Stated Income Loans Are Back

loan approvedFor would be home buyers with inconsistent income or a lot of expense deductions, getting a home loan has been tough since the “Great Rightsizing”  (as I fondly call our recent market correction).

Fortunately, things in the home lending world are about to get a little friendlier for entreprenuers.

Stated income loans are back! Here are the details:

  • 70% loan to value up to $1M or 60% up to $2M
  • 700+ FICO score
  • No restrictions on industries or job descriptions
  • Single family residences only (no condos)
  • OK for second homes (but not investment properties)
  • Post-closing reserves required
  • Minimum loan is $417,001

Contact me for details. In the meantime, start shopping!

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