Stated Income Vs. Nina

Stated Income Program

Stated income programs, or a variation of No Income Verification, with zero down for purchase can start with as low as 600 to 620 middle credit score for loans in places such as Athens, AL or any of the other communities in the Lifestyle-Mortgage.com service area. The lender asks for employment verification for 2 years, or if self employed, a CPA letter. Asset disclosure is required for this loan program. Our real estate Investor program, Investor NIV, has many of the same underwriting guidelines. The traditional borrower will need 3 months of bank statements and the mortgage payments are required to be seasoned for at least 2 months with appropriate exceptions.

The underwriter will require a 12 month rental history or 12 months of mortgage history with 1x30. This is means you could have been late only once in past 12 months to qualify for this program.

Stated Income Stated Assets Program

We can do a Stated Income & Assets program with a credit score as low as 620 from Johnson City, TN, to Cary, NC, down to Kansas City, MO and back to us here in Alabama. The lender simply verifies employment with a verification of employment letter and or a CPA letter if self employed. Appropriate qualifying credit trade lines are required along with 4 to 5 very minimal mortgage loan packaging requirements and 12 months of past rental or mortgage history. A comparable offering for Investors would be our No Ratio Investor Loan, which has similar traits, but does have its own unique underwriting requirements.

No income No assets No employment Program

This is exactly what it means; the No Income No Asset program requires you basically SHOW nothing to the underwriter. The mortgage application is left blank and only requires a few basic bits of nondisclosure information and an original signature. These program start with a higher credit score and rental or past mortgage history. Consistent credit trade line requirements must be met to qualify whether your in Hattiesburg, MS or Greensboro, NC. The highest loan to value on a NINAE program is 95 percent. We have an absolutely outstanding 95% NOO No Doc For Investors that carries very similar underwriting guidelines, but it does require higher credit scores.