No Income Verified Commercial Mortgage in RI.
I just wanted to highlight a niche product offered by one of my offices lenders.
This is for a mortgage product that does not verify income stated on the mortgage application. This could be a good option for a client who lists a lot of deduction's on their tax returns. This could also be a good option for someone looking to speed up the approval process by reducing the amount of information to process and underwrite.
Here is a general overview of what the lender requires...
- 650 minimum score.
- 30 year amortization.
- 3 or 8 year ARM available. Rates start at 7.49%.
- Loan to Value has to be below 75%.
- W-2 or Self Employed.
- Minimum Loan Amount is 100k.
Preferred Property Type...
- 5+ Units.
- Mixed Use.
- Office Space.
- Retail Space.
- Self Storage.
Simply meeting this above criteria doesn't mean an automatic approval. A full file must be reviewed, processed and underwritten. The above info should provide enough for you to be able to decide if this is something worth pursuing and looking into further.
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