– AAA Lendings Enhanced R series – Elite True Stated Income – AAA Lendings Detail:
Overview
Similar with True Stated Income.
CA, CO, GA, IL, TX, VA, WA are available.
Program Highlights
7/6 ARM (5/1/5)
1) No P&L Needed;
2) No WVOE Needed;
3) No Tax Returns Needed;
4) No 4506-T Needed;
5) Gift funds allowed;
6) Loan amount up to $2.0M;
7) Purchase & R/T Refinance are available.
What is Elite True Stated Income?
• Do you know how to use enough assets only to qualify for you house mortgage loan?
• Were you suspended or denied by the lender for a WVOE (Written Verification of Employment) program?
• Do you have not enough assets when you want to buy your own house?
• Didn’t your employer want to provide a WVOE form or cooperate?
The program is similar with the {True Stated Income} program, it’s designed for salaried borrowers and self-employed borrowers.
How does Elite True Stated Income work?
Just like what the product name, this program is qualified with asset as well. See below:
· Stated Income means the borrower states their REASONABLE current income in the 1003
(Application).
· We verify that their monthly income can be SUPPORTED by the liquid assets pre-closing.
Calculation:
Assets / 6 must be greater than Stated Income
· Medical Doctor who has $300,000 in assets and 1003 income of $20,000 a month?
Yes, this scenario is eligible. $300,000 / 6 = $50,000 which is greater than $20,000 monthly income listed on the application. We use $20,000 for qualification.
· Wage Earning Masseuse who has $100,000 in assets and stated income of $15,000 a month?
No, this scenario is not elisible. Although $100.000 / 6 = $16,666 > $15,000 which is the monthly income stated. it is not reasonable for a wage earning masaeuse to make $15,000 a month.
· Self-employed Import/Export Entrepreneur with $500,000 in assets and stated income of $100,000 a month?
Yes, this scenario is eligible. $500,000 / 6 = $83,333 & borrower states $100,000 a month. However only $83,333 is used for qualification purposes.
If we choose the Elite True Stated Income, the borrower will only be required to provide an Asset Based Income on the Loan Application (1003). This income will be utilized to calculate qualifying debt to income ratio.
Who can apply for Elite True Stated Income?
As mentioned the above, whatever you are salary borrower or self-employed borrower, you can apply for Elite True Stated Income. For salary borrower, special documents are not needed when you apply a new house mortgage loan with a Non-QM lender. For self-employed borrowers or 1099 borrowers, a CPA letter is required.
Product detail pictures:
Related Product Guide:
Our commitment to transparency goes beyond the initial stages of the mortgage process. We ensure that you have a clear understanding of your mortgage terms, including interest rates, fees, and closing costs. There are no surprises on the closing day. We're dedicated to providing you with straightforward, jargon-free explanations, so you can confidently navigate the financial aspects of your home purchase or refinance. – AAA Lendings Enhanced R series – Elite True Stated Income – AAA Lendings , The product will supply to all over the world, such as: Miami , Sydney , Colombia , We've got constructed strong and long co-operation relationship with an enormous quantity of companies within this business overseas. Immediate and specialist after-sale service supplied by our consultant group has happy our buyers. In depth Info and parameters from the merchandise will probably be sent to you for any thorough acknowledge. Free samples may be delivered and company check out to our corporation. n Portugal for negotiation is constantly welcome. Hope to get inquiries type you and construct a long-term co-operation partnership.
By Olivia
from
Morocco
-
2017.08.18 11:04
This company has a lot of ready-made options to choose and also could custom new program according to our demand, which is very nice to meet our needs.
By Hedda
from
Zambia
-
2018.06.19 10:42
