Stated Income, it's back! I have the most wonderful news. No, don't fall of your chair, this amazing program is just the start of a new wave of laon products offered by my team, and these rates, LTV, and conditions will soon become the industry norm.
What does this mean for you the consumer, who is interested in purchasing in Phoenix Arizona? It depends on how you look at it and if you qualify. Lending has tightened their regulations for the past few years, and in a constant changing market, consumers need to have a realtor who stays on a ever changing market, not only in real estate but in lending as well. In the past, I use to originate loans, and I am so happy to give you this great news as a realtor.
Let's get to the point, what do you need to qualify for stated income?
Minimum 720+ Fico/12months reserves, self employed, wants a minimum 500,000.00 + to a 3 Million Loan/ Has 40% to put down or 40% equity in their home/programs are 3,5,7, and 10 year fixed/ Rates start at 5%-5.75% (5.42%-6.18%APR), 3point (seller can pay). How amazing is this? Granted it's not like the old days where you didn't need docs and having a lower credit score was not an issue. This is a great loan for anyone who is motivated to buy luxury homes, and in Phoenix Arizona with prices at in all time loan, this is a great product for anyone.
If you need any additional information, please don't hesitate to contact me.