What is the True Stated Income？
Use Borrower’s 6 months deposits of monthly income to support the stated income in 1003.
1. No P&L Needed.
2. No WVOE Needed.
3. 12 months reserves calculated on PI.
4. Gift funds allowed.
5. Loan Amount up to $2.5M.
6. Purchase & No R/T.
How does this program work?
Just like the product name, this program is qualified with asset as well. See below:
If to choose the True Stated Income program, the borrower will only be required to provide an Asset Based Income on the Loan Application (1003). This income will be utilized to calculate qualifying debt to income ratio.
If you have any questions about True Stated Income program,
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