Stated Income Mortgage Programs in Colorado

We are a Denver based mortgage lender who offers alternative home loans for clients with unique situations. Please take a look below at some of our programs. We have dozens of options for various situations so please don’t hesitate to contact us for details! 

 

Bank statement mortgage loan

 

Bank Statement Loan for Self-employed Applicants

12 or 24 months most recent bank statements: Personal or Business. No tax returns or other income documentation required. Must be self-employed for 2+ years. 

 

Purchase Loans for Primary Residence (1-4 Units)

680+ Credit Score requires 10% Down Payment 
Under 680 Credit Score requires 20% Down Payment

 

Purchase Loans for 2nd Home or Investment Property (1-4 Units)

680+ Credit Score requires 20% Down Payment
Under 680 Credit Score requires 30% Down Payment

 

Cash-out Refinances (1-4 Units)

680+ Credit Score – 85% loan to value (up to 85% of appraised home value)
Under 680 Credit – Score 70% loan to value (up to 70% appraised home value)

 

Terms30/15 Year Fixed / 5 Year ARM / 7 Year ARM / 10 Year ARM

 

Eligible Property TypesSingle Family Homes, Town homes, PUD’s, Eligible Condos, Rural properties okay case by case

 

Misc Details: Gift funds for down payment allowed, previous foreclosure and/or bankruptcy allowed, min loan amount of $100,000, no prepayment penalties. Contact us for details. 

 

Stated Income for Investment Properties / 2nd Homes

True stated income with no tax returns or bank statements. Program is specifically intended for investment properties. Income / Employment not required. 

 

• NO Schedule C’s!
• NO 4506 Forms!
• NO Impounds Required!
• NO Bank Statement

 

Purchase Loan for Investment Properties (1-4 Units)

700 Credit Score requires 20% Down Payment

600 Credit Score requires 25% Down Payment 

 

Cash-out Refinances (1-4 Units)

 600+ Credit Score requires 70% loan to value (up to 70% of appraised home value)
Under 600 Credit Score requires 65% loan to value (up to 65% appraised home value)

 

Terms: 30/15 Year Fixed / 5 Year ARM / 7 Year ARM / 10 Year ARM

Eligible Property Types: Single Family Homes, Town homes, PUD’s, Eligible Condos, Rural properties okay case by case

Misc Details: Gift funds for down payment allowed, previous foreclosure and/or bankruptcy allowed, min loan amount of $100,000. Contact us for details. 

 

Asset Program

Program uses verified assets instead of income. No employment or income needed. This program works well for high net worth folks with significant liquid assets. 

 

Purchase Loans for Primary Residence (1-4 Units)

680+ Credit Score requires 10% Down Payment
Under 680 Credit Score requires 20%+ Down Payment

 

Purchase Loan for Investment Properties (1-4 Units)

680+ Credit Score requires 10% Down Payment
Under 680 Credit Score requires 20%+ Down Payment

 

Cash out refinances (1-4 Units)

 680+ Credit Score requires 85% loan to value (up to 85% of appraised home value)
Under 680 Credit Score requires 70% loan to value (up to 70% appraised home value)

 

Eligible Assets

Bank Deposits – Checking, Saving, Money Market accounts = 100%
Publicly traded stocks and bonds = 90% (stock options not allowed)
Mutual Funds = 90%
Retirement Accounts
401(K) plans or IRA, SEP or KEOUGH accounts = 80%

 

So How Does the Asset Program Work?

We use the formula below to calculate if you qualify for the loan. Basically the total assets minus mortgage loan amount need to be higher than 60 months worth of all the borrowers other debts. This can get a little complicated so please contact us for details. 

Loan amount: $400,000
Closing Costs/Prepaids: $15,000
Principal and Interest (P & I) for subject = $2,800

 

Verified Assets:
• $250,000 Checking and Savings (100% usable) = $ 250,000
• $200,000 Stocks and Bonds (90% usable) = $180,000
• $300,000 401K (80% usable) = $240,000
• $50,000 Mutual Funds (90% usable) = $45,000
Total allowable assets = $715,000

$715,000 (allowable assets) minus $415,000 (loan amount + closing costs/prepaids) = $300,000 residual assets

Total of monthly debt (revolving, installment, alimony/child support, hazard insurance, property tax on the subject property, etc.) excluding subject P&I = $2800 (EXAMPLE)
$2,800 X 60 months = $132,000+ $8,400(required reserves) = $140,400

Since the $300,000 residual assets are more than the required funds of $140,400 to cover all other, this applicant would be qualified. 

Why work with us

We have competitive rates. We have the ability to shop your loan with multiple investors to offer our clients the most aggressive rates on the market. 

 

We typically charge less fees than other lenders. Our goal is to provide our clients with the best service and lowest closing costs possible. We’re so competitive that we don’t mind if our customers shop around. 

 

We’re a local Denver lender who is familiar with Colorado laws and regulations. We exclusively do loans in the State of Colorado. 

 

If you have been denied for a traditional loan in Colorado because you don’t show enough income, these programs may be a great alternative for you. Interest rates are slightly higher than traditional loans but we can be very competitive depending on credit score, down payment and loan to value.

 

Please contact me for more information or to review a scenario at 720-535-4321. You can also email us at [email protected] In most cases we can give you a general idea if you qualify for the program over the phone. In some cases we will need to collect your documents and review them to see if you qualify. We do not charge any application fees and there are no upfront costs to see if you qualify. 


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