Non-Traditional Mortgage Loans

For the convenience of the borrower, various reduced income documentation options are available.

1. Stated Income: Best for those that are self-employed for at least 2 years or salaried (W-2), and have a verifiable source of income (CPA letter or business license or vender letters or verbal certification for salaried employees). In addition to this, assets would need to documented and verified. Income must be reasonable for the profession, assets must be reasonable for the income that is stated. Some stated income loans will only source your assets- no seasoning. This means the lender just want to see that the money is there. They are not particularly concerned with where it came from or how long it has been there.

2. No Ratio: No income is stated; therefore no debt ratios can be calculated. The source of income (usually your employment) is verified as well as assets. The income section of the application (1003) is left blank.

3. No Income/No Assets: This program is best used when a borrower does not have "sourced and seasoned" (where the money came from and has been in your account for 3 months) assets. No income or assets are stated or verified. Normally source of income must be verified.

4. No Income/No Assets/No Employment (No Doc): No employment, income, or assets are stated on the application. These items are left blank. Since there is very little to verify this is the highest risk loan type. For this reason you would need documentable rent or mortgage history with no lates, a good credit score and sufficient trade lines (accounts) open on your credit to documentation you ability to handle and repay debt. Normally these items are needed for the past 24 months.

As you move from number 1 to 4 above the rate increases as the risk to the lender increases. Also as you move from 1 to 4 above you need an increasing higher credit score to qualify.

Mortgage and Refinance and Home Purchase

Miles is a Licensed Mortgage Broker with over 20 years of finance industry experience. Miles is known as the "go to guy" by the Realtors and real estate investors in his area for both Residential & Commercial Mortgages. Miles brokers mainly in Florida but also covers GA, TN, NY and IN.

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