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Stated Refinance Program
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Stated documentation programs allow borrowers who have difficulty documenting their true income and/or assets with the option to literally state their income or assets to qualify for their refinance.Sometimes though the underwriter will use the 90th percentile too, just ask your AE what their u/w's use.
A lot of underwriters go to salary.com and add 30% to the 75th percentile and divide by 12mo to come up with a "ceiling" on how much the borr can state before the file is countered with a "lite doc" or "full doc" approval.
Because you are simply stating your income on your loan application and you are not documenting your income at all on a stated income loan there will generally be a slight rate bump or increase to your interest rate on this type of program. Whenever you use a stated refinance program this has a higher risk to a bank because they are not actually documenting or verifying that you make the amount of money that you are stating on your loan application and thus this is the reason that there is usually a small rate increase added to this loan type.
A stated loan program is a perfect program for self employeed indiciduals who have not taken out regular paychecks and have trouble verifying their income.
Stated income refinance programs have come under quite a bit of scrutiny as of late. While many programs are still available, these loan programs are designed for those who have trouble documenting their income, rather than for folks who simply do not earn enough money.
Stated mortgage programs are not an opportunity for the borrower or the mortgage broker to lie about income. Falsifing a mortgage loan application is a crime and you could be punished if caught. Never let a loan officer talk you into stating a income higher then you actually earn.
Many brokers have access to Stated Income, Stated Assets loans with no difference in interest rate from a Full Documentation loan. These loans are available to borrowers with excellent credit and perfect payment history.
Some Stated Income Programs require Verified Assets. This means that the lender wants to see that the borrower has some liquid assets such as checking, savings or investment accounts.
Some Stated Income and Verified Asset programs allow you to count the Cash-Out on a refinance towards these assets.
Stated refinance program refers to the lenders documentation requirements to obtain the loan. In a stated program the income is stated, or declared instead of verified.
Some lenders will not have any bump to the rate on certain stated income loans such as purchases and rate and term refinances up to 95% of the value of the home. However you must have a FICO score over 700 and have a long and excellent payment history.
Stated Refinance Program in the News:
| ICTSI raises $250M from bond offer, sets higher capex for ’10 (Philippine Daily Inquirer) |
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Port operator International Container Terminal Services Inc. (ICTSI) successfully raised $250 million from a recent sale of 10-year bonds, proceeds of which will be used to mainly refinance existing obligations.
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| Deans Knight Income Corporation Releases Annual Financial Statements and Management Report of Fund Performance for the ... (Marketwire) |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2010) - Deans Knight Income Corporation (the "Company") (TSX:DNC) is pleased to release its annual financial statements and Management Report of Fund Performance for the year ended December 31, 2009. T
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| Press adds to St. Vincent’s trauma, hospital’s docs say (Gay City News) |
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As St. Vincent’s Hospital struggles to stay afloat, top physicians at a “visibility rally” on Sun., Feb. 21, said a main obstacle the hospital is facing is negative media coverage.
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| Fitch Rates District of Columbia's $127MM SIFMA Index Income Tax Revs 'AA' (Business Wire via Yahoo! Finance) |
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NEW YORK----Fitch Ratings assigns an 'AA' rating to the following District of Columbia income tax secured revenue bonds:
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| NuVista Announces 2009 Year End Results (Marketwire) |
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CALGARY, ALBERTA--(Marketwire - March 8, 2010) - NuVista Energy Ltd. (TSX:NVA) is pleased to announce its financial and operating results for the three months and year ended December 31, 2009 as follows: /
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