PRODUCT DESCRIPTION - If your Down payment is large enough, you may be able to "State" your own income.
IDEAL CLIENT - For borrowers who have substantial savings but lack provable income. Common clients are those who are highly commissioned employees who have a low guaranteed wage, but receive unusually high bonuses, and with a high net worth.
MAXIMUM LOAN-TO-VALUE - The maximum Loan-to-Value for this product is 65% on a purchase.
DOWN PAYMENT SOURCES - The down payment needs to come from own resources, no part can be borrowed. The down payment needs to be confirmed in your bank account.
SPECIAL CRITERIA - A minimum credit score of 700 is required for all applicants, and must have no previous derogatory credit.
INCOME DOCUMENTS REQUIRED
If Salaried Employee:
If Hourly Employee:
View the Document Checklist for mortgage purchases.