Stated Income Loans

Quite often, highly qualified borrowers with high net worth and great credit scores cannot qualify for a conventional loan.  Whether they are retired, self employed, or simply have a very complicated tax situation, qualifying can be a challenge.  Enter the "Stated Income" loan.  Originally created for the well qualified self employed borrower, these loans became the most abused mortgage product when investors made the qualifications basically a pulse and a credit score, and helped contribute to the real estate meltdown.

The "revamped" stated income loan is a completely different animal.  Going back to guidelines from 1995, these loans are only available for the highly qualified, and fill a much needed void for many homeowners and home buyers who don't meet conventional guidelines. The qualifications are as follows:

•700 credit score required
•60% maximum loan to value
•12 months of PITI reserves required
•Loans up to $3,000,000
•Owner Occupied, 2nd home, or investor available
•Purchase and Refinance transaction
•No subordinate financing allowed

These loans are also approved the old fashioned way, by a person.  There are no automated underwriting systems or proprietary software that spit out a decision with conditions.  They will also take a little longer that a conventional loan that can close in 30 days.
 Call me today at (800) 736-0565 for more details.