A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 (employee income) forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word. These loans are sometimes called liar loans or liar’s loans.
stated income loans Program Guidelines. The New 80% Stated Income Loans is available nationwide (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: 5/1, 7/1. 30yr & 15yr. stated income program #1 specifics:
Stated income loans are usually intended for self-employed borrowers or those who might otherwise have problems documenting their income. And although stated income loans requires less document verification, the source of the income itself must still be verified. As a division of LBC Mortgage, our stated income loan team has years of experience.
However, these loans that require no income docs or no tax returns for contractors and self-employed borrowers are available with more lenders. Stated income.
SIVA stands for Stated Income Verified Asset loan. This type of loan allows you to state your gross monthly income and requires the lender to verify assets – usually done by you providing bank statements or brokerage statements or some type of document that verifies that you have the assets you claim to have on the loan application.
A Stated Income Loan is when a mortgage in which the lender does not verify the borrower’s income and instead takes them at their word. These loans are a step above hard money loans and offer a quick loan process. (949) 236-6600. [email protected] Home;
fha loan documents required maximum income for fha loan FHA Guidelines On Debt To Income Ratio On fha home loans – Lisa, Most mortgage lenders have mortgage lender overlays where they may cap debt to income ratios at 43% DTI, 45% DTI, or 50% DTI even though FHA states that the maximum debt to income ratios allowed on FHA borrowers is 56.9% DTI as long as your credit scores are at least 620 fico credit scores.FHA Loans – Documents Needed for Loan Application – FHA Loans – Documents Needed for FHA Loan The most important thing to understand is that the loan approval process is 100% dependant on your documentation. To insure a smooth transaction, it is imperative that you have all of your documents gathered prior to you initial loan application.
Founded in 2009, South End Capital is a nationwide, non-conforming lender providing small balance real estate and subprime SBA loans. We are committed to providing excellent service, a simple transaction process and innovative financing that is affordable for all borrowers. US Business News, Fit Small Business, Top Ten Reviews and Business.com have each recognized us as one of the premier non.
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Lenders who offer stated income mortgages aren’t qualifying borrowers nonchalantly. Borrowers need to have good credit scores, plenty of cash reserves, and a large down payment. Many stated income loans are based on the equity position of the property, which means that the more the borrower puts down, the easier it’ll be to get the loan.