Stated Income Mortgage for employed people / CALIFORNIA ONLY

Purchase - SIVA / Refinance - SISA
(down payment, not reserves must be verified)

Owner Occ, Non-Owner, Multi-Unit, condos, SFRs, (no mobiles)

Loan amounts to $625,000 for SFR (old conforming limits used), higher for Multifamily

Hits to rate and LTV include non-owner, Multi-unit, loan amounts over $417,000, etc

Must have verifiable employment (cannot be owner of company or Self Employed)

740+ fico = 80% max LTV (5% reduction for non-owner)

640+ fico = 65% max LTV (same reduction applies) - too many derogs on credit will kill approval

Income matched to 90% of max shown on Salary.com, no higher than a 55% back end ratio

Stated Income mortgage market conditions have changed completely since last year, rates are running about 1.25% higher than 30 year fixed rates. If you are thinking of doing a refinance or buying a home with a stated income mortgage, we recommend you do it as soon as possible because of ever changing market right now