Robert Bornstein, Senior Loan Officer with First Capital Mortgage LLC. reports that "while many lenders no longer offer Stated and No Income Verification loans "we have several programs available with various guidelines."
There are programs available for both purchase and refinance, for primary, 2nd Homes and Investment Properties. The specific amount of Loan To Value Ratio (LTV) varies depending upon the specific guidelines for the individual program. But generally LTV is in the 50%-70% range. Loan amounts up to $3 Million dollars may be available. More info can be found at Bornstein's web site http://www.StatedIncomeLoansNJ.com. The common theme throughout the programs is that the Borrower must have adequate equity in the property.
Credit requirements vary depending on guidelines. Some programs have no pre-determined minimum score, and can be into the mid 600's depending on the total scenario. No Income programs for investment properties tend to have higher interest rates than those for owner occupied or 2nd homes. .
Some borrowers aren't aware of the difference between Stated Income and No Income Verification Loans. Stated Income programs are generally for the verifiably Self Employed and applicant must "State" their income on the application. Generally, the lender will not verify the amount stated. No Income loans may be for self-employed, retired or in some cases wage earners. The borrower does not need to "state" the income anywhere on the application.
To learn more about these programs in New Jersey, call Robert Bornstein directly at 732-207-8409 or visit his web site http://www.statedincomeloansNJ.com.
First Capital Mortage LLC. is licensed with the New Jersey Department of Banking.
All programs are for qualified Borrowers only and must meet complete guidelines. Requirements and availibility may change or be withdrawn without notice
