Friday, January 1, 2010 - Article by: Lender411 Member
Stated Income mortgage loans are still available with asset verification in New Jersey, although the credit markets are tight. These loans are available to Self Employed individuals on a "make-sense" underwriting case-by-case basis. If you are Self Employed and unable to provide documentation to support ALL of your income (tax returns), this is an ideal program for you.
We're able to make Stated Income mortgage loans in all of NJ up to a 70% Loan-To-Value on Owner Occupied Primary Residences ONLY. There is no minimum credit score requirement, however a middle score above 700 would be ideal. Loans up to $3 million will be considered at a reduced Loan-To-Value based on a case by case basis. Without the standard Fannie Mae/Freddie Mac underwriting guidelines, we're able to go above and beyond in helping Self Employed borrowers realize their goals.
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