Stated Income Loans
Borrowers Qualify using bank statements for the most recent 12 to 24 month period up to 80% Loan To Value Purchase and Refinance Loans!
Stated Income Loans California Are Easier Now!
Would you like to know more about stated income loans California? You have reached the right place. Here is all you need to know about California stated income loans.
√ No 4506-T required
√ Minimum FICO credit score of 500 okay
√ 30 year fixed – 5/1, 7/1 and 10/1 adjustable-rate mortgage options
√ I/O allowed
√ Loan-to-value ratios of up to 80 percent
√ Cash-out options of up to $500,000
√ 1 day out of Foreclosure, Short Sale, Deed-in-lieu okay
√ Gift Funds okay
√ SFR, 2-4 Units, Town-homes, Condos, Non-Warrantable Condos
√ Seller Concessions Up to 6%
What is Stated Income Loan?
Our Stated income loan is perfectly suited for those who cannot submitW2s or Tax Returnsalong with the mortgage application. There can be quite afewreasons 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 paystubs, 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 paystub 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 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 be the quickest to clear your doubts on stated income loans. Whatever be your situation, our mortgage professionals will help you to get the best possible solution for your current situation. If you are worried about your rejection of your mortgage application because of non attachment of income papers, we will help you find the right stated income loans California. We will stand by your side in every step of the process and you can rely on us always for all your mortgage requirements.