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 (888) 661-7888, or complete this form to schedule an appointment.