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The Return of Stated Income Loans. Instead of having to provide tax returns or pay stubs, stated income loans require demonstrating an ability to repay through verifiable bank or brokerage statements and enough assets to make six to 12 months of payments. Still, the loans have a place in the lending environment,
Stated Income Loans are a great options for borrowers looking to purchase or refinance a residential investment property, but are also looking to avoid income documentation or verification. A great perk is that these loans come with a 30-year term.
PCI began shifting their investment mix over the last two years acquiring non-agency MBS and reducing their senior loan and corporate bond exposure. PCI has become a much larger and liquid version of.
Stated Income Loans – When doing a stated income or bank statement program loan, we do look at your credit score. These programs are a lot more lenient than traditional loans are so we can go as low as a 500 FICO score at times. Also when doing a bank statement loan, we are very easy on past short sales, foreclosures, or derogatory credit.
"Confidence in a borrower’s income has become increasingly important across all industries including approving loans for auto dealerships or underwriting loan modifications and short sale transactions.
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We caution that the forward-looking statements involve known and unknown risks, uncertainties and other important factors such as the following that may cause actual results to differ materially from.
What is a stated income mortgage? At its most basic, a stated income mortgage is one where the borrower doesn’t have to provide tax returns for income verification. A qualified mortgage, on the other hand, requires tax returns when determining whether or not a borrower can repay the mortgage.
Stated income loans are for non-occupying investors looking for short term financing on an investment property they plan to flip, or use for rental income. It is now illegal for any consumer to get a stated income mortgage for an owner-occupant property.
On a refinance, the loan officer simply looked at a particular borrowers credit report, added up the debt payments on credit cards, car loans. The top management of leading originators and.