General Requirements: 

Lenders usually look for a minimum of 2 years of self-employment history or employment history in the same field. Proof for minimum of 2 years employment history for self-employed borrowers may be accomplished by obtaining a typed letter from a accountant/CPA on their company letterhead to get verification of the borrowers self employment. If an accountant is not available, two years of business license or confirmation from 3 disinterested business associates may be required. Your ability to qualify for the loan is based on the income stated on the application. The income must be in line with your occupation.

Credit & Reserves: 

Borrowers generally need credit FICO scores over 620, with the mortgage not over 30 days past due in the last 12 months.  Loan Programs offered on on 6 mo adjustable, 2, 3, 5, & 7 year ARM's. The borrower should have 2 to 4 months of the mortgage payment in liquid cash reserves on a purchase or refinance for the best rate. Liquid Cash Reserves can be from checking, savings, cash, CD's, money market accounts, stocks, bonds, IRA's, 401k's, and Keogh accounts.

On cash out refinances, reserves can come from the loan proceeds and the credit score may need to be higher. The other programs (30 yr and 15 yr fixed)  require less reserves.

Some NIV or stated income programs have credit FICO scores as low as 600 with higher debt to income ratios.  Of course you can always inquire of your particular situation and see what we can offer.

Often, investors and people who don't want to show their tax returns inquire about stated income or no doc loans for residential but also commercial property. That is something we offer as well on 5+ units.