Stated Income Loans For 2018
Borrowers qualify on income stated on 1003 (Application) or Verified Asset. Stated Income must be reasonable for the position.
Stated Income Loans For California
Are Now Easier.
Would you like to know more about Stated Income Loans In California?
You have come to the right place.
√ loan Amounts Up To $8,500,000.00
√ Owner & Non-Owner SFR | Condo/PUD | 2-4 Units
√ Cash Reserve 12 months of P&I
√ LTV 50% to 60%
√ 100% Gift Funds Okay
√ No 4506-T required
√ No 1040 | W2 | N0 Paystubs
√ 7/1 adjustable-rate mortgage options
√ Max Mortgage Lates = Max 1 30 days in the last 12 months
√ Tradelines, you’ll need at least 3
√ BK/SS & DIL/ Foreclosure = 3yrs/2yrs/5yrs
√ Loan Modification = 2yrs
√ 1 day out of Foreclosure, Short-Sale, Deed-in-lieu okay
What is Stated Income Loan In 2018?
Our Stated income loan is perfectly suited for those who cannot submitW2s or Tax Returns along with the mortgage application. There can be quite a few reasons which make you reluctant to apply for a mortgage loan. When your mortgage application cannot be submitted as you don’t have tax returns or pay stubs, you can go for stated income loans California. In this type of mortgage, the lender will not check your paystubs or income tax papers.
To define it aptly, a stated income loan is a mortgage where the lender does not verify the borrower’s income by analyzing their pay stub or tax return papers or employee income forms, or any records of the kind. Instead, borrowers are simply asked to state their income, and they are taken at their word. That is why stated income loans are also called no income verification loans.
If you are the self-employed person also, stated income loans make a great choice. Mainly the stated income loans are intended to help self-employed borrowers. Anyone who faces difficulty in documenting their income can opt for stated income loan.
Stated income loans are extended to customers with a wide range of credit histories, including subprime borrowers. Particularly, stated income loans involve less verification process when compared to other mortgage loans. Mostly, stated income loans are offered typically by small local banks, but a few major banks also provide such options.
The rules and regulations for stated income loan changes according to your state. The qualification requirements for acquiring stated income loan includes stable employment, good reserves, good FICO and no less than equity position in the property.
Call Us Now!
Want to know more about stated income loans? Call us now at 424 225 2167 and we will quickly provide you with all the details you need. Whatever be your situation, our mortgage professionals will help you to get the best possible outcome for your current situation. If you are worried about the rejection of your mortgage application because of unavailable income documents, don’t worry, we will help you find the right stated income loan for your California purchase.