Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for Anthonytn79

Stated Income or NIV Mortgage Program

Do such programs still exist?  I'm a new self employed who just bought a business in Aug 2013.  Last yr tax doc net 55k (5 months ownership).  If I wait till Jan 2015 to file tax then I only have 1 and half yrs of ownership, but 2014 income would be above 120k.  I'm looking to purchase a house in the 500k range closer to my business.  Down would be up to 20%. FICO 710.
  • June 13 2014 - Franklin
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (2)

This would definitely be a portfolio loan, meaning the lender would hold the bank in-house instead of selling it.  Best bests are Pinnacle Bank, Tennessee Bank & Trust (both on Carothers), or Avenue Bank (just south of Bakers Bridge on International Dr).  Since you recently purchased the business I imagine you have P&Ls from previous years that would make them feel more comfortable about stability of income.  Best of luck!
  • June 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hello,

I have a portfolio program that only requires 1 year as self employed.  Contact me throug my profile to discuss.
  • June 13 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.