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STATED INCOME LOANSBuckeye Mortgage Company provides financing for both residential and commercial real estate, on both a full documentation (“full doc”) basis, as well as a so-called stated income (“stated”) basis. In addition to requiring signed copies of the borrower’s last two year’s state and federal income tax returns, “full doc loans” obligate the borrower to provide verification of all assets, liabilities and income items shown on the standard loan application form 1003. This, of course, means that copies of all checking, savings, investment and retirement accounts must be provided to the lender. For a variety of reasons, mostly privacy concerns, many borrowers do not wish to disclose their entire net worth to persons or companies largely unknown to them; thus, the stated loan alternative. Stated loans, on the other hand, do not require verification of assets or income. However, the income stated by the borrower must be deemed reasonable and consistent with the borrower’s profession. Valid social security number(s) are mandatory, as stated loans are by definition, made based on the borrower’s credit worthiness and the appraised value of the property being financed. Typically, the minimum credit score for stated loans is 680 but may be as low as 620 in some circumstances. (See section on Impaired Loans for stated products for borrowers with lower credit scores.) Single family owner-occupied homes may be financed on a stated basis at fixed rates for up to $650,000, amortizing over 10, 15, 20, 25 or 30 years with a maximum loan-to-value (“LTV”) of 90%. If the loan is a cash-out refinance, the LTV is 75%; if it is for a second home, the LTV drops to 70% - secondary financing is not allowed in either case. Stated loans, because they demand considerable less borrower verification, are priced at a premium over full doc product. In today’s market, that premium is approximately .375% over the full doc rate. For a loan of $100,000 whether it amortizes over 15 or 30 years, the premium amounts to approximately $25 per month. To determine if a stated loan might be right for you, contact Buckeye Mortgage Company today! GETTING A MORTGAGE LOAN MAY BE EASIER THAN EVER! APPLY FOR A STATED INCOME MORTGAGE LOAN IN WEST VIRGINIA TODAY! CALL US TOLL-FREE TODAY @ (866) 700-4290 FOR STATED LOAN QUALIFICATIONS & PREMIUMS!Serving West Virginia & Ohio |
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