|
Stated
Income Mortgage Loans are the most commonly used and least
expensive product in the reduced or no documentation suite
of programs. A Stated Income Mortgage Loan is often the
perfect choice if you have verifiable employment
(self-employed individuals who write-off most their income)
and assets but your verifiable income is just a little low
for what you want to do.
After
a very thorough analysis of your debt and verified assets,
we will assist you in determining the income to be stated on
the application to meet the ratio calculation requirements.
All other information on the application is verified. The
Stated Income Mortgage is the least expensive product if it
works for you. With decent credit, we can guide you to the
least expensive program which will work in your specific
situation.
Available
Stated Income Mortgage Loan Terms
Stated
Income Mortgage Loans are available as: 15 or 30 year fixed
rate require only 5% equity and the rate will not change,
however rates are lower with more equity.
Allowable
Use and Property Types
Stated
Income Mortgage Loans are available for Single Family,
Townhouse, some manufactured housing, and low rise condos.
Some programs allow high rise condos 2-4 unit buildings,
second homes, or investment properties but are slightly more
expensive or require more equity. Allowable uses are for
purchase or rate and term refinance. The programs will allow
a "cash out" refinance but there are limitations
on the allowable cash back. Please contact us with the
specifics of your situation for guidance.
The fundamental thing to keep in mind with true No Doc
Mortgages is that the lender only has your credit profile
and property to evaluate. If your situation allows
verification of either employment or assets you will save
some money because you have lowered the lenders risk. The
choice is yours.
Underwriting
Guidelines
“Some
general guidelines for a Stated Income Mortgage Loan”
Minimum
middle credit score is 620 or above
5
credit accounts are required. 3 may be from alternative
sources-utility, auto insurance, etc.
Bankruptcy
and foreclosures must be discharged for 3 years with
reestablished credit
Two
years employment with same employer
Two
months PITI reserves are required with an LTV <=80%. 6
months reserves are required otherwise.
5%
minimum down payment is required from your own funds. No
gifts.
HOW CAN YOU GET QUALIFIED?
1) Click
here to fill out a Good Faith Estimate.
Now we may get you approved
and give you a detailed estimate showing the interest rate
offered, the loan amount, the estimated monthly payment, all
of the costs of the loan and what they are for, and how much
money you will need to close.
2) If you like the estimate, we
will issue you an APPROVAL LETTER and you can go house
shopping!
|
