgages no.