STATED LOANS…They have a purpose

shutterstock_630815573(1)9/5/19 I hope you are all doing well and no we are not back in 2006, but we are getting closer every year!

Today I want to talk a little more about stated income loans and how they can help buyers who do not show the income either on their taxes or on their bank statements.  Here are some of the key points on this loan:

  • The minimum interest rate is 4.75%.  This can be achieved with 30% down and a 740 credit score or 35% Down with a 700 credit score.
  • The minimum down payment is 25% (30% for Refinance)
  • The minimum credit score is 650.
  • If you are a first time home buyer then your rate will be .50% higher and the minimum down is 30% up to $1,000,000.00 and 35% up to $2,000,000.00.
  • Minimum Loan amount = $150,000.00 and the rate goes up by .750% if the loan amount is under $250,000.00 -
  • Maximum Loan Amount $5,000,000.00
  • You must be self employed
  • We would need one month bank statement to show no NSF’s and a positive closing balance
  • Gift for the down is OK!
  • No Charge Offs Collections or Tax liens in the past 3 years.
  • No Mortgage Delinquency in the past 5 years.  Also, Foreclosures, Short Sales, or Deed in Lieu must be 5 years old too!
  • Buyer must sign an affidavit on their income being true and correct!

There are many other loan options available for our clients, but this is one of the hottest programs at this time so let us know and we will guide your client into the right loan!

Interest rates slid down a little yesterday and today the Stock Market is crushing it so money is moving away from the Bond Market and into stocks which is putting upwards pressure on interest rates.  Below are rates based on a 740 Credit score and rates are subject to change without notice:

  • 30-year fixed conventional 1st Mortgage with 25% down – 3.500% (3.547 APR). Loan amounts up to $484,350.00 = $2174.95
  • 15-year fixed conventional 1st Mortgage with 25% – 3.000% (3.084 APR). Loan amounts up to $484,350.00 = $3344.83
  • 5/1 ARM 1st Mortgage –  25% down – Fixed for 5 years and then becomes variable – 3.500% – (3.594 APR) Loan amounts up to $3,000,000.00 = $13,471.34
  • 7/1 ARM 1st Mortgage – 25% Fixed for 7 years and then becomes variable – 3.625% – (3.714 APR) Loan amounts up to $3,000,000.00 = $13,681.54
  • 10/1 ARM 1st Mortgage – 25% Fixed for 10 years and then becomes variable – 3.750% – (3.844 APR) Loan amounts up to $3,000.,000.00 = $13,893.47
  • 30-year fixed 1st Mortgage FHA loan 3.50% down – 3.250% (4.663 APR). Loan amounts up to $484,350.00 = $2144.81 + $349.08 PMI = $2493.89
  • 30-year fixed 1st Mortgage VA loan 0% – 3.250% (3.296 APR). Loan amounts up to $484,350.00 = $2107.92
  • 30 Year Fixed rate 1st Mortgage Jumbo Loan 25% down – 4.250% (4.344 APR).  loan amounts up to $3,000,000.00 =14,758.20

I will be in and out of the office all weekend so feel free to call me with anything you need.  My Cell is 661-714-6258 and my office line is  661-260-2970 xt. 2222.  Texting my cell works really good as well!  Have a great weekend and let me know if you need anything.