– AAA Lendings Enhanced R series – Elite True Stated Income – AAA Lendings Detail:
Overview
Use Borrower’s 6 months deposits of monthly income to support the stated income in 1003.
* Foreign National or Cash Out is Not Available
Program Highlights
7/6 ARM (5/1/5); 5/6 ARM (2/1/5)
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 $2.5M;
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:
AAA LENDINGS is not just a lender; we are your financial partner. We take the time to listen to your financial goals and aspirations, offering guidance beyond the application process. Our commitment to your financial well-being extends far beyond closing the deal, and we are dedicated to helping you achieve your long-term objectives, whether that's homeownership, real estate investment, or debt consolidation. – AAA Lendings Enhanced R series – Elite True Stated Income – AAA Lendings , The product will supply to all over the world, such as: Suriname , Turin , Guinea , Our company sets up several departments, including production department, sales department, quality control department and sevice center,etc. only for accomplish the good-quality product to meet customer's demand, all of our products have been strictly inspected before shipment. We always think about the question on the side of the customers,because you win,we win!
By Julie
from
Eindhoven
-
2018.02.21 12:14
The factory workers have a good team spirit, so we received high quality products fast, in addition, the price is also appropriate, this is a very good and reliable Chinese manufacturers.
By Mark
from
Greenland
-
2018.09.21 11:44
