For 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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