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No Income Verification
| Q: |
What are your credit score requirements for the NIV aircraft loans, and do any of your lenders accept personal bank statements as proof of income
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| A: |
David, our NIV, or No-Doc Program as we call it, is available for Aircraft loan transactions up to $250,000. The minimum FICO requirement for both applicant and co-applicant, if there is one, is 720. The beauty of this program is that there is no need to submit any type of income verification or liquidity statments, however, in the event that the lender does require some form of income verification, bank statments reflecting direct depostis are acceptable. Other No-Doc program requirments include a minimum 10 year credit history, maximum loan advance of 90%, maximum debt to income of 40%, the applicant must have comparable credit equal to 50% of the requested airplane loan amount and finally this program is not avaialbe if the airplane is going to be used for leaseback/charter operations. Please let us know if we can assist you with your airplane financing nees by calling us at 888-656-9400 and ask to speak to one of our aircraft loan specialists. |
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| Q: |
Do you offer stated income loans and if so what are your parameters?
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| A: |
Yes, we do offer these type of loans for loan amounts up to $150,000. The criteria varies, but for the most part, we consider your credit score, comparable borrowings and your income level in relation to the loan request. |
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| Q: |
Can you tell me what exactly is a no income verification loan?
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| A: |
A no income verification loan is when a lender uses the income stated on the loan application to process a loan request, instead of the traditional process of collecting two years of tax returns and current paystubs and/or financials. Of course, the lender still evaluates your credit profile and the value of the collateral being financed (in relation to the requested loan amount). |
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| Q: |
I recently started my own company and I am considering purchasing a new airplane. I have been a pilot of 17 years with an excellant track record. My question is if I should apply stated income since my company is still new?
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| A: |
While most lenders offer stated income loans for self employed individuals, they do require that the company be in business for more than 2 years. If you can prepare internal company statments and an updated personal financial statment we can process your new aiplane purchase request. |
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| Q: |
I have substantial assets, but a very efficient accountant. I can show limited income in 06, but much more substantial in 07. Trying to get an 02 Saratoga, I already have 100K down, but got turned down due to not having 2 years worth of good income. I need 280K more... can you help?
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| A: |
Wayne,
There is a chance we may be able to help you with your aircraft loan request. I will have one of our loan specialists give you a call to review your situation in more detail. Thank you for contacting us with your question and we look forward to working with you in the near future. |
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