6 ALABAMA STATED INCOME MORTGAGE LENDERS PROGRAMS

6 ALABAMA STATED INCOME MORTGAGE LENDERS

Check out Alabama Bank Statement Mortgage Lenders Highlights:

  • No Tax Returns or Tax Transcripts required for income qualifications.
  • Income is calculated using average deposits in your business or personal bank account
  • 12 or 24 months Personal or Business Bank Statements
  • Purchase a new Alabama home with as little as 10% Down
  • Rate and Term Refinance Your Alabama Mortgage up to 90% of your home’s value
  • Cash out Refinance up to 85% of your Alabama home’s value
  • Loan amounts from $100,000 up to 3,000,000
  • Debt to Income Ratios up to 55%
  • Adjustable and 30-year Fixed Rate Options Available
  • Interest Only Options Available
  • Must be Self Employed for 2+ years to qualify!

Bank Statements Only Alabama Mortgage Lenders have a LOWER Minimum Score and INCREASED LTV’s  

600 mid score for 85%

660 mid score for 90%

  • Purchase and or rate and term refinance.  
  • Must be self-employed for 24 months
  • Minimum loan amount 150k
  • 12 months Personal OR 24 months Business bank statements
  • Cash-out available
  • No tax returns

24 MONTHS PERSONAL BANK STATEMENT ONLY ALABAMA MORTGAGE LENDERS

  • Use 100% of the deposits
  • Must provide 2 months business bank statements to verify where deposits come from.
  • NO more than 6 NSF in the last 12 months.
  • Minimum 640 FIco Score Prime Bank Statement Mortgage Lenders
  • Minimum 600 fico for Standard Bank Statement mortgage Lenders

12 MONTHS PERSONAL BANK STATEMENT ALABAMA MORTGAGE LENDERS

  • 2 months business bank statements required
  • 80% Loan to Value
  • 4 years proof of self employment
  • Prime bank statement mortgage lenders only

24 MONTH BUSINESS BANK STATEMENT ALABAMA MORTGAGE LENDERS

  • 24months business bank statements.
  • Minimum 25% ownership in the business
  • 3rd party CPA, Enrolled Agent, Or Reputable Bookery letter to verify experiences.
  • MInimum 600 fico score
  • Standard bank statement mortgage lenders only

ASSET EXPRESS Alabama MORTGAGE LENDERS PROGRAM

  • Liquid assets that total the entire principal balance with 5 years other expenses
  • Excluding principal and interest on subject qualifies.
  • All qualifying assets must be inthe  bank or brokerage account.
  • Assets must be seasoned for at least 6 months.
  • 75% Maximum Loan to value.
  • Credit grades A,A-, B+

ASSET ASSIST ALABAMA MORTGAGE LENDERS LOAN PROGRAM

  • Liquid assets qualify for borrowers income with other income.
  • Qualifying assets in the bank or brokerage account.
  • Assets must be seasoned for at least 6 months.
  • Credit grades A, A, B All parties on shared accounts must b on the loan.
  • Owner occupied, 2nd homes, non-owner-occupied homes

LEASE AGREEMENT Alabama MORTGAGE LENDERS PROGRAM

  • Use lease agreements interest of schedule Es.
  • 80% of the least agreement used as income
  • Rents must be typical for the area
  • Credit grates A, A-, and B.
  • Owner occupied, 2nd homes, nonowners occupied.

-STATED Alabama MORTGAGE LENDERS EXPLAINED

If you are self-employed stated Alabama home loan applicant, you already know the benefits that come with making your own decisions and never having to report to a boss. However, there are some disadvantages to generating your own self-employed income when it comes to applying for a stated Alabama home loan.

“There are two main problems that self-employed Alabama borrowers face when qualifying for an Alabama mortgage,” “First, you need to prove their income with tax returns rather than using a ‘stated income’ loan. Second, the recent housing recession has caused declining income for many self-employed business owners. Even if their income has stabilized, the stated Alabama home loan will be based on the average of your last two years of tax returns, which could show reduced income.”

Stated income Alabama home loans were originally designed for self-employed people but were abused by too many Alabama business owners that were buying homes they could not afford.

“Stated Alabama income loans are starting to make a small comeback on the secondary market, but only for Alabama Mortgage applicants with good credit scores of at least 640 or above, a down payment of 25 percent of the sales price or more and at least six months of future cash payment reserves to cover all monthly obligations.

“In the mid-1990s we Alabama stated lenders started using bank statements to show cash flow for self-employed people and was a good way to get a lot of Alabama homebuyers approved for Stated Alabama home loans.

