Stated Income and Stated Asset Loans

Stated Income and Stated Asset Loans - To 75% LTV

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. This loan is traditionally used for self-employed borrowers or borrowers who have trouble providing full documentation.


WHO QUALIFIES?

• Must be 18 years or older
• U.S. Citizens
• Green Card Holders (non U.S. Citizen)
• H-1B Visa & EAD Card Holders (non U.S. Citizen)


LOAN DETAILS

  CRITERIA

PORTFOLIO 1

PORTFOLIO 2

PORTFOLIO 3

TERM

7/1 ARM

7/1 ARM

7/1 ARM/ 30 YR FIXED

CREDIT SCORE

700 FICO

680 FICO

660 FICO

 LTV

60% MAX LTV

70% MAX LTV

75% MAX LTV

EMPLOYMENT

W2 / SELF EMPLOYED

W2 / SELF EMPLOYED

W2 / SELF EMPLOYED

PROPERTY TYPE

PRIMARY/2ND HOME / INVESTMENT/ 2-4 UNITS

PRIMARY/2ND HOME/ INVESTMENT/ 2-4 UNITS

PRIMARY/2ND HOME/ INVESTMENT/ 2-4 UNITS

LOAN AMOUNT

MIN LOAN : $100,000
MAX LOAN: $2.5 MILLION

MIN LOAN : $100,000
MAX LOAN: $2.5 MILLION

MIN LOAN : $100,000
MAX LOAN: $5 MILLION

LOAN PURPOSE

PURCHASE/REFI/CASHOUT

PURCHASE/REFI/CASHOUT

PURCHASE/REFI/CASHOUT

DTI

43% MAX DTI

43% MAX DTI

45% MAX DTI

RESERVES

12 MONTHS RESERVES

12 MONTHS RESERVES

12 MONTHS RESERVES

PRE-PAY PENALTY

PRE-PAY PENALTY- 24 MONTHS

PRE-PAY PENALTY- 24 MONTHS

PRE-PAY PENALTY- 48 MONTHS

STATES

CA ONLY

CA ONLY

CA, FL, TX, OR, CO

           

PROS

CONS

Quicker Application Process – Less Due Diligence

Higher interest – Has a higher cost for less hassle

Self-Employed Borrowers – No Income Docs Required

Higher chance of Default – Ability to Repay is not verified