Have a great day,
Heather Paul, Realtor
Happy funding, Rudi
Is your loan amount at least $250k? Is your FICO score at least 700? Do you have 12 months PITI in reserves? Property in Southern California? Those are the typical requirements. Rates are much higher than their full doc counterparts, but still are "bank rates" in the 5-7% range.
I am not big on stated income loans, I don't see a need for them as most are fraudulent anyway (i.e. stating income that wouldn't be able to be calculated if actually reviewing income documentation). I'm a big proponent for the same type of borrower who is looking for a stated income loan, to look for a loan program where they don't have to list income on the application - a "no income" or "no ratio" loan where debt ratios aren't considered as a part of the qualification process. Granted, very limited options for those, but they will come back out in time for the right type of low-risk borrower.