Stated Income Loans Available In San Diego

Stated income home loans are now available again in San Diego.  The term stated income refers to a borrower being allowed to “state” their income on a loan application and not have to document their income.  These home loans do not require paystubs or tax returns to document the income that is being stated on the loan application.  Stated income loans got a bad reputation before the housing crash in 2008 because they were abused and offered to low credit borrowers with low down payments.  This time around stated income home loans require higher credit scores, require borrowers to be self-employed and require larger down payments.

The good news is that the return of stated income home loans allows self-employed borrowers with complicated tax returns or uneven income the last few years to be able to buy a home or refinance their homes once again.  Below are some of the features of stated income loans:

  • Income is stated on the loan application but not verified
  • Loan amounts up to $2 million
  • Minimum credit score is 700
  • 30% down payment minimum
  • Cash out refinances available
  • Self-employed borrowers only
  • Primary residence or second homes only
  • One unit single-family or PUD only

So this is a great opportunity to be able to get back into home ownership or refinance your home if you are a self-employed borrower.

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