– AAA Lendings Enhanced R series – Elite True Stated Income – AAA Lendings Detail:
Overview
Use Borrower’s 6 months deposits of monthly income to support the stated income in 1003.
* Foreign National or Cash Out is Not Available
Program Highlights
7/6 ARM (5/1/5); 5/6 ARM (2/1/5)
1) No P&L Needed;
2) No WVOE Needed;
3) No Tax Returns Needed;
4) No 4506-T Needed;
5) Gift funds allowed;
6) Loan amount up to $2.5M;
7) Purchase & R/T Refinance are available.
What is Elite True Stated Income?
• Do you know how to use enough assets only to qualify for you house mortgage loan?
• Were you suspended or denied by the lender for a WVOE (Written Verification of Employment) program?
• Do you have not enough assets when you want to buy your own house?
• Didn’t your employer want to provide a WVOE form or cooperate?
The program is similar with the {True Stated Income} program, it’s designed for salaried borrowers and self-employed borrowers.
How does Elite True Stated Income work?
Just like what the product name, this program is qualified with asset as well. See below:
· Stated Income means the borrower states their REASONABLE current income in the 1003
(Application).
· We verify that their monthly income can be SUPPORTED by the liquid assets pre-closing.
Calculation:
Assets / 6 must be greater than Stated Income
· Medical Doctor who has $300,000 in assets and 1003 income of $20,000 a month?
Yes, this scenario is eligible. $300,000 / 6 = $50,000 which is greater than $20,000 monthly income listed on the application. We use $20,000 for qualification.
· Wage Earning Masseuse who has $100,000 in assets and stated income of $15,000 a month?
No, this scenario is not elisible. Although $100.000 / 6 = $16,666 > $15,000 which is the monthly income stated. it is not reasonable for a wage earning masaeuse to make $15,000 a month.
· Self-employed Import/Export Entrepreneur with $500,000 in assets and stated income of $100,000 a month?
Yes, this scenario is eligible. $500,000 / 6 = $83,333 & borrower states $100,000 a month. However only $83,333 is used for qualification purposes.
If we choose the Elite True Stated Income, the borrower will only be required to provide an Asset Based Income on the Loan Application (1003). This income will be utilized to calculate qualifying debt to income ratio.
Who can apply for Elite True Stated Income?
As mentioned the above, whatever you are salary borrower or self-employed borrower, you can apply for Elite True Stated Income. For salary borrower, special documents are not needed when you apply a new house mortgage loan with a Non-QM lender. For self-employed borrowers or 1099 borrowers, a CPA letter is required.
Product detail pictures:
Related Product Guide:
Planning your financial future begins with the right mortgage partner, and at AAA LENDINGS, we are committed to helping you achieve your dreams. We understand that the journey towards homeownership can be exciting but also daunting. Our seasoned professionals are more than just mortgage experts; they are your financial allies. They are available to discuss your goals, assess your financial situation, and provide personalized guidance that captures your interest. We take pride in being the guiding hand that empowers you to make informed decisions about your future. – AAA Lendings Enhanced R series – Elite True Stated Income – AAA Lendings , The product will supply to all over the world, such as: Malta, Algeria, Guatemala, We always hold on the company's principle honest, professional, effective and innovation, and missions of: let all drivers enjoy their driving at night, let our employees can realize their value of life, and to be stronger and service more people. We are determined to become the integrator of our product market and one-stop service provider of our product market.
By Elva from
Iraq -
2017.03.08 14:45
Good quality, reasonable prices, rich variety and perfect after-sales service, it's nice!
By Andrea from
Japan -
2017.02.18 15:54
