Update 2/16/2010: Stated Loan Program Has Been Put on Hold Until Further Notice
If you would like to be notified when the stated home loan program is reinstated, please input your name and email into the form below and we’ll notify you as soon as we know more.
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Are you a self-employed borrower looking to obtain a stated home loan for up to $3,000,000? Maybe you have been turned down for a refinance because your net income is too low, but you can afford the monthly payments? Or, maybe you are thinking of buying a new home, but you either don’t qualify for a traditional full doc loan or you qualify for less money than you’d like. You’re in luck…
Stated Loans Up to $3,000,000 Are Back
We are pleased to announce we’re the only lender in Northern California able to offer a true stated loan product for purchases and refinances up to $3,000,000.
What is a Stated Loan?
A stated income home loan allows the borrower to state their income on the application form and the lender agrees not to verify the stated income with pay stubs and income tax returns. The borrower is required to show and verify their assets as well as submit their credit report and FICO score.
Because of stricter lending rules and tighter regulations, most lenders pulled their stated home loan products. For some time, stated loans, which were very popular for self-employed borrowers, were impossible to obtain. Luckily, we are the only lender in Northern California who can offer a true stated loan product to our clients.
Who Would Be Best Suited for a Stated Home Loan?
Generally, self-employed borrowers with business write offs are the best candidates. Write offs decrease a self-employed borrowers net income, which is not factored in when applying for a full doc loan (where they verify your income with tax returns). Therefore, self-employed borrowers tend to qualify for less money, or may not even qualify at all. With a stated income loan product, the borrower is able to qualify for the most possible when purchasing a new home or refinancing their current home.
What Kind of a Down Payment is Required?
This stated loan product requires a 30% down payment on loan amounts to $3,000,000.
What is the Minimum Credit (FICO) Score Required?
The minimum credit (FICO) score required for this stated loan product is 700.
Other Requirements to Obtain a Stated Loan
Some other requirements of the stated loan products:
- Money can be used for a purchase or refinance
- Secondary financing is not allowed
- Property must be the borrower’s primary residence
- Property must be owner-occupied
- Property must be a single family residence
- Borrower cannot be a first time home buyer
What Counties are Eligible?
This stated loan product is available in the following counties:
- San Mateo County
- San Francisco County
- Marin County
- Sonoma County
- Napa County
- Contra Costa County
- Los Angeles County
- Orange County
- Santa Barbara County
- Ventura County
Do You Need a Stated Home Loan?
If you would like to explore the possibility of getting a stated home loan for a home purchase or refinance, please call me at (650) 520-0915, email me or apply online with our secure online mortgage application. We’ll take a look at your situation and determine how much you qualify for with no cost or obligation to you whatsoever.
Other Posts You May Enjoy
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- 12 Biggest Mistakes Consumes Make When Refinancing
- What Mortgage Can I Afford?
- The Big MAC…and Just as Delicious!
- Paying Points for Your San Mateo County Mortgage
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Chris Williamson is a Mortgage Advisor with Mortgage California specializing in San Mateo Mortgage.
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{ 4 comments… read them below or add one }
I’m thinking that you’ve done an outstanding job with this blog. As a lender trapped in a very conservative lending vacuum it’s encouraging to see self-employed people have a place to go.
Thanks, Rick. Glad you like the blog. This program has helped a lot of people. Hopefully your market will get better soon.
Are there any S.I. loans available in Colorado
Hi J, In the search that I just did, most said stated income loans were no longer available in Colorado. It seems that all the sources seem to be putting the brakes on those programs.