Mortgage Info for Homes and Small Business Financing

Stated Income Mortgages for Investment Property | Commercial and Residential

Buying an investment property today typically requires vast amounts of documentation especially if you are self employed.

Stated Income Mortgages for Investment aka Commercial Loans

With this mortgage you can skip the hassle of collecting and delivering all of the usual documentation and spend more of your valuable time on your business or your life.

Who wants to assemble all of that information?  It takes a lot of time!

There are other features that make this loan attractive:

  • No tax returns required
  • No limit on number of properties owned
  • Loans up to $1 million
  • Up to 70% LTV
  • 650 fico

No tax return requirement eliminates paper chase

If you are self employed and own your own business you are all too familiar with supplying your tax returns when requesting a loan.

First, there are your personal tax returns, including all schedules and statements.  In addition, each page of every business tax return will be required.  If you own more than one business or have multiple LLCs on your Schedule E those returns will also typically be required.

That’s a lot of paper and hassle. This loan has no requirements for personal or business tax returns.  The program is not interested in your income.  Instead, it looks at the income that will be generated by the property and calculates the Debt Service Coverage Ratio (DSCR).

This feature comes in handy at this time of year when you may have had a big, successful prior year, but the tax returns remain undone.

No limit on number of properties owned

Most conventional lenders have limits on the number of existing properties with mortgages that any one borrower may have when purchasing an additional mortgaged property.  These limits are typically imposed by the agencies, Fannie Mae and Freddie Mac.

Loans to $1 million

This generous loan amount will accommodate most properties that fit an income producing profile.

Up to 70% LTV

There is a 30% equity position that is required to be made by the purchaser.  This is well within the normal guidelines for an investment property.  These funds can and will be verified and sourced as necessary.

650 FICO

This might be one of the most amazing aspects of this program.  Even back in the heyday a higher credit score was typically required for stated income loans.  This 650 minimum is a very reasonable requirement and a rather low hurdle for most.

 

[table id=1 /]

This is a wide variety of properties including warehouse, self-storage and auto service properties.

If your business is paying rent or you’ve decided your portfolio would be better off with income producing real estate in it consider this type of reduced documentation mortgage financing.

To learn more how it can save you time and trouble click here today.

 

Facebooktwittergoogle_pluslinkedinmail

3 Responses to Stated Income Mortgages for Investment Property | Commercial and Residential

  1. I am looking for a 30 year fixed mortgage for a $200,000 2 family. I can put 30% down so I would need $140,000. What kind of a rate would I be looking at? I am in Massachusetts. Self employed so traditional banks don’t like me

  2. Seeking for Stated income, stated assets or stated income with assets investor who willing to buy closed. LTV less the 70%. FICO 700 1- 4 units with max loan amount of $1,000,000

    • Hello Raymond,

      I’m not clear. Do you wish to buy an investment property and need a stated income loan?

Tips, Tricks and Mortgage MoJo
Get the latest content first.
Your privacy is always respected.