– SELF EMPLOYED BORROWERS INCOME AND TAXES

Self-employed stated Alabama mortgage applicants must complete Internal Revenue Service Form 4506-T, which allows stated Alabama mortgage lenders to request tax transcripts. Alabama stated mortgage lenders are required to wait until the tax returns have been recorded by the IRS and must receive them directly from the IRS to verify legitimate returns.

Many self-employed individuals report expenses on their taxes in order to reduce their tax liability, but this can backfire when they apply for a mortgage.

“Self-employed stated Alabama mortgage applicants people typically report their gross income minus expenses to generate a net income,”. “For tax purposes, it may be beneficial to have net income as low as possible, but the net income is the number used for income qualification.”

For example, a Alabama business owner that claims $100,000 in income and $80,000 in expenses will find it nearly impossible to qualify for a traditional Alabama mortgage. At this point, a self-employed Alabama homebuyers has no other option but to apply using a stated Alabama mortgage lender

Alabama STATED INCOME MORTGAGE LENDERS PROGRAMS

https://www.fhamortgageprograms.com/6-Alabama-stated-income-mortgage-lenders-prog…

Alabama STATED INCOME MORTGAGE LENDERS PROGRAMS. 6 Alabama STATED INCOME MORTGAGE LENDERS PROGRAMS. 24 MONTHS PERSONAL BANK STATEMENT ONLY Alabama MORTGAGE LENDERS. Use 100% of the deposits. Must provide 2 months business bank statements to verify where deposits come from. NO more than 6 NSF in the last 12 months.

6 Alabama STATED INCOME MORTGAGE LENDERS PROGRAMS

https://www.fhamortgageprograms.com/6-Alabama-stated-income-mortgage-lenders-prog…

Alabama STATED INCOME MORTGAGE LENDERS SUMMARY! No tax returns required.Bank statement deposits used to qualify.Bus or personal bank statements Credit start 600’s. Same Day Pre Approvals! Call Now 954-667-9110.

