What is Stated Mortgage Home Loan? While we offer a wide range of 48 loan programs, some of which are truly unique. One such program is our Stated Mortgage, specifically designed for owner-occupied primary or second homes purchases and refinancing. The best part is that this program does not require any income or employment verification, nor does it consider your debt-to-income ratio (DTI). Instead, our decision-making process is based on other crucial factors, such as your source of funds to close, FICO scoring, and the appraised value of the property. By focusing on these aspects, we ensure streamlined processing and timely closing for our valued clients. We take pride in providing you with a hassle-free experience, where you can secure the financing, you need without the burden of extensive paperwork or strict income requirements. Our team of experts is dedicated to helping you achieve your homeownership goals, making the entire process as smooth and efficient as possible. Most people confuse Stated Mortgage for non-owner occupied investment property loans which uses the comparable rental income to qualify you and does not require proof of income The minimal requirements makes a Stated Mortgage ideal for borrowers unable to qualify for conventional loan and other Non-QM types loans due to: • High DTI (debt-to-income) ratios • Volatile, Irregular Employment or No Employment • Retirees on fixed incomes • Owners of Cash Businesses • Change of Industry or Type of Employment • Transitioning from W-2 to Self-employed under 1 year • Online Retailers using difference online payment systems Benefits of a No Income / No Employment Verification Mortgage • Purchase or Refinancing: Primary or Second homes • No income verification • No employment verification • No tax returns • No 1099’s • No W2’s • No DTI calculated Key Loan Highlights • Min $200,000 up to $2,000,000 MILLION LOAN AMOUNTS for purchase and cash-out • No Income or employment verification required • Owner Occupied Primary Residence & Second Homes only • 80% LTV 720+ Credit • 75% LTV 680 Credit • 65% LTV 660 Credit • 30yr fixed and Interest only adjustable-rate loans available • No Pre-Payment Penalty / No Mortgage Insurance Primary Documentation Required • Last 2 months banks statements showing a sufficient source of Funds for down payment, closing cost and reserves. • Last Mortgage Statement if Refinancing • Valid Drivers License • Most recent Mortgage Statement if refinancing • Loan Amounts of $1,500,000 + requires 2 appraisals. Properties with condition rating of 5 or 6 are not acceptable. Underwriting review required for all loan files not requiring 2nd appraisal. Transferred appraisal acceptable. 2nd appraisal or Desk Appraisal must be ordered from Champions Approved AMC. Credit Requirements: A hard inquiry full credit report must be pulled by 1st Florida Lending • A minimum (middle) credit score of 660 • There can be no mortgage lates within the last 12 months. • Revolving or installments payments require Letters of Explantion (LOE) • Forbearance: If the borrower has resolved missed payments through a loss mitigation solution, they are eligible for a new mortgage loan if they have at least three (3) timely payments. Tradeline Documents Requirement: Borrower must have active tradeline(s) a outlined in option 1, 2 or 3. (A tradeline is defined as any combination of credit cards, student loans, car loans etc. ) • Option 1. Active tradeline for 24 months • Option 2. Active tradeline for 12 months • Option 3. I have both of the above • Either tradelines must be active within the last 90days Reserves: The reserve amount for Purchases is based on Credit and LTV - Ask your Loan Officer Cash-out Fully Amortized Loan: Borrower must have the first 4 months of PITIA reserves of their own eligible funds, not including the cash out proceeds available to the borrower; the loan proceeds disbursed to the borrower may be used to meet the remaining reserve requirement. Cash-Out Interest Only: Cash-out from the subject transaction may not be utilized to meet the minimum reserve requirements. Gift funds: may not be used for reserves Mortgage Credit Events - OK • Foreclosure Seasoning - 7 years • Short Sale / Deed in Lieu - 48 Months • Bankruptcy - 48 Months from discharged date Eligible Properties • Primary Residences: Borrowers must occupy the property as your permanent residence • Second Homes: Must be occupied by the borrower some portion of the year. Must be located a reasonable distance from the borrowers and is restricted to one-unit dwellings. The borrower must have exclusive control over the property and cannot be rental property or a timeshare agreement. • Manufactured / Mobile Homes • Acreage limited to 10 acres Condominiums • Fannie Mae warrantable condo’s up to max LTV per eligibility grid • Non-warrantable condo’s Mixed-Use Properties • The property must be a 1-unit dwelling the borrower occupies as a primary residence. • The borrower must be both the owner and operator of the business. • The property must be primarily residential in nature • The dwelling may not be modified in a manner that has an • adverse impact on its marketability Ineligible Properties: Any property that is Zoned Commercial, Investment Properties, Condotels, Co-ops, working farms, ranches, orchards, Acreage over 10 acres