New Stated Loan Programs!
80% Stated Income Program- No Income, Asset or FICO!
(UPDATED: 2-22-14) Stated Income Loans up to 80% LTV (see our no doc loan program for no income, no asset home loans) with low competitive conventional rates! Stated income loans limited to CA, IL, MA, NY, TX and WA (other states case by case)!
New Stated Income Loans Guidelines
Unique programs: The New 70% Stated Income Loans is limited to CA, IL, MA, NY, TX and WA (other states case by case). Our banking contacts at several lending institutions have given us a new unique stated income loans product to offer to our borrowers. Example: 30yr & 15yr. True stated income program specifics:
New Stated Income Loan Program General Guidelines:
- 720 Min FICO min w/ combined collections above $5K, no litigation in the last 5 yrs; BK and prior foreclosure considered
- Required Liquid Assets
- NO cash out cap, no explanation needed to 50%. 6 months seasoning required
- Residential: OO 1-4 Units Only (other case by case)
- Purchase, R/T Refinance, cash out…no seasoning required
- Self Employed and W2 accepted
- 70% to 417K, 60% to $1M; refinance or purchase
- OO 30 yr, 15 yr
- States: CA, IL, MA, NY, TX and WA (other stares case by case)
- Foreign National allowed Case by Case
- Trusts, LLC, Corporations, Non-Occupant Co-Borrower Allowed (no non-warrantable condo)
* Note: There are no county restrictions. A banking relationship may be necessary. Additional requirements may apply in some cases for alt states or super jumbo stated income loans.
About Stated Income Loans
After the mortgage crash stated loans became very scarce, even non existent. Now, through our immense banking network we have established several banking institutions who will lend to qualified borrowers stated income.
Even though a SIVA loan (Stared Income Verified Assets), in some cases, qualifying criteria may be considered a No Doc Loan or No Income/No Asset. (NINA). Each stated income loans borrower is looked at individually and case by case.
Stated Loans for purchasing property requires a 35% down payment. A refinance with no cash out requires 35% equity position in the property and a cash out refinance requires 40% equity position in a property. Stated income loans for Foreign Nationals are available and are welcome to apply, same LTV and guidelines. There are no stated income loans for Fannie Mae, VA or other government sponsored programs (read more about government alternatives).
Examples of stated income loans we have completed are as follows: 680 FICO 50% LTV the lender close a loan of $1M with cash in hand in CA; 720 fico, 50% LTV 12 months liquid assets, $589K loan in NY; 50% LTV, 700 FICO, investment property, $210K loan amount in Tx. List goes on and on. Stated income loans are here and we are closing them. Visit visit Wikipedia for additional stated income loans information.
Types of Stated Income Loans:
- Stated Income Verified Asset (SIVA): No income verification with asset verification.
- Stated Income Stated Asset (SISA): No income verification with no asset verification.
- No Income Verified Asset (NIVA): No income stated or verified with asset verification.
- No Income No Asset (NINA):No income stated or verified with no asset stated or verified.
- No Doc (ND): No income documentation of any kind.
- No FICO: Requires assets and income however FICO is not a factor.
Investment Property Stated Income
Stated Income Loans for Investment Property Guidelines
- Eligible Properties: SFR, Condo, PUD, 2-4 Units
- Max Loan Amount: $1,000,000
- Max Stated Income Loans LTV: 60% for Purchases and Refinance with max cash out $100,000 (If no FICO history, LTV reduced by 5%)
- Loans per borrower: 1
- Max number of properties: 8 (Stated Income Loans borrower may not have more than 8 owned and/ or financed 1-4 unit properties. Excludes CRE and multifamily 5+ units)
- Stated Income Loans Reserve Requirements: 6 months principal and interest reserves for subject property. 2 months reserves for primary residence and each other financed 2nd home and 1-4 investment properties.
- Stated Income Loans DTI: Max 42%
- FICO: 700 minimum (Min 3 open trade lines with 12 month history. No more than (1) 30-day delinquency in last 12 months, excluding rental payments. No collections or judgments filed within the last 24 months. No history of BKs, foreclosure, repossession, tax liens, or charge-offs.
- Down payment: 2 months seasoning required. GIFT FUNDS NOT PERMITTED FOR INVESTMENT PROPERTIES.
- Specific Requirements:
A) Stated Income Loans borrower must own a principal residence of equal or greater value. Rental of a primary residence is not allowed under this program.
B) For 1-4 units, the applicant cannot reside in any of the units
C) Current Stated Income Loans Residence cannot have been listed for sale within the last 90 days as measured from the application date of the subject loan request
D) Stated Income Loans borrower may not be affiliated with or related to the builder, developer, or property seller for newly constructed homes.
E) Stated Income Loans borrower must demonstrate at least a 2 year history managing 1-4 unit investment properties if rental income is used to qualify.
F) Actual rents must be supported by market rents as listed on the appraisal.
- Rates: Call!
Stated Income Loan Checklist:
- Complete loan application
- 2 months bank statements (Must have reserve funds to cover any closing costs and 6 months reserves PITI)
- 2 years business license (if self employed)
- CPA letter supporting number of years in business (if self employed,we can get this later)
- Copy of Home Insurance (Refinance only)
- Copy of recent real estate Tax Bill (Refinance only)
- Prelim, escrow instructions, Purchase contract (if purchase)
- 6 months ownership seasoning required on both refi and purchase transaction.
- For Real Estate Investors
- Provide 2 years Schedule E.
- Lease agreement for subject property
- If Condo/PUD or home with an association:
- HOA Cert (will be provided by loan officer)
- Refer to question #15 on the cert for a list of all required condo documents
- These property types must be warrantable for us to be able to lend on them
Currently Stated Income Verified Asset (SISA), Stated Income Stated Asset (SIVA) and No Doc, Asset, Income, FICO loans (NINA) loans are available.
Not available in all states. For more Stated Income Loans information please email email@example.com or fill out the form on this page.