STATED loans ARE available for good borrowers who deserve a stated loans.
While the program is available, it is not the "one size fits all" stated programs that we are used to. We need premium borrowers. Even the location and details of the property are important.
Loans are available for Owner, Investor and Second homes.
Rates/Terms
Rates for Owner Occupied PURCHASE loans come in two varieties:
1.) 5.875% 3/1 ARM, or
2.) 6.75% 5/1 ARM.
Either option is available as Interest Only for 0.125% rate increase.
Refi rates are 0.75% higher, and Cash Out are 1.0% higher.
Add 1.0% to rate for Investor loans or Second Homes.
Rental Units: add 0.25%
All rate adds are cumulative.
* Down payment requirements: 30% for Owner Occupied, 35% for Second Homes 40% for Investors.
* Loan limits: In Santa Barbara, Ventura, Orange, Los Angeles, and San Diego counties the minimum loan amount is $400,000, maximum of $3,000,000.
* Loan costs: 2 points plus $995.
* Assets: Borrower must have 6 months of qualifying income as liquid assets.
* Work info: Self employed only. (Sorry, no real estate professionals.)
* Property info: SFR only, home cannot be on a slope, 5 acres max.
To learn more, call us at (909) 702-3220.
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