Stated Income Home Loans up to $3,000,000 Are Back!

By Raymond Stoklosa · July 16th, 2009

stated income home loans in San Mateo County

Update: Stated Loan Program Has Been Put on Hold Until Next Year

If you would like to be notified when the stated home loan program is reinstated, please input your name and email into the form below and we’ll notify you as soon as we know more.

cforms contact form by delicious:days

Good news for San Mateo County’s self employed borrowers. Stated loans in San Mateo County are back. Chris Williamson, our Co-Author just informed me he now has access to these hard to find loans. In fact, they are still hard to find as he is the only lender in Northern California who has access to stated income loan programs.

What is a Stated Loan?

A stated income home loan allows the borrower to simply state their income on the mortgage application. The lender agrees not to verify their income with pay stubs and/or income tax returns. The borrower must document their assets and have a credit score above 700. A stated loan is not a No Doc loan as some documentation is required.

Why is this Important to Self-Employed Borrowers?

Self-employed borrowers who have tax write offs have a lower net income at the end of the year and therefore may not be able to qualify for a mortgage they could otherwise afford if they documented their income as employees do. They have really been hit hard with the mortgage crisis and the freeze on these stated income loans. Even those who already own a home and wanted to refinance into a lower interest rate were unable to qualify for the loan they already have and have been paying in full and on time for years.

How Much Do I Have to Put Down?

For this program a 30% down payment is required for loan amounts up to $3,000,000.

What are the Other Requirements?

The property must be an owner-occupied, single family residence. Buyers cannot be first time home buyers, cannot work in the real estate industry and secondary financing is not allowed.

Where Can I Buy a Home?

Northern California eligible counties include

San Mateo County
San Francisco County
Marin County
Sonoma County
Napa County
Contra Costa County

Are You a Self Employed Borrower Looking to Purchase or Refinance?

Call our Co-Author, Chris Williamson, Mortgage Advisor at Mortgage California in San Mateo or put your name and email or phone number in the form below and Chris will contact you. Chris can help you determine if this program will work for you.

cforms contact form by delicious:days

Check Out our Unique Buyer Representation Program

Then, once you have determined how much you can afford, contact us and we can help you come up with a game plan. Learn more about our Buyer Representation Program and how it is All About You!

Other Posts You May Enjoy