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Stated Income
STATED-INCOME.COM
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008
Stated Income Loans Are Back
Stated income loans used to be popular a few years back,
and there were plenty of stated inco...
Stated Income Loans are favored by many. Here are some types
of borrowers that may consider getting a stated income loan:
...
In 2016, Guidelines Vary By Lender
Since stated income loans are being offered by lenders
again, borrowers are able to rec...
These various stated income programs will
usually have certain nicknames like:
“Low doc”
“No doc”
“SISA”
“NINA”
And many m...
Stated Income Lenders
Not all lenders offer stated income loan programs. The
majority of loan officers know that having a ...
Stated income loan programs will all be different
based on the guidelines that are set by each,
individual lender. For exa...
Stated Income Interest Rates
Similar to guidelines, stated income interest rates will vary
by lender, as well. You can ant...
Frequently
Asked
Questions
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008
What is a SIVA loan?
SIVA, or Stated Income Verified Asset, is a type of loan that
allows you to state your gross monthly ...
What is a SISA loan?
SISA, or Stated Income Stated Assets, is a loan that has
guidelines that allow you to state your inco...
What is a No Doc loan?
Even though guidelines will vary by lender, a “no doc”
loan program does not require you to verify ...
Can I be declined if I state my
income too high?
Yes, it is possible to have your loan declined because your
stated income...
Is there a minimum credit score?
Yes is usually the answer, here. However, minimum credit
score requirements will vary by ...
Is there a minimum down
payment required?
Again, yes is the typical answer, here. But minimum down
payment requirements wi...
Getting the Best Deal
Getting a stated income loan will require you to do a little bit
of shopping around, since not all l...
T O L E A R N M O R E
STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008
C L IC K HE R E
STATED-INCOME.COM
LENDER HOTLINE: 888...
Justin McHood is Americas Mortgage
Commentator and has been providing
Mortgage commentary for over 10 years.
INFORMATION P...
LEARN MORE ABOUT MORTGAGE COMMENTATOR:
MORTGAGECOMMENTATOR.COM
FACEBOOK.COM/MORTGAGECOMMENTATOR
@MORTGAGECOM_
LENDER HOTLI...
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Stated- Income - Stated-income.com

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STATED-INCOME.COM
LENDER HOTLINE: 888-581-5008
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 were available. These lenders had flexible guidelines and offered low stated income rates– but once the credit crisis hit, lenders started to pull their stated income programs. Stated income loan programs helped people with unique situations, which is why many, especially small business owners, started having issues getting loans once they were no longer being offered.

Click Here to get a free rate quote.

Stated Income Loans are favored by many. Here are some types of 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 lenders again, borrowers are able to receive loans and get help with refinancing their current home or buy a new one with a mortgage loan. Different lenders, typically means different guidelines. A lender will establish a stated income product and then develop guidelines around it– ultimately, producing varied guidelines from lender to lender. These various stated income programs will usually have certain nicknames like:

“Low doc”
“No doc”
“SISA”
“NINA”
And many more

Stated Income Lenders

Not all lenders offer stated income loan programs. The majority of loan officers know that having a stated income lender can immensely help a small business owner get into a home. Stated income lenders are typically smaller lenders, who come up with innovative solutions, stated income products, and flexible guidelines. These assets help attract good business, which creates a beneficial result for all parties involved.

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

Click here to get a free rate quote.

Stated Income Interest Rates

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

Published in: Real Estate
  • Practical article ! Speaking of which if others need to fill out a IRS 4506-T , my husband used a template version here http://pdf.ac/91CUCW
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Stated- Income - Stated-income.com

