Stated Income Lenders in 2016
There is no longer such a thing as a “normal” stated income lender who has “normal” stated income guidelines.
When it comes to finding the right stated income lender, there are many choices to choose from that range from small independent mortgage brokers to the biggest banks in the world. The key thing when shopping for a lender who can help you with your stated income loan is that the lender has a good track record of being able to fund loans that are stated income loans as well as making sure you have a knowledgable loan officer to work with.
Stated Income Lenders: Who Is The Biggest?
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. It is also likely that many (if not all) of the biggest lenders will develop at least a small offering of stated income / non QM type of mortgages – and then just keep the loans on their books until there are more lenders doing more types of non qualified mortgages.
Is Bigger Better?
No. When it comes to stated income lenders, bigger isn’t better. You only care that you get your loan done and when it comes to size, stated income lenders are usually going to be smaller lenders anyway.
Stated Income Lenders: Shop Around
The key to getting the right stated income loan is to shop stated income lenders. There will be a growing number of stated income lenders in the coming years and it will only get easier and easier to shop around for the best deal. When it comes to getting a deal on a stated income loan, if you don’t shop multiple lenders, chances are that you are leaving thousands of dollars on the table.
Shopping around for qualified stated income lenders is easy – simply get started below and you will be introduced to multiple stated income experts who are happy to help you with your stated income loan needs or just simply answer questions.
Stated Income Lender List 2016
Here is a list that we have started keeping – if you are a lender and would like to be added to the list please contact me at [email protected] with all program information and I’ll get you added.
Stated income loans and/or loans that are considered “alt doc” (short for alternative documentation) are available through these lenders according to our best information – be sure to check with each lender or start here to get matched with a lender who can help you.
Angel Oak Home Loans – Updated January, 2016
These programs are specifically designed to drive additional sales in today’s competitive purchase environment.Highlights include:
Home$ense: 1 day out of Shortsale, Foreclosure or Deed in Lieu. 24 month bank statement, FICO’s as low as 500 and LTV’s up to 80%
Portfolio Select: FICO’s down to 640, 1 year tax returns for SE, asset depletion and CLTV’s to 90% on loan amounts to $2.0M
Performance Jumbo: aggressively priced 30 year fixed.Our entire Portfolio Series offers In-house underwriting and servicing.
We have Mortgage Solutions for Agency Fall-Out
- Credit Scores starting at 540
- As Little as 20% Down Payment
- No Seasoning on Short Sale or Foreclosure
- Loans up to $1 Million
- Owner-Occupied, Second Homes and Investment Properties
- No Tax Returns or Transcripts Required
- Loans for Owner Occupied & Second Home
Loan Types: 5/1 ARM and 7/1 ARM
Minimum Credit Score: 700
Maximum / Minimum Loan Amount: $2,000,000 / $417,001
30% on Loan Amounts up to $1,000,000
40% on Loan Amounts up to $2,000,000
- Loan amount <= $650,000, mimimum liquidity = $100,000
- Loan amount > $650,000 to $1,000,000, minimum liquidity = $250,000
- Loan amount > $1,000,000 to $1,500,000, minimum liquidity = $500,000
- Loan amount > $1,500,000, minimum liquidity = $1,000,000
- Cash equivelent securities / readily marketable securities may be used as verified liquidity
- Funds in a retirement account will not be included as verified liquidity
- Must have been self-employed for a minimum of 2 years in same line of business
- Minimum 6 months bank statements for both business and personal assets must be provided
- Business Number must be verified via 411 or Internet
- Business license or CPA letter verifying borrower’s ownership of business for last 2 years
- State income levels are to be validated by documentation in file to be determined as reasonable, e.g., average monthly deposits should support income levels or other documentation must be provided.
- Passive income (retirement, Social Security, trust, interest dividend, annuity, child support, etc. must be fully verified
- Rental agreements must be provided if rental income is used to qualify
- U.S. Citizen
North Coast Financial are San Diego, California hard money lenders (private money lenders) with over 35 years of experience. We provide hard money loans for real estate investors (private money loans) and property owners through asset based lending for various real estate projects and transactions including single family residential, multi-family residential, commercial and land.
Our loan products:
- Conforming Fixed and Adjustable Rate Loans
- Jumbo and Portfolio loans
- FHA loans/VA loans
- Non_Prime Loans
- Non QM alternative financing
Velocity continues to provide the BEST solution for borrowers that don’t fit a typical bank model, but also don’t want all the crippling fees of hard money. We understand that your borrowers deserve better options, and we’re proud to offer the only TRUE Stated Income solution with rates as low as 6.49%. It’s also worth mentioning that we fund over $50,000,000 of these transactions every month.
Remember- We NEVER look at income or tax returns.
>> True Stated Income
>> PAR Pricing
>> $75k – $5M
>> NO Balloons, 30yr amortized term
>> Common-Sense Underwriting
>> Minimum FICO: 650
>> NO DTI Analysis
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