STATED INCOME LOANS ARE BACK---CAN YOU BELIEVE IT?

That's right ! The so called Stated-Income Loan so controversial and actually loathed by those of us tax payers who thought lenders were much too promiscuous in doling out loans many people could not afford...are back, albeit with a different business model. Here is a thumbnail on what is expected:

1. 30% minimum down payment

2. 700+ FICO score

3. Self Employed (but not involved in real estate)

4. Have cash reserves of 6-12 months of PITI

Give me a call at 760-497-2227 if you would like me to begin the process.

We have financial representatives on site at Windermere Real Estate, plus we have the added benefit of many insurance programs offering superior rates to keep PITI payments down.

THE FIVE C's of LOAN APPROVAL

Also, just a few days ago it was reported in the SDUT that borrowers face essentially 5 C's of loan approval. They are: 1. Capacity. The ability to make monthly payment; 2. Character. Your willingness to make monthly payments; 3. Capital. your liquid assets; 4. Collateral. The value of the property you want to buy; 5. Compliance. A due diligence process where the underwriter will make sure the loan meets lender's eligibility standards.