  1. 1. Stated Income STATED-INCOME.COM STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  2. 2. 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 were available. These lenders had flexible guidelines and offered low stated income rates– but once the credit crisis hit, lenders started to pull their stated income programs. Stated income loan programs helped people with unique situations, which is why many, especially small business owners, started having issues getting loans once they were no longer being offered. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  3. 3. Stated Income Loans are favored by many. Here are some types of 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. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  4. 4. In 2016, Guidelines Vary By Lender Since stated income loans are being offered by lenders again, borrowers are able to receive loans and get help with refinancing their current home or buy a new one with a mortgage loan. Different lenders, typically means different guidelines. A lender will establish a stated income product and then develop guidelines around it– ultimately, producing varied guidelines from lender to lender. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  5. 5. These various stated income programs will usually have certain nicknames like: “Low doc” “No doc” “SISA” “NINA” And many more STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  6. 6. Stated Income Lenders Not all lenders offer stated income loan programs. The majority of loan officers know that having a stated income lender can immensely help a small business owner get into a home. Stated income lenders are typically smaller lenders, who come up with innovative solutions, stated income products, and flexible guidelines. These assets help attract good business, which creates a beneficial result for all parties involved. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  7. 7. Stated income loan programs will all be different based on the guidelines that are set by each, individual lender. For example: Lender A’s NINA loan will probably have different guidelines set than Lender B’s NINA loan. This is why it is important to shop around when considering a stated income loan. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  8. 8. Stated Income Interest Rates Similar to guidelines, stated income interest rates will vary by lender, as well. You can anticipate for a stated income loan to have higher interest rates than a FHA loan, however, nothing that is out of the market. Stated income loans carry a premium and they will have to be competitive. Guesstimate a few percentage points higher than a FHA loan and you should be in the right ballpark for a stated income interest rate. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  9. 9. Frequently Asked Questions STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  10. 10. What is a SIVA loan? SIVA, or Stated Income Verified Asset, is a type of loan that allows you to state your gross monthly income. This loan requires the lender to confirm assets, which is usually done by providing your bank statements, brokerage statements, or some documentation that verifies your claimed assets on the loan application. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  11. 11. What is a SISA loan? SISA, or Stated Income Stated Assets, is a loan that has guidelines that allow you to state your income and assets. This means that you will not have to verify assets nor income. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  12. 12. What is a No Doc loan? Even though guidelines will vary by lender, a “no doc” loan program does not require you to verify anything other than your citizenship. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  13. 13. Can I be declined if I state my income too high? Yes, it is possible to have your loan declined because your stated 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 second look at your file. Underwriters use resources that allow them to see the range of pay based on a job title and description. Though they are not always accurate, underwriters are typically in the right ballpark. There is also a possibility that an underwriter or lender will require you to fill out an IRS Form 4506. This allows the lender to request IRS verification of your tax returns over the last two years. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  14. 14. Is there a minimum credit score? Yes is usually the answer, here. However, minimum credit score requirements will vary by lender and program. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  15. 15. Is there a minimum down payment required? Again, yes is the typical answer, here. But minimum down payment requirements will also vary by lender and program. Generally, stated income programs will require a higher down payment than that of conventional loans. STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  16. 16. Getting the Best Deal Getting a stated income loan will require you to do a little bit of shopping around, since not all lenders offer stated income loans and the lenders that “do” stated income loans usually only offer select products. In 2016, it may be easier to find multiple lenders with the same loan than it would be to find a lender who will offer you the right loan for your situation. Searching for the right lender is simple is you start here. All you need to do is submit your information and we will work on matching you with a lender who will work the best with your situation. Getting matched with the right lender is free, easy and fast– so start now! STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  17. 17. T O L E A R N M O R E STATED-INCOME.COM LENDER HOTLINE: 888-581-5008 C L IC K HE R E STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  18. 18. Justin McHood is Americas Mortgage Commentator and has been providing Mortgage commentary for over 10 years. INFORMATION PROVIDED BY: Justin McHood Mortgage Commentator STATED-INCOME.COM LENDER HOTLINE: 888-581-5008
  19. 19. LEARN MORE ABOUT MORTGAGE COMMENTATOR: MORTGAGECOMMENTATOR.COM FACEBOOK.COM/MORTGAGECOMMENTATOR @MORTGAGECOM_ LENDER HOTLINE: 888-581-5008 STATED-INCOME.COM LENDER HOTLINE: 888-581-5008

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