– AAA Lendings Non-QM Salary & Self-employed borrower Asset Program – True Stated Income – AAA Lendings Detail:
Overview
Use Borrower’s 6 months deposits of monthly income to support the stated income in 1003.
Program Highlights
1) No P&L Needed;
2) No WVOE Needed;
3) 12 months reserves calculated on PI;
4) Gift funds allowed;
5) Loan amount up to $2.5M;
6) Purchase & No R/T.
What is True Stated Income?
• Do you know how to use asset only to qualify for you house mortgage loan?
• Were you suspended or denied by the lender for a WVOE (Written Verification of Employment) program?
• Does your assets have not so much when you want to buy your own house?
• Didn’t your employer want to provide a WVOE form or cooperate?
If you have ever met the above situations, the program is similar with the {WVOE} program, it’s designed for salaried borrowers and self-employed borrowers. Non-QM loans have little such good programs that wage earners and business owners can both apply for.
How does this program 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.
If to choose the True Stated Income program, 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 this program?
No matter you are a salary borrower or a self-employed borrower, you can apply for this program. For salary borrowers, no special documents are needed when you apply a new house mortgage loan of Non-QM with the lender. For self-employed borrowers or 1099 borrowers, a CPA letter may required.
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Related Product Guide:
Customer education is a cornerstone of AAA LENDINGS' mission. We believe that an informed borrower is an empowered borrower. That's why we go the extra mile to provide educational resources and guidance to help you navigate the complexities of the mortgage process. Our team is dedicated to answering your questions, explaining the intricacies of interest rates, loan options, and more, ensuring that you make well-informed decisions. Your financial literacy and confidence matter to us. – AAA Lendings Non-QM Salary & Self-employed borrower Asset Program – True Stated Income – AAA Lendings , The product will supply to all over the world, such as: Swiss , Iceland , Danish , We warmly welcome domestic and overseas customers to visit our company and have business talk. Our company always insists on the principle of good quality, reasonable price, the first-class service. We are willing to build long-term, friendly and mutually beneficial cooperation with you.
By Debby
from
Lithuania
-
2017.09.28 18:29
It is a very good, very rare business partners, looking forward to the next more perfect cooperation!
By Doris
from
Provence
-
2018.09.21 11:01
