Stated Income Verified Asset Consumer Loans
LENDERLINE® is currently offering stated income verified assets consumer loans, under the following guidelines:
- Property must be located in the State of California.
- Income is stated but not verified (see underwriting guidelines).
- Wage earners or self-employed borrowers allowed.
- Verbal verification of employment with no reference to income required for wage earners.
- Current plus past 2 years’ business or professional license required for self-employed.
- CPA letter required for self-employed verifying business ownership and filing of tax returns.
- Borrowers that file their own tax returns are ineligible.
- Credit report must show current employer.
- No paycheck stubs.
- No W-2s.
- No tax returns.
- No 4506-T.
- Up to 60% loan-to-value (see underwriting guidelines).
- Minimum 680 credit score.
- $100,000 minimum loan amount.
- $2,500,000 maximum loan amount for 1-unit PUD & SFR.
- $1,500,000 maximum loan amount for 2-4 units.
- $750,000 maximum loan amount for condominiums.
- Primary residence, second home or investment properties.
- Purchase or rate and term refinance.
- Cash out refinance not allowed.
- SFR, PUDs, condos, townhouses, and 2-4 unit properties.
- For sale by owner transactions are not allowed.
- Maximum debt-to-income ratios are 38/43.
- Reserves of 12 months PITI required.
- US citizens and US permanent residents allowed.
- Gift funds allowed on certain transactions. See underwriting guidelines.
- Reserves must come from borrower’s own funds on all transactions.
- Impounding of property taxes and hazard insurance not allowed.
- Available only as a 7/1 ARM, fully amortized, term of 30 years.
- No prepayment penalty.
To download underwriting guidelines
for our stated income verified asset consumer loans:
To download a loan application
for our stated income verified asset
loan program to 60% LTV:
LENDERLINE® is your stated income verified asset lender of choice. Stated income loans, also known as SIVA loans, are back. Call today, and get your stated income loan California.
Questions? To get today’s interest rates or to receive a FREE mortgage consultation, call LENDERLINE® toll-free at (888) 661-7888, or complete this form to schedule an appointment.