Katz Mortgage Team, has announced they are once again able to offer "Stated Income" loans requiring no income verification from borrowers. Although most lenders no longer offer financing for those who cannot verify their income, such as self-employed borrowers, Katz Mortgage Team offer buyers of primary residences and vacation homes, a variety of fixed and adjustable loan programs for both home purchases and cash-out refinances. Although assets must be documented, paycheck stubs, K1's, W-2's, 1099's, 1040 tax returns, and real estate leases are not required.
Atlanta, GA (PRWEB) November 21, 2008 -- Katz Mortgage Team, www.KatzMortgageTeam.com, backed by Fairway Independent Mortgage Corporation, has announced they are once again able to offer "Stated Income" loans requiring no income verification from borrowers.
Although most lenders no longer offer financing for those who cannot verify their income, such as self-employed borrowers, Katz Mortgage Team can now, once again, offer buyers, of primary residences and vacation homes, a variety of fixed and adjustable loan programs for both home purchases and cash-out refinances. Although assets must be documented, paycheck stubs, K1's, W-2's, 1099's, 1040 tax returns, and real estate leases are not required.
Stephen Katz, of Katz Mortgage Team states, "Although this program is available to any qualified borrower, we find that many self-employed borrowers have particularly complex financial situations. Often times, business expenses, depreciation and investments cause self-employed borrowers to appear to have less income than they actually do. With this renewed program, business owners of 2 years or more: we are now back in the market!"
Katz goes on to state, "We needed to find a way to once again allow these highly qualified borrowers to purchase homes. This stated income program was something that has been clearly missing from the market place due to the recent credit crunch." Katz Mortgage Team listened to borrowers who had the ability to validate their assets, and took the idea to their parent company Fairway Independent Mortgage Corporation. The result is a new Stated Income Verified asset program.
Eligible properties under this program include: Fee simple, single family, owner-occupied units and second homes (detached) in Georgia, Tennessee, North Carolina, South Carolina and Virginia. Both minimum and maximum loan amount requirements apply ($80-$750,000), and depending upon the borrowers credit score, include a 20% minimum down payment on home purchases, or a minimum amount of 35% equity to qualify for a cash-out refinance.
About Katz Mortgage Team
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation and headquartered in Atlanta, Georgia, is a high-performance team of top mortgage professionals with a commitment to providing the highest level of personal service to customers. As a full-service residential mortgage lender, Katz Mortgage Team specializes in residential mortgages, mortgage refinancing, adjustable rate mortgages (ARMS), fixed rate mortgages, and a wide variety of Interest-Only loans attractive to both first-time homebuyers and the seasoned borrower. Katz Mortgage Team is licensed in GA, FL, NC, SC, TN and VA only.
About Fairway Independent Mortgage Corporation
One of the largest correspondent lenders in the country with over 80 offices nationwide, and closing over $1.5 Billion in residential mortgages in 2007. Fairway is a company where customer service is a way of life, and the goal is to streamline the loan process, expedite the paperwork, and do whatever is necessary to put customers at ease. Fairway Mortgage works with more than 150 lenders nationwide to find the most competitive rates and programs for their customers.
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