LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows:
â€¢ Purchase, rate and term refinance, and cash-out refinance allowed.
â€¢ Single family residences, PUDs, condominiums, and 2-4 units allowed.
â€¢ Primary residence, second homes or investment properties allowed.
â€¢ U.S. citizens, permanent residents, and foreign nationals allowed.
â€¢ No prepayment penalty.
â€¢ Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
â€¢ Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
â€¢ 700 minimum credit score for U.S. citizens and permanent residents.
â€¢ No credit scores are required for foreign nationals.
â€¢ No rental late payments during past 12 months.
â€¢ No mortgage late payments during past 24 months.
â€¢ No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
â€¢ No unpaid judgments, liens, or collections.
â€¢ Income stated on loan application must be reasonable for the position of employment.
â€¢ No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
â€¢ Self-employed or W2 allowed.
â€¢ No industry exclusions.
â€¢ Debt-to-income ratios cannot exceed 45%.
â€¢ 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.
â€¢ 100% of the down payment may be gifted for primary residence.
â€¢ 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrowerâ€™s own funds.
â€¢ 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