Stated Income Verified Asset Loans

LENDERLINE® is currently offering stated income verified assets 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 W2s.
  • 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.

 

Questions? To get today’s interest rates or to receive a FREE mortgage consultation, call LENDERLINE® toll-free at 1-888-661-7888, or complete this form to schedule an appointment.