Stated- Income - Stated-income.com

Stated IncomeSTATED-INCOME.COM

STATED-INCOME.COM LENDER HOTLINE: 888-581-5008

http://suited45trk.com/?a=75&c=1994&s1=&ts=s-iss

Stated Income Loans Are Back

Stated income loans used to be popular a few years back,and there were plenty of stated income lenders that wereavailable. These lenders had flexible guidelines and offeredlow stated income rates– but once the credit crisis hit, lendersstarted to pull their stated income programs. Stated incomeloan programs helped people with unique situations, which iswhy many, especially small business owners, started havingissues getting loans once they were no longer being offered.



Stated Income Loans are favored by many. Here are some typesof borrowers that may consider getting a stated income loan:

People who are highly commissioned, who may have a

low salary base but make most of their earnings through

commission.

Self-employed individuals who own a small business

People who cannot prove documentation for at least 2

years of income at their current income levels.

Individuals who make plenty of money but do not want

to disclose their income information.



In 2016, Guidelines Vary By Lender

Since stated income loans are being offered by lendersagain, borrowers are able to receive loans and get help withrefinancing their current home or buy a new one with amortgage loan. Different lenders, typically means differentguidelines. A lender will establish a stated income productand then develop guidelines around it– ultimately, producingvaried guidelines from lender to lender.



These various stated income programs willusually have certain nicknames like:

“Low doc”

“No doc”

“SISA”

“NINA”

And many more



Stated Income Lenders

Not all lenders offer stated income loan programs. Themajority of loan officers know that having a stated incomelender can immensely help a small business owner get intoa home. Stated income lenders are typically smallerlenders, who come up with innovative solutions, statedincome products, and flexible guidelines. These assets helpattract good business, which creates a beneficial result forall parties involved.



Stated income loan programs will all be differentbased on the guidelines that are set by each,individual lender. For example: Lender A’s NINA loanwill probably have different guidelines set thanLender B’s NINA loan. This is why it is important toshop around when considering a stated income loan.



Stated Income Interest Rates

Similar to guidelines, stated income interest rates will varyby lender, as well. You can anticipate for a stated incomeloan to have higher interest rates than a FHA loan, however,nothing that is out of the market. Stated income loans carrya premium and they will have to be competitive.Guesstimate a few percentage points higher than a FHAloan and you should be in the right ballpark for a statedincome interest rate.



FrequentlyAsked

Questions



What is a SIVA loan?

SIVA, or Stated Income Verified Asset, is a type of loan thatallows you to state your gross monthly income. This loanrequires the lender to confirm assets, which is usually doneby providing your bank statements, brokerage statements,or some documentation that verifies your claimed assetson the loan application.



What is a SISA loan?

SISA, or Stated Income Stated Assets, is a loan that hasguidelines that allow you to state your income and assets.This means that you will not have to verify assets nor income.



What is a No Doc loan?

Even though guidelines will vary by lender, a “no doc”loan program does not require you to verify anythingother than your citizenship.



Can I be declined if I state myincome too high?

Yes, it is possible to have your loan declined because yourstated income does not match your job title and description.For example: if you are a server who claims you make$50,000 per month, an underwriter would take a secondlook at your file. Underwriters use resources that allow themto see the range of pay based on a job title and description.Though they are not always accurate, underwriters aretypically in the right ballpark. There is also a possibility thatan underwriter or lender will require you to fill out an IRSForm 4506. This allows the lender to request IRS verificationof your tax returns over the last two years.



Is there a minimum credit score?

Yes is usually the answer, here. However, minimum creditscore requirements will vary by lender and program.



Is there a minimum downpayment required?

Again, yes is the typical answer, here. But minimum downpayment requirements will also vary by lender andprogram. Generally, stated income programs will require ahigher down payment than that of conventional loans.



Getting the Best Deal

Getting a stated income loan will require you to do a little bitof shopping around, since not all lenders offer stated incomeloans and the lenders that “do” stated income loans usuallyonly offer select products. In 2016, it may be easier to findmultiple lenders with the same loan than it would be to finda lender who will offer you the right loan for your situation.Searching for the right lender is simple is you start here. Allyou need to do is submit your information and we will workon matching you with a lender who will work the best withyour situation. Getting matched with the right lender is free,easy and fast– so start now!



T O L E A R N M O R ESTATED-INCOME.COM

LENDER HOTLINE: 888-581-5008

C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

INFORMATION PROVIDED BY:Justin McHood

Mortgage Commentator


http://mortgagecommentator.com/

LEARN MORE ABOUT MORTGAGE COMMENTATOR:

MORTGAGECOMMENTATOR.COM

FACEBOOK.COM/MORTGAGECOMMENTATOR

@MORTGAGECOM_

LENDER HOTLINE: 888-581-5008


http://mortgagecommentator.com/

https://www.facebook.com/MortgageCommentator/

https://twitter.com/mortgagecom_

Real Estate

Stated- Income - Stated-income.com