Home Buying in 32404>Question Details

Rfirriolo, Home Buyer in 32404

Is there such a thing as a stated income loan anymore?

Asked by Rfirriolo, 32404 Sun Jan 22, 2012

I am self employed and trying to get a loan. Who might be the more lenient lenders in the market?

Help the community by answering this question:


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:

5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
Website: http://www.lenderline.com
1 vote Thank Flag Link Thu May 30, 2013
Try a credit union. GTE Financial, email Laila:


Also if you have a family member that may agree to sign as a non-occupant co-borrower you may be able to get an FHA mortgage based on the other person's credit and income.
0 votes Thank Flag Link Thu Apr 18, 2013
Yes there is. We have Stated Income Loans in several states up to 70% with great rates. Go to http://www.finance1online.com/stated-income-loans/ for more information.
0 votes Thank Flag Link Wed Sep 12, 2012

Today’s lenders are typically not offering state income programs for home buyers. Banking institutions have offered stated income programs in the past and have been accused of lending to buyers who couldn’t afford the payments. Many of the buyers have walked away from homes because they couldn’t make the payment. The lenders will probably not loosen up the lending guidelines in time soon.

Carol Perdew
Prudential California Realty
(209) 239-7979
DRE 985176
0 votes Thank Flag Link Mon Jan 23, 2012
Lenders must check to see if you can afford to pay the mortgage. Without income check, they haven't complied with federal regulations.
There are security mortgage where we loan against a percentage of your investments (up to 90%).
0 votes Thank Flag Link Mon Jan 23, 2012
Hard Money lenders go "stated" In S. Florida you might be able to get by just using bank statements. If you would like to discuss your scenario please contact me.

Brad SInger
0 votes Thank Flag Link Mon Jan 23, 2012
Try a credit union. You will not have to "fit" into the very specific criteria required by most lenders. try http://www.GTEFCU.org most credit unions will let anyone join so don't let that stop you from shopping credit unions for a mortgage.

You see, most banks and lenders will immediately sell off your mortgage and if you do not "fit" they cannot re-sell it.

Also, if you still can't get a credit union mortgage, you may be able to get a NACA mortgage, take a look:


Just make sure you DO NOT SIGN up online or your Realtor will have to pay a large fee to NACA...let your Realtor sign you up online!

All the best,
Alma Rose Kee PA
Future Home Realty
0 votes Thank Flag Link Mon Jan 23, 2012
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