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Call or text your questions to 

562-881-9811

email your questions to:

AnswerMyQuestion@homecentralfinancial.com

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. 

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Call or text your questions to 

562-881-9811

email your questions to:

AnswerMyQuestion@homecentralfinancial.com

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