This loan leaves enough room for people who do not have a conventional income to qualify, however, there are regulations set in place to insure the lenders that you have an income that can support loan payments. What are the qualifications? stated income loans usually require a good credit score and a 30% down payment.
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Greg Cook, a mortgage consultant at the First Time Home Buyers Network, says he worked for a mortgage company that pioneered stated income loans, and that they were available only to self-employed borrowers with at least a 720 credit score and 20 percent down payment.
The stated income mortgage has gotten a bad name over this past housing bubble burst and it can be a difficult loan to obtain. While there are many self employed business owners in the city, lenders still have reservations in giving these types of loans without the borrower having to jump through several hoops and wade through miles of red tape.
In today’s market, many of the biggest banks no longer have "mass" stated income loans. They will have different names for their stated income loans and they make them available to only a few people – for example "doctor loans" where a doctor can just say how much he makes and get a loan.
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Stated Income Loans are a great options for borrowers looking to purchase or refinance a residential investment property, but are also looking to avoid income documentation or verification. A great perk is that these loans come with a 30-year term. Bank statements are generally not required for refinance transactions, however,
Stated income loans are for non-occupying investors looking for short term financing on an investment property they plan to flip, or use for rental income. It is now illegal for any consumer to get a stated income mortgage for an owner-occupant property.
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Stated Income loans los angeles, California, Nationwide. – Even though the stated income loan is a siva loan (stared income verified assets), in some cases, qualifying criteria may be considered No Income/No Asset.(NINA) . Each stated income loans borrower is looked at individually and case by case.
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