Stated asset loans- STATEDASSETS.COM

Stated Asset Loans

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Stated Asset Loans Are Back

Stated asset loans were quite the popular mortgageprogram a few short years ago and stated asset lenderswere much more commonly available than they are today.The lenders offered flexible guidelines and low statedasset rates, unfortunately after the credit crisis thelenders were quick to get rid of the stated asset programs.Stated asset loan programs has helped borrowers who hadunique situations or difficulties getting approved forother loan programs. This loan program is highly popularfor small business owners.



Stated Asset Loans are popular and a favorite loan option formany. Here are a few examples of borrowers that may considergetting a stated asset loan:

Someone who works primarily with commission based salaries.These types of borrowers may have a low salary base ingeneral, but they make most of their earnings by commission.

Self-employed people or those who own a small business

Someone who is unable to provide income documentation forthe past 2 years.

Individuals who make a good amount of money but wish to notdisclose their income information.



In 2016, Guidelines Vary By Lender

Now that stated asset loans are being offered by lenders again,borrowers can take advantage of the loan program by using itto help get refinanced on their current home or to buy a newhome. The guidelines are always going to vary by lenders.Usually lenders will establish a stated asset product and thenbuild their guidelines around it. Some of these stated assetprograms have been known as; Low Doc

No Doc

SISA

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Stated Asset Lenders

Every lender is different and not all lenders offer statedasset loan programs. Majority of loan officers know thatstated asset loans can help small business owners get intoa home. Stated asset lenders are typically with smallercompanies and a stated asset loan is usually not offered bythe bigger lenders. Lenders who do offer this programattract good business and in the long run creates abeneficial result for both the lender andborrower. Stated asset loan programs will vary based onthe guidelines set by the lenders. This is why it’simportant to shop around and compare lenders, so you canfind the best lender and deal to fit your specific situation.



Stated Asset Interest Rates

Much like the guidelines, stated asset interest rates willmost likely vary depending on the lender. Usually statedasset loans have higher interest rates than a moretraditional FHA home loan. Stated asset loans carry apremium and they are usually quite competitive.



Frequently AskedQuestions



What is a SIVA loan?

Stated Income Verified Asset or known by its

short name SIVA, is a type of loan that allows you

to state (rather than providing your pay stubs)

your gross monthly income. This loan will require

that the lender confirm your assets, which is

usually done by providing your lender with your

bank statements, or other documentation that

can efficiently verify your claimed assets on the

loan application.



What is a SISA loan?

Stated Income Stated Assets or SISA, is a loan

that has some restrictions, but will allow you to

state (rather than provide documentation) your

income and assets. This means that you will not

have to verify assets or your income like you

would with a SIVA loan.



What is a No Doc loan?

Depending on your lender, a “no doc” loan

program does not require you to verify any

asset or income information other than just

your citizenship.



What if my income is too high, can I be declined?

Yes, it is a possibility that your loan could be declined due toyour income isn’t matching up to your job title anddescription. For example, if you’re a waitress but claim you’remaking $60,000 monthly, the underwriter on the loan isgoing to question and take another look at your file. Everyjob has a median pay range depending on location and otherfactors, Underwriters can use resources that allow them tosee the pay range for specific job titles and descriptions.Even though they are not always exact or accurate,underwriters are usually in the right ballpark.**There is apossibility that an underwriter your lender may require youto fill out an IRS Form 4506. This will allow the lender torequest from the IRS verification of your tax returns forthe most recent past 2 years.



Is there a minimum credit score?

The minimum credit score requirement will depend on

your lender and will vary by lenders and by loan

programs, be sure to shop around to find the right

lender who can work with your situation.



Is there a minimum down payment required?

The minimum down payment requirements will vary

depending on the lender and program, but keep in

mind stated asset programs usually require a higher

down payment than conventional loans.



Getting the Best Deal

To find the best deal when looking into a stated asset loanwill require quite a bit of shopping around. Not all lendersoffer stated asset loans and the ones who do usually onlyoffer select products. You may find multiple lenders whooffer the same programs, but not always the right programfor your situation. Finding the right lender for you and yoursituation can’t get much easier than starting right here. It’sfast and easy, just submit your information and we do all thehard work for you and find you the best lender that matchesyour situation. Did we mention it’s free?



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C L I C K H E R E



Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

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