No Income Verification Home Loan

THE MISSION OF THIS PROGRAM IS TO PROVIDE FINANCING FOR LOANS THAT ARE NOT COVERED UNDER THE DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT AND ARE SPECIFICALLY EXCLUDED OR EXEMPT FROM THE APPLICATION OF ABILITY TO REPAY REGULATION.
EXAMPLES OF LOANS INCLUDE FOREIGN NATIONAL, BUSINESS USE, & NON-OWNER OCCUPIED LOANS.

This loan is currently based on a 7/1 Hybrid ARM.  Each Rate adjustment is based on the LTV.  Currently Max LTV is the following:  Purchase: 75% and for Refinance: 70%.  Also, if your FICO is at certain break point, i.e., 600 below, Max LTV will be around 60-65%.

Property Types

  • SFR / Condos / Townhouse / 2-4 Units

Occupancy Type

  • Owner Occupied / Second Home / Non Owner

Index & Adjustment Caps

  • Floored at Start Rate / 1-Year CMT / 4.950% Margin 2.0% Initial Change Cap / 2.0% Annual Cap / 6.0% Life Cap

So this is a great home loan if you have a large down payment, and have not been able to show income.  This is a Stated Income / Verified Asset program.