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Stated Asset Loans Are Back
Stated asset loans were quite the popular mortgage program a few short years ago and stated asset lenders were much more commonly available than they are today. The lenders offered flexible guidelines and low stated asset rates, unfortunately after the credit crisis the lenders were quick to get rid of the stated asset programs. Stated asset loan programs has helped borrowers who had unique situations or difficulties getting approved for other loan programs. This loan program is highly popular for small business owners.
Stated Asset Loans are popular and a favorite loan option for many. Here are a few examples of borrowers that may consider getting a stated asset loan:
Someone who works primarily with commission based salaries. These types of borrowers may have a low salary base in general, but they make most of their earnings by commission.
Self-employed people or those who own a small business
Someone who is unable to provide income documentation for the past 2 years.
Individuals who make a good amount of money but wish to not disclose their income information.
In 2016, Guidelines Vary By Lender
Now that stated asset loans are being offered by lenders again, borrowers can take advantage of the loan program by using it to help get refinanced on their current home or to buy a new home. The guidelines are always going to vary by lenders. Usually lenders will establish a stated asset product and then build their guidelines around it. Some of these stated asset programs have been known as;
Low Doc
No Doc
SISA
NINA
Stated Asset Lenders
Every lender is different and not all lenders offer stated asset loan programs. Majority of loan officers know that stated asset loans can help small business owners get into a home. Stated asset lenders are typically with smaller companies and a stated asset loan is usually not offered by the bigger lenders. Lenders who do offer this program attract good business and in the long run creates a beneficial result for both the lender and borrower.
Stated asset loan programs will vary based on the guidelines set by the lenders. This is why it’s important to shop around and compare lenders, so you can find the best lender and deal to fit your specific situation.
Stated Asset Interest Rates
Much like the guidelines, stated asset interest rates will most likely vary depending on the lender. Usually stated asset loans have higher interest rates than a more traditional FHA home loan. Stated asset loans carry a premium and they are usually quite competitive.