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Welcome
to TMC Lending!
Your source for consumer information
FHA Loan
Construction/Perm
Interest Only
Mortgage
Commercial Loans
Real Estate
Investor
Refinance
Loan Modification
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Stated Income Loan
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Stated Income Loan products are the most commonly used and least expensive product
in the reduced documentation suite of programs. Stated income loan products are often the perfect choice if you have verifiable employment and assets. Income that is stated on the
loan application must be
reasonable in terms of your occupation and assets, Stated income loan products
are available as a fixed or variable rate loan. Stated income loan products are
available for purchase or refinance. Email
stated income
loan questions. I also offer stated income
business equipment leasing to business owners. Stated Income Loan products are the least expensive reduced documentation
product if it works for you. If a stated income loan does not, a No Ratio
or true No Doc loan may be a better
choice. The point is, with decent credit, I can guide you to the least expensive
loan which will work in your situation.
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Available Stated Income Loan Terms
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Stated Income Loan products are available as: 30 year fixed rate require only 5% equity however, rates
for stated income loans are lower with more equity.
100% stated Income loan products are available for owner occupied residences. Perfect credit is required but only 2 months of liquid reserves.
1, 3, 5, and 7 year stated income ARMs are available. Home Equity
stated income loan and Second Trust programs are
available.
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Allowable Use and Property Types
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Stated Income Loan products are available for Single Family, Townhouse, some
manufactured housing, and low rise condos. Some programs allow high rise condos
2-4 unit buildings, second homes, or investment properties but are slightly more
expensive or require more equity. Allowable uses are for purchase or rate and
term refinance. The programs will allow a "cash out" refinance. Please contact me with the
specifics of your situation for guidance. If you are unsure Stated Income
loans are the right answer for you, I have included a page on traditional
mortgage documentation requirements which may be useful. |
Underwriting Guidelines
Some general guidelines
- Minimum middle credit score is 620
- 5 credit accounts are required. 3 may be from alternative sources-utility,
auto insurance, etc.
- Bankruptcy and foreclosures must be discharged for 3 years with
reestablished credit
- Two years employment with same employer
- Two months PITI reserves are required with an LTV <=80%. 6 months
reserves are required otherwise.
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Learn more about stated income loan closing costs
These programs allow you to purchase
or refinance a
single family, townhouse or condo. An investment property
Stated Income Loan can be a single
family, 1-2 unit, townhouse or condo. Vacation homes also can be a single
family, townhouse, or condo. The program can be used with our
construction/perm program.
Many of my clients are converting from fully amortizing payments to a
stated income interest only approach
with a significantly lower monthly payment. I have a page on calculating your qualification ratios.
* I have included a
section on the new Cash Flow Stated Income Loan. A LIBOR
or MTA based
product which gives you complete flexibility in managing your mortgage.
Read more about Stated Income
Loan
Closing Costs I can help with
stated income commercial loans
I also offer reduced documentation
business equipment leasing
In 2008, Short Sales are where most of the bargains in real estate are and
they are NOT just for investors. Learn
more about Short Sales
As a Certified Mortgage
Planning Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your consumer and mortgage debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.
New! View
my
Wealthbuilder presentation and learn the safe way to manage your debt
and fund your retirement.
I hope the information on this page was useful to you. Please scroll down
to view my
Mortgage Market Guide. It is a weekly publication explaining the financial markets
from a consumer's perspective that is available on this website or by
email subscription. I have nearly 8,000 subscribers today and would be happy to have you as
well. Your email address will never be used
for any other purpose.
Prequalify for your Stated
Income Loan.
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