Is there any more stated income loans for 20% down?

Asked by Tai Savet, West Hollywood, CA Sat Nov 12, 2011

Looking for Lite doc or stated income loans between 20-30% down

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Answers

20
Michael Abram’s answer
Michael Abram, , Los Angeles, CA
Tue Nov 15, 2011
Yes, I can use this portfolio lender anywhere in California.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
1 vote
lendersnetwo…, Agent, Plano, TX
Thu Oct 24, 2013
I know this is old but I stumbled across it, yes in the wholesale market it is possible but you need 25% down at least, 24 months bank statements and reserves..
1 vote
Michael Abram, , Los Angeles, CA
Tue Nov 15, 2011
Hello John,

This porfolio lender will not allow for any secondary financing or subordinations. Since it's the only "stated" program I know that is available in the market, they do have very strict guidelines for their portolio products.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
1 vote
Michael Abram, , Los Angeles, CA
Sun Nov 13, 2011
Hello Tai,

I have a portfolio lender that can do their version of a stated income loan with 30% down payment. The only product offered is a 3/1 ARM. The only catch on their stated product is that a 4506-T is still processed by the bank, which technically defeats the purpose of the "stated" loan. The stated program is more designed for higher income individuals (ex. physicians, attorneys, etc). For example, if you're stating the borrower's income as 140K/year to qualify for the purchase and the lender processes the 4506-T and the income comes back around 120-130K/year, which is close to what you're stating, the lender will deem this acceptable to qualify at the higher income. It is not designed for individuals that can put down 30%, but make a significantly less income that what you are trying to qualify at. Example would be needing 140K to qualify for the loan but the borrower only makes around 85K/year.

I hope this helps and if you have any questions, please let me know.

Michael Abram
First Capital Mortgage
NMLS #235060
Direct: (310) 434-1718
Cell: (310) 995-0975
mabram@firstcapitalmtg.com
1 vote
Tai Savet, Agent, West Hollywood, CA
Sat Nov 12, 2011
I think Ive seen Hard money at 35% down
Web Reference:  http://zillow.com/
1 vote
Sheryl Arndt, Mortgage Broker Or Lender, Woodland Hills, CA
Tue May 10, 2016
FYI, Stated Income loans are currently on hold but there are either 12 months or 24 months bank statement programs that you may qualify for?

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0 votes
, ,
Thu Mar 20, 2014
If you are located in one of these States AZ, CA, CO, DC, FL, HI, IL, MD, MT, NV, NJ, NY, NC, OR, SC, VA, WA. then you can benefit from two options for a Self Employed Borrower to purchase or refinance, rate and term or cash out for a primary residence, 2nd Home or Investment property up to 1-4 units.
The 1 year tax return program and the 1 year bank statement program have made a positive impact on these self employed consumers to be able to achieve their goals and inturn the local communities and economy benefit as a whole. Minimum 30% Down Payment for a Primary Residence up to maximum of 1.5 mm.
Knowledge is power and having the right information helps us all make intelligent decisions for our financial future.
If you would like more information about this, please feel free to contact me.
Michael Evans
0 votes
Robert Chome…, , San Diego, CA
Mon Jul 1, 2013
There are a lot of options popping up now with 20% down stated at some attractive rates. Investment properties will require more down.

I wrote a blog post about stated income loans available below.

http://sandiegomortgageblog.com/stated-income/stated-income-…
0 votes
Lender Line, , Newport Beach, CA
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
Lender Line, , Newport Beach, CA
Thu May 30, 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
Daniel Klein, Agent, Beverly Hills, CA
Tue Apr 23, 2013
My firm offers a 20% down, or 20% equity SIVA loan at 4.25% on a 30 year fixed, fully amortizing loan.

700+ FICO
6 Months Reserves
No missed payments 24 months.

Call 800-640-8798 for more details
0 votes
John Arendsen, Agent, Leucadia, CA
Mon Jan 14, 2013
Michael, I'm not sure if you were directing that answer to me as I didn't see another John on this thread I assume you are. I'm not interested in secondary financing or subornation. Please feel free to contact me privately. I would like to discuss this with you. onthelevel@cox.net 760 815-6977/
0 votes
John Arendsen, Agent, Leucadia, CA
Wed Sep 12, 2012
Finance1online, could you contact me. I have a few questions for you that I would prefer to discuss privately. My email is onthelevel@cox.net and my cell in 760 815-6977. Thanks
0 votes
Finance1onli…, , Los Angeles, CA
Wed Sep 12, 2012
Finance One is doing Stated income to 70% in several states and no doc to 50% in several states as well. They also have a program that goes to 80% for self employed that only looks at business gross receipts to qualify for a loan. This is good for borrowers who write everything off. Visit http://www.finance1online.com/stated-income-loans/ for more information.
0 votes
Michael Hick…, Agent, Westlake Village, CA
Thu Nov 17, 2011
One thing to bear in mind-banks HATE leaving money on the table. As we work our way out of this recession , I think you'll see a reappearance of stated income programs. Traditionally these were used for 1099 employees and Small Business owners. And Tai Savet downthread is right, I've seen some Stated programs available with 35% down. But the interest rates are still pretty high.
0 votes
Deborah Garv…, Mortgage Broker Or Lender, San Diego, CA
Thu Nov 17, 2011
Rudi hit the nail on the head! I would never recommend a borrower to attempt a stated income loan AND sign a 4506! You might get the house, but you might get a visit from the IRS also. Stated income and 4506 are just two things that do not go together very well.
0 votes
Rudi Hofmann, Mortgage Broker Or Lender, El Segundo, CA
Wed Nov 16, 2011
You might not need to go stated and you probably shouldn't. Especially if the lender is going to process your 4506-T. Contact me.

Happy funding, Rudi
Web Reference:  http://www.umboc.com
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Nov 15, 2011
Good to know Michael. Does he do any deals in the San Diego market?
0 votes
John Arendsen, Agent, Leucadia, CA
Tue Nov 15, 2011
Hey Michael, would your lender consider a stated income on a 1st if the 2nd would subordinate?
0 votes
, ,
Mon Nov 14, 2011
I believe they are correct, the only real stated programs out there are hard money. It will probably be like that for a while.
0 votes
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