A stated income loan is a mortgage where the lender does not verify the borrower’s income by looking at their pay stubs, W-2 forms, income tax returns, or other records. Instead, borrowers are simply asked to state their income, and taken at their word.
LOAN AMOUNT LIMITS: It works with same loan amounts as conventional, the high balance loan amounts are available in the high balance loan amount counties.
FICO SCORES: 620 minimum score for 80% LTV owner occ 640 score for 90% LTV (New lower score feature) 640 minimum fico for Non-owner occupied
LTV LIMITS: *2-4 units is limited to only 60% LTV for owner occ and non-owner occ *Purchase Owner Occupied SFR, CONDO, PUD IS 90% LTV *Cash out, owner occ, 1 unit property is 80% max LTV *Purchase for Non-Owner Occupied SFR, CONDO, PUD IS 80% LTV *Cash out, non-owner occ, 1 unit property is max 70% LTV
RESERVES: *3 month reserves for owner-occupied *6 months PITI for non-owner occupied
RATIOS: 45% if FICO score is below 720 and 50% DTI is FICO score is above 720.
TERMS: This standard income program is only available in a 30 year fixed principle and interest loan. We do not have any interest only or Arm loans available.