Norada Real Estate Investments is pleased to offer our new Stated-Income Mortgage Loans, available on many of our investment properties. These loans are available on 1-4 units properties with just a minimum mid FICO score of 650. You can get up to 70% loan-to-value (LTV) with absolutely no personal income verification.
We offer this as a more cost effective financing solution versus traditional hard money with terms and rates closer to those of institutional lenders. This is a great opportunity for investors who are self-employed, have below average credit, or have other personal situations that prevent them from qualifying for more traditional loan products.
Stated income loans allow those who are self-employed or do not have documentation of earned wages to state a wage on the mortgage application and qualify for a mortgage based on that stated income.
The advantages of a stated income loan provide those who qualify with a mortgage based on their stated income. The borrower does not need to verify income and approval is generally faster than with a traditional mortgage loan. The disadvantages of this type of loan are that interest rates are usually a little higher and the required down-payments are often higher than with traditional mortgage loans.
The following are the current loan features and terms (subject to change):
- Quick closings.
- W-2 or self-employed.
- Minimum credit score of 650.
- Up to 70% loan-to-value (LTV).
- 30-year fully amortized loans.
- Minimum loan amount is $100,000.
- Single-family, duplex, triplex, fourplex, and condos.
- Seller seconds and gift funds allowed on purchases.
- 3 or 5 year ARMs available with rates starting at 7.49%.
- 4 point origination fee.
- 7.99% Interest rate (full doc) -OR- 8.99% Interest rate (stated income).
- NO credit score requirement.
- Up to 65% loan-to-value (LTV).
- 30-year amortization with a five-year balloon payment.
- Minimum loan amount is $30,000.
- Single-family, duplex, triplex, and fourplex.
- Non-owner occupied purchase, cash-out or rate and term refinance.
- Gift funds allowed on purchases (no seller seconds).
- NO prepayment penalty.
- Foreign nationals eligible.
- Foreclosures and bankruptcies are OK.
- Loan eligible to close in name of an LLC.
- Cash-out refinance allowed on non-owners with max LTV of 55%.
- 6 point origination fee.
Feel free to contact us for more information on this stated-income mortgage loan program and our properties that qualify for this unique financing.