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Stated Income Loans

I own a condo on the beach in Malibu with a mortgage of approx $363,000. The current value of the property is approx $900,000 to $1,000,000. I would like to refi to a lower rate and/or take out a home equity loan. I am a small business owner who has been in business for over 25 years. I need to do a stated income loan and I have a credit score of about 720. Any suggestions??Thanks by question from Malibu, California. Jul 16th 2012 Reply


Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

There is no way to do a SISA loan anymore, especially in CA, that I'm aware of. You may be able to do a SIVA (Stated Income Verified Assests) loan as long as you have excellent credit and verifiable assets within proper thresholds, but that is a niche loan and would probably depend on what state law allows. Good luck

Jul 16th 2012
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Peter Botros (PeterBotros)
#71 ranked lender in New York - 895 contributions

Travis is correct, there are still SIVA loans available. I am not sure who does them in CA, visit your local lender and see what they advise you to do.

Jul 16th 2012
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Finance1online is still doing stated income loans in several states to 70%. No doc to 50%. Also, 80% for self employed borrowers who can show their business financials (gross receipts)...no personal financials. frank@finance1online.com

Jul 24th 2012
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Bill Cook (loanpro)
#663 ranked lender in California - 43 contributions

These options are still available from a few portfolio lenders and not at hard money rates. What is your liquid asset situation?Tim@loanshoppers.net

Sep 5th 2012
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Finance One is still doing Stated Income Loans (SIVA). Go to http://www.finance1online.com/stated-income-loans/ for more information. There is also a program for business owners to qualify of business gross receipts and no personal financials. Very powerful!

Sep 12th 2012
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed. o No prepayment penalty.o Up to 70% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact:LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Jan 15th 2013
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed.o No prepayment penalty.o Up to 80% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact: LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Apr 18th 2013
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Bill Cook (loanpro)
#663 ranked lender in California - 43 contributions

We still have stated income loans even after Jan 1, 2014 and in compliance. (CA, WA, OR, TX, CO) . NOT hard money high rates either. Your scores and loan to value will fit, Now, it's just the matter of analyzing the business and "stated" income.

Dec 16th 2013
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Craig Barton (craig@cbloans.com)
#441 ranked lender in California - 5 contributions

Yes with Small business owner can show cash flow have 12 month of reserves CD or Bank statements ,credit 720 and business account show draws to business owner for last 3 months One problem maybe loan must be over 417,001 you could cash out.Call to see if we can helpCraig 310 374 9000 ww.cbLoans.com

Feb 18th 2014
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Craig Barton (craig@cbloans.com)
#441 ranked lender in California - 5 contributions

Yes with Small business owner can show cash flow have 12 month of reserves CD or Bank statements ,credit 720 and Plus show business account show draws to business owner for last 3 months One problem maybe loan must be over 417,001 you could cash out.Call to see if we can helpCraig 310 374 9000 ww.cbLoans.com

Feb 18th 2014
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Karen Mansfield (kmansf_915_841)
#581 ranked lender in California - 9 contributions

Are you sure that you need a stated income loan? What is your adjusted gross income per your 1040s?

Jul 16th 2012
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Kofi Akpabla (KofiAkpabla)
#22 ranked lender in Connecticut - 37 contributions

You should try portfolio lenders in your area to see if they will do a SIVA. I know here on the east coast, we have a couple that still to stated as long as you are self employed, have decent credit, significant verifiable assets, and a low loan to value. If you were here in New York I would have the perfect lender for you!

Jul 16th 2012
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed.o No prepayment penalty.o Up to 80% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact: LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Jul 1st 2013
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