Agent2Agent in 80209>Question Details

Lender Line, Real Estate Pro in ,

Do you know anyone doing Stated Income Loan up to 80% LTV?

Asked by Lender Line, , Thu Apr 18, 2013

LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows:

• Purchase, rate and term refinance, and cash-out refinance allowed.
• Single family residences, PUDs, condominiums, and 2-4 units allowed.
• Primary residence, second homes or investment properties allowed.
• U.S. citizens, permanent residents, and foreign nationals allowed.
• No prepayment penalty.
• Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
• Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
• 700 minimum credit score for U.S. citizens and permanent residents.
• No credit scores are required for foreign nationals.
• No rental late payments during past 12 months.
• No mortgage late payments during past 24 months.
• No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
• No unpaid judgments, liens, or collections.
• Income stated on loan application must be

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Is this for real?? Call me when it opens to Colorado : )
1 vote Thank Flag Link Thu Apr 18, 2013

I haven't heard this officially, but I can find out for sure if these are being approved and at which banks. I would imagine the rates would be 5-6% to be competitive. Contact me if you would like for me to do some research and get back to you. Have a great weekend and Father's Day.

Robert McGuire
Your Castle Realestate
0 votes Thank Flag Link Sat Jun 15, 2013

Whats the rate???

0 votes Thank Flag Link Tue Jun 11, 2013

I agree, but do you think there is anything in place to keep this misuse from happening again if this program starts up again? Just a little concerned.

0 votes Thank Flag Link Thu Apr 18, 2013

These loans were misused and given to w-2 buyers, which was not the intent at all. This loan was designed for self employed buyers, just like me and you. I bought all my properties using these loans and never crashed and burnt. In fact this was the best investment I even made!
0 votes Thank Flag Link Thu Apr 18, 2013

I have heard rumors that the stated income loans are coming back to Colorado. There is one lender that is advertising on Denver radio a program that sounds like the old stated income loans. I personally am not excited about seeing this come back even though it would work well for me at this time. I saw too many clients, friends and others who crashed and burned under the weight of these stated income loans that were almost forced upon them by unscrupulous lenders a few years ago. This was one of the primary programs that caused the economic and real estate crash. It is hard to believe that this is being considered again. I would love to hear other comments pro or con.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Search Denver Homes
0 votes Thank Flag Link Thu Apr 18, 2013
Marina, we did have it in Colordo, but long gone!
0 votes Thank Flag Link Thu Apr 18, 2013
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