Stated Income Home Mortgage Loans in Utah

Stated Income Home Mortgage Loans in Utah

STATED INCOME LOANS
Primary Residence / 700 CREDIT SCORE
Purchase / Rate-Term / 1 UNIT PUD ALLOWED / SFR
   70% LTV /CLTV / MAX LOAN AMOUNT  $417,001 – $1,000,000 /
   60% LTV /CLTV / MAX LOAN AMOUNT $1,000,001 – $2,000,000
 
Cash Out / 700 CREDIT SCORE
70 LTV-CLTV / MAX LOAN AMOUNT  $417,001 – $1,000,000 400,000
Second Home / 700 CREDIT SCORE / Purchase/Rate & Term 1 / PUD

   70% LTV /CLTV / MAX LOAN AMOUNT  $417,001 – $750,000

Liquidity – verified
â—¾ Loan amount <= $650,000, minimum liquidity = $100,000
â—¾ Loan amount >$650,000 to $1,000,000, minimum liquidity = $250,000
â—¾ Loan amount >$1,000,000 to $1,500,000, minimum liquidity = $500,000
â—¾ Loan amount >$1,500,000, minimum liquidity = $1,000,000
â—¾ Cash, cash equivalent securities and other readily marketable securities may be used as
verified liquidity (70% of value of stocks and bonds will be used)
â—¾ Personal and Business funds are acceptable
â—¦ Borrowers on transaction must amount to 100% ownership of business to use business
funds
â—¾ Funds in a retirement account will not be included as verified liquidity
â—¾ Liquidity minimums are calculated after closing and do not include proceeds from cash out on
 

1003 Structure and Income Documentation Requirements
Self-Employed
Borrower
â—¾ If only one borrower on loan, that borrower must be self-employed
â—¦ If multiple borrowers on loan, at least one must be self-employed as their primary occupation
â—¾ Self-employed borrower to provide income figure on 1003
â—¦ Please note tax returns will NOT be required
â—¾ Borrower must have been self-employed for a minimum of two years in same business
â—¾ Borrower’s employment phone number must be verified via 411 or internet search
â—¾ Business license or CPA letter verifying borrower’s ownership of business for last two years
Non Self-
Employed
*Co-Borrowers*
â—¾ Income for wage earners must be verified according to Fannie Mae standards:
â—¦ Recent paystub covering a 30 day period
â—¦ Most recent two years W2’s
â—¾ Commission / Bonus / Overtime
â—¦ Written VOE required to break out past two years and YTD
â—¾ Passive income is permitted. See below.
Other Income
â—¾ Rental income for investment properties will be verified through executed leases that are current
 
 
â—¾ Passive income is NOT permitted for self employed borrower (verifiable passive income is acceptable
for non-self employed co-borrower). Forms of passive income include, but are not limited to:
â—¦ Pension
â—¦ Social Security
â—¦ Trust income
â—¦ Interest and dividend
â—¦ Annuity payments
â—¦ Child support
â—¦ Alimony
4506 Forms must be signed at closing, however, audits will not be run
Topic Underwriting Specifications
Appraisals
â—¾ A full appraisal with an interior and exterior inspection, including interior and exterior photos is
required on all loans.
â—¾ All transactions with a loan amount >$750,000 will require a desk review.
â—¾ Properties that have been listed for sale within 3 months of the application date are ineligible.
â—¾ Maximum 20% appreciation if subject property was purchased within last 6 months. Additional
restrictions may apply.
Bankruptcy, Foreclosure,
Short Sale or Deed-In-Lieu
â—¾ Bankruptcy, Foreclosure, Short Sale, Deed-in-lieu – not permitted
â—¾ Consumer credit counseling is treated the same as bankruptcy and is therefore not permitted
Buy Down, Temporary Temporary Buy Downs are currently not permitted
Credit History
â—¾ Payments: 0x30 day late housing within last 24 months, 0x30 day late revolving and installment
within past 12 months
â—¾ Non traditional credit is not acceptable
â—¾ Minimum two open and active trade lines with minimum 24 month history
Credit Review Documents Documents older than 90 days as of the closing date are unacceptable. This includes new
construction.
Eligible Borrowers
â—¾ U.S. Citizens
â—¾ Permanent Resident Aliens
â—¾ Non-Permanent Resident Aliens *
â—¦ H-1, H-1B, H-2A, H-2B, H-3 permitted.
Eligible Funds Must be borrower's own personal or business funds
Ineligible Transactions
â—¾ Cash Out transactions in TX that do not meet 50(a)(6) requirements
â—¾ Borrowers who are principal or employees of third party originators
â—¾ Property in an Estate
â—¾ Employer/Employee Sales
â—¾ Flip transactions
â—¾ Borrower affiliated with the builder, developer or property seller
Interested Party
Contributions
Limited to 3%
Multiple Property
Ownership
â—¾ In addition to the subject property, the borrower(s) may not own more than three (3) additional
financed properties.
â—¾ Properties owned which are free and clear of any financing do not count toward this limitation.
Non-Arms Length
Transactions Gift of equity, sale by owner and any other non-arms length transactions are not permitted
Non-Occupant Co-
Borrowers Not allowed.
Non-Owner Occupied
Property Not allowed.
Private Mortgage
Insurance Not allowed.
Eligible Property Types
â—¾ SFR
â—¾ PUDS
â—¾ 10 acre limit, no hobby farms
Qualifying Rate ARM
â—¾ The qualifying interest rate will be the greater of the:
â—¦ Note Rate
â—¦ Fully Indexed Rate
Qualifying Payment The fully amortized payment based on the qualifying rate will be used to qualify the borrower
Qualifying Ratios
â—¾ Total monthly housing ratio is limited to 33%
â—¾ Total monthly debt ratio is limited to 43%
 
Seasoning
Liens on the property must be seasoned for a minimum of 6 months. If the lien is a HELOC, it must be
seasoned 12months with no draws taken in the previous 12 months. Properties listed within 3 months
of application date are not eligible for financing.
Subordination Agreement Subordination agreement is mandatory, if applicable
 
DANIEL PARIS
APPLY ONLINE AT www.utahlowrate.com
Professional Mortgage Loan Specialist
Christian Roberts Mortgage
512 East Winchester 6400 South
Murray, UT 84107
(801) 604-4949 mobile
(801) 716-5237 office
(888) 880-3472 direct fax
danparis02@hotmail.com
NMLS# 243976 -3138