Financing in Irvine>Question Details

Maggie, Home Buyer in Irvine, CA

I am looking for stated income loan, 60% LTV, subject property IRVINE, CA FICO OVER 700, BEING IN BUSINESS OVER 16 YEARS SELF-EMPLOYED

Asked by Maggie, Irvine, CA Wed Dec 7, 2011

How long will it take to be funded

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BEST ANSWER
It will take 3-4 weeks.
Program 5/1 ARM.
Rate 5.25% upto $1,000,000.00
0 votes Thank Flag Link Wed Dec 7, 2011
Everyday we speak to self-employed people here in California that are successful and have good credit but are routinely turned down by banks and brokers when applying for a loan to purchase or refinance their home.

The typical problem that self employed people run into is that they write off business expenses on their income taxes each year. It's a catch 22. If you write off most or all of your businesses expenses, it appears to a mortgage lender that your yearly net income isn't sufficient. On the other hand, if you do not claim many write offs for expenses, you immediately set yourself up for paying higher income taxes.

However, that no longer has to be an issue in your search for a home loan. We can now help locate specialized loan products tailor-made for self employed and high net asset clientele in California only.

We have access to new mortgage options such as:

1. 12 months of business or personal bank statements

2. 1 year tax returns (no more 2 year averaging)

3. Substantial assets

4. No income ratio for loans under 50% LTV

In the past, a majority of self employed people would simply seek out a stated loan in order to purchase or refinance property. After the housing and mortgage meltdown, many of these loan programs simply disappeared. Lenders soon became more stringent with their lending guidelines and it became subsequently harder for people who owned their own businesses to qualify for financing. Now that the real estate market is making its way back, a small number of lenders are now expanding their guidelines to become more attractive to certain buyers who have been neglected.

Give us a call at 800-598-9790 or visit http://www.selfemployedmortgageloans.com for more details.
0 votes Thank Flag Link Thu Jul 25, 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 reasonable for the position of employment.
• No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
• Self-employed or W2 allowed.
• No industry exclusions.
• Debt-to-income ratios cannot exceed 45%.
• Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
• 100% of the down payment may be gifted for primary residence.
• 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower’s own funds.
• The SIVA loan program is available in every County in the State of California.

For more information contact:

LENDERLINE
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
Website: http://www.lenderline.com
0 votes Thank Flag Link Mon Jul 1, 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 reasonable for the position of employment.
• No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
• Self-employed or W2 allowed.
• No industry exclusions.
• Debt-to-income ratios cannot exceed 45%.
• Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
• 100% of the down payment may be gifted for primary residence.
• 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower’s own funds.
• The SIVA loan program is available in every County in the State of California.

For more information contact:

LENDERLINE
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
Website: http://www.lenderline.com
0 votes Thank Flag Link Thu May 30, 2013
Hi Maggie,

I've been working with few lenders who do offer stated income. You can call me at: 949-514-4177 and I will give you their information and hopefully they will be able to help you.
0 votes Thank Flag Link Thu Jan 17, 2013
Maggie,

I have a couple great Mortgage Brokers that I can put you in contact with in Orange County if your interested. Also, don't hesitate to contact me if you need assistance in looking for a home. Visit my profile for contact info.

Thanks and Happy House Hunting,

Rafael Porter
Web Reference: http://www.RafaelPorter.com
0 votes Thank Flag Link Tue Dec 13, 2011
Maggie,

In the past, most borrowers with optimized tax returns, reflecting minimal income, received stated income loans. Not that their actual income was impossible to prove, it was time consuming, difficult and tedious to prove.

Most loan originators did not want to go through the trouble of structuring a full documentation loan, it was so much easier going stated. For ethical borrowers, going stated, was not a "liars" loan, it was a "lazy" loan, at a higher price. I can help you.

Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Wed Dec 7, 2011
Maggie,

If you need help finding the home of your dreams here in Irvine - I can certainly help you with that. If you are looking for a professional realtor - please give me a call - I can help you - contact
me anytime - I am always available to help you. I am in contact with a few wonderful lenders and programs that will help you.
0 votes Thank Flag Link Wed Dec 7, 2011
Hello Maggie,

I have a loan program that is available. However, it's about to be discontinued and to qualify, files have be recieved by 12/30/11 in order to qualify. It's a 3 year fixed ARM that requires 30% down payment. If you'd like further details, please feel free to give me a call or send me an email. Currently it will take about 30-40 days to close due to the holiday season. If I can be of assistance, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
0 votes Thank Flag Link Wed Dec 7, 2011
Hi Maggie.. I may have a program. I recommend sending me a private message and I will forward the information to you.
0 votes Thank Flag Link Wed Dec 7, 2011
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