Stated Income Jumbo Loan Requirements
Loan Types: 5/1 ARM and 7/1 ARM
Minimum Credit Score: 700
Maximum / Minimum Loan Amount: $2,000,000 / $424,101
30% on Loan Amounts up to $1,000,000
40% on Loan Amounts up to $2,000,000
- Loan amount <= $650,000, mimimum liquidity = $100,000
- Loan amount > $650,000 to $1,000,000, minimum liquidity = $250,000
- Loan amount > $1,000,000 to $1,500,000, minimum liquidity = $500,000
- Loan amount > $1,500,000, minimum liquidity = $1,000,000
- Cash equivelent securities / readily marketable securities may be used as verified liquidity
- Funds in a retirement account will not be included as verified liquidity
- Must have been self-employed for a minimum of 2 years in same line of business
- Minimum 6 months bank statements for both business and personal assets must be provided
- Business Number must be verified via 411 or Internet
- Business license or CPA letter verifying borrower's ownership of business for last 2 years
- State income levels are to be validated by documentation in file to be determined as reasonable, e.g., average monthly deposits should support income levels or other documentation must be provided.
- Passive income (retirement, Social Security, trust, interest dividend, annuity, child support, etc. must be fully verified
- Rental agreements must be provided if rental income is used to qualify
- U.S. Citizen
Self Employed Luxury Home Loan Video
When purchasing my personal home I used Mike Clover, he delivered and closed on time. Giving a lender 5 star review from an award winning Realtor of 32 years should tell you all you need to know. Mike is personable and prompt on returning phone calls also!
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