SERVING ALL ALABAMA CITIES COUNTIES
_______ 9668 AKRON _______ 9483 GREENSBORO _______ 9703 OWENS CROSS RD _______ 7702 BALDWIN CO LODGINGS
_______ 9358 ALEXANDER CITY SALES/USE _______ 9435 GREENVILLE SALES/USE _______ 9315 OXFORD _______ 7006 BULLOCK COUNTY
_______ 9709 ALLGOOD _______ 9759 GRIMES _______ 9779 PERDIDO BEACH _______ 7506 BULLOCK CO LODGINGS
___ 9631 ANDALUSIA _______ 9324 GUIN _______ 9610 PICKENSVILLE _______ 7525 DEKALB CO LODGINGS
_______ 9479 ANDERSON _______ 9768 HALEBURG _______ 9753 PIKE ROAD _______ 7725 DEKALB CO LODG IN FT PAYNE
_______ 9729 ARGO _______ 9119 HANCEVILLE _______ 9490 PINCKARD _______ 7031 GENEVA COUNTY
_______ 9351 ASHLAND _______ 9645 HARPERSVILLE _______ 9421 PINE HILL _______ 7139 LAUDERDALE CO LODG (ANDERSON)
_______ 9748 BLACK _______ 9481 HARTFORD _______ 9675 PINSON _______ 7239 LAUDERDALE CO LODG (FLORENCE)
_______ 9731 BLUE SPRINGS _______ 9307 HARTSELLE _______ 9430 PISGAH _______ 7339 LAUDERDALE CO LODG (KILLEN)
_______ 9708 BROOKSIDE _______ 9400 HEADLAND _______ 9420 PLEASANT GROVE _______ 7439 LAUDERDALE CO LODG (LEXINGTON)
_______ 9676 BRUNDIDGE _______ 9369 HENAGAR _______ 9310 RAGLAND _______ 7639 LAUDERDALE CO LODG (ST FLORIAN)
_______ 9473 CALERA _______ 9687 HOBSON CITY _______ 9666 RAINBOW CITY _______ 7069 LAUDERDALE CO LODG (WATERLOO)
_______ 9436 CARBON HILL _______ 9491 HOMEWOOD _______ 9717 RANBURNE _______ 7169 LAUDERDALE CO LODG (ROGERSVILLE)
____ 9329 CARROLLTON _______ 9743 HYTOP _______ 9749 REECE CITY _______ 7539 LAUDERDALE CO LODG (UNINCORP)
_______ 9772 CENTER POINT _______ 9485 IDER _______ 9705 RIDGEVILLE _______ 7042 LIMESTONE CO
_______ 9312 CHATOM _______ 9376 JACKSONVILLE _______ 9637 RIVERVIEW _______ 7043 LOWNDES COUNTY
_______ 9627 CHILDERSBURG _______ 9607 JEMISON _______ 9762 ROCKFORD _______ 7545 MADISON CO LODGINGS
_______ 9615 CLAYTON _______ 9629 KANSAS _______ 9390 ROGERSVILLE _______ 7554 PICKENS CO LODGINGS
_______ 9106 COALING _______ 9774 KELLYTON _______ 9404 RUSSELLVILLE _______ 7155 PIKE CO LODG BANKS
_______ 9498 COFFEE SPRINGS _______ 9396 KILLEN _______ 9486 SIPSEY _______ 7255 PIKE CO LODG BRUNDIDGE
_______ 9760 COKER _______ 9466 LAFAYETTE _______ 9322 SLOCOMB _______ 7355 PIKE CO LODG GOSHEN
_______ 9434 COLLINSVILLE _______ 9754 LAKE VIEW _______ 9606 SNEAD _______ 7455 PIKE CO LODG TROY
_______ 9167 COUNTY LINE _______ 9778 LAKEVIEW _______ 9728 SOMERVILLE _______ 7555 PIKE CO LODG UNINCORP
_______ 9300 DADEVILLE _______ 9123 LANGSTON _______ 9649 SUMMERDALE SALES, USE & RENTAL _______ 7056 RANDOLPH COUNTY
_______ 9343 DALEVILLE _______ 9401 LEEDS _______ 9691 SUSAN MOORE _______ 7556 RANDOLPH COUNTY LODGINGS
_______ 9494 DAVISTON _______ 9446 LEVEL PLAINS _______ 9442 SYLACAUGA _______ 7061 TALLADEGA CO
_______ 9755 DEATSVILLE _______ 9403 LINCOLN _______ 9736 TAYLOR _______ 7761 TALLADEGA CO (CITY LIMITS)
_______ 9683 DEMOPOLIS _______ 9695 LINDEN _______ 9746 TRIANA _______ 7161 TALLADEGA CO (POLICE JURISD)
_______ 9722 DOZIER _______ 9742 LOCKHART _______ 9328 TROY _______ 7561 TALLADEGA CO LODGINGS
_______ 9460 DUTTON _______ 9726 LOCUST FORK _______ 9620 TRUSSVILLE _______ 7065 WASHINGTON COUNTY
_______ 9308 EAST BREWTON _______ 9361 LOUISVILLE _______ 9766 VALLEY GRANDE
_______ 9395 ECLECTIC _______ 9770 LOWNDESBORO _______ 9357 VALLEY HEAD
_______ 9385 ELBA _______ 9656 MALVERN _______ 9750 VANCE
_______ 9185 ELBA RENTAL _______ 9419 MCKENZIE _______ 9323 WADLEY
_______ 9650 ELBERTA _______ 9126 MIDWAY _______ 9331 VERNON
_______ 9457 ELDRIDGE _______ 9638 MILLBROOK _______ 9475 WALDO
_______ 9654 ELKMONT _______ 9604 MONTEVALLO _______ 9715 WALNUT GROVE
_______ 9692 EMELLE _______ 9671 MOODY SALES/USE _______ 9761 WAVERLY
_______ 9232 FAIRFIELD RENTAL & LODG _______ 9764 MUNFORD _______ 9338 WETUMPKA
_______ 9117 FAIRHOPE _______ 9341 MUSCLE SHOALS _______ 9686 WILTON
_______ 9425 FAUNSDALE _______ 9724 MYRTLEWOOD _______ 9458 WINFIELD
_______ 9492 FOLEY _______ 9159 NATURAL BRIDGE _______ 9751 WOODVILLE
_______ 9350 FORT PAYNE _______ 9689 NEEDHAM For those cities and counties NOT
_______ 9734 GAYLESVILLE _______ 9605 NEW SITE LISTED, you should contact the
_______ 9303 GENEVA _______ 9688 NEWBERN administering agent listed within the
_______ 9353 GEORGIANA _______ 9326 NEWTON enclosed list of CITIES/COUNTIES
_______ 9438 GILBERTOWN _______ 9407 NOTASULGA NOT ADMINISTERED BY THE
_______ 9733 GLENWOOD _______ 9603 OAK GROVE DEPARTMENT OF REVENUE or visit
_______ 9744 GOLDVILLE _______ 9641 ODENVILLE our WEB SITE at:
_______ 9393 GORDO _______ 9632 OHATCHEE

 

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