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| Stated Income Loans |
Because every borrower's needs are different here at Blackstone Home Mortgage we offer many forms of stated income loans. Traditional mortgage lenders will require applicants to provide full documentation ( w2's and / or all schedules of personal and business taxes along with financial statements) Also with traditional lenders it could take up to 90 to 120 days days before your mortgage loan closes. At Blackstone Home Mortgage our streamline documentation process will typically have your loan closed within 30 days.
Stated income loan programs are offered on fixed rate mortgages, adjustable rate mortgages, or on negative amortization mortgages. They do not require income verification.
Who would benefit from a stated income loan?
· If you are a business owner and typically write-off most of your expenses at the end of the year on your tax returns.
· If you receive portions of your income from non-documentable sources such as cash.
Different forms of stated loan products are:
Stated Income Stated Asset (SISA)
This inovative loan cuts out all the red tape of a conventional loan. We will not need any INCOME TAX DOCUMENTS OR FINANCIAL STATEMENTS.
Stated Income Verified Assets Loan: (SIVA)
This loan approval is based on your stated income, credit history, and verified liquid assets (bank accounts, 401k, stocks, bonds, etc.). The Verified Assets should be consistent with the income claimed.
Reduced Doc
Income and assets are disclosed on the application but income is not verified. Assets are verified.
No Ratio
Income is not disclosed on the application and assets are stated and verified.
No Income No Asset
Income and assets are not disclosed on the application and are not verified. Employment not stated or verified.
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