The Versatility of Stated Income Loans
Stated Income Loans are transforming the lending landscape in real estate, offering a flexible solution for both investors and owner-occupying homebuyers.
In areas like Las Vegas, these loans are particularly appealing for those who prefer a streamlined income verification process, balancing convenience with competitive terms.
Benefits of Stated Income Loans
Simplified Income Verification
Stated Income Loans bypass traditional income documentation, relying instead on the borrower’s stated income.
This flexibility is vital for self-employed individuals, entrepreneurs, and those with non-traditional income streams.
Attractive for a Broad Range of Property Types
These loans are versatile, covering all property types—from single-family residences to multifamily units, making them suitable for a variety of real estate goals.
Comparable to Conventional Loans
The interest rates for Stated Income Loans are highly competitive, often comparable to conventional loans, making them an attractive option for those prioritizing the convenience of stated income features.
Key Features of Stated Income Loans
| Feature | Detail |
|---|---|
| Loan Amount | Varies, typically up to $5 million |
| LTV (Loan to Value) | From 50% Up to 75% |
| Interest Rates | High 6’s to high 7’s, market-dependent |
| Credit Score Requirements | 690+ |
| Documentation | Stated income with verification of reserves (savings) |
| Property Types | Residential, investment properties |
| Reserve Requirements | 12 to 24 months, depending on the investor |
| Processing Time | Streamlined due to simplified documentation |
| Appraisal Requirements | Standard property appraisal |
| Eligible Borrowers | Investors, self-employed, owner-occupants |
Ideal Candidates for Stated Income Loans
Diverse Borrower Profiles
Ideal for excellent credit borrowers seeking investment opportunities or owner-occupied properties, especially those who value streamlined processes without the hassle of traditional income verification.
Process Overview
Begin your journey with Stated Income Loans by connecting with our experts. We’ll guide you through an efficient application process, ensuring your unique financial situation is understood and catered to.
Interest Rates: Adapting to Market Trends
Understand that interest rates for Stated Income Loans can fluctuate with the market. While they remain competitive and sometimes comparable to conventional loans, slight variations can occur, reflecting current market conditions.
The New Era of Home Financing
Are you ready to experience a seamless blend of convenience and competitive rates in your home buying or investing journey? Stated Income Loans offer a compelling solution, fitting a wide range of real estate objectives.
Example of 2 Different Banking Programs by Grand Prix Realty’s partners
Grand Prix Realty Premier Program
- Loan Types: (rates as of December 2023)
- 30-Year Fixed: 8%
- 5/1 ARM: 7.625%
- 3/1 ARM: 7.5%
- Key Features:
- Uniform Rates for Owner and Non-Owner Occupied
- Rate Improvement: 0.125% reduction for ACH mortgage payments from a checking/savings account.
- Minimal Documentation: No bank statements, P&Ls, CPA letters, 4506, or W2 transcripts required.
- Loan-to-Value (LTV):
- Up to 65% LTV for purchase or rate & term refinance for owner-occupied, max $2.5M.
- Up to 50% LTV for cash-out refinance.
- Up to 60% LTV for purchase or rate & term refinance for non-owner-occupied.
- Requirements:
- Minimum 690 FICO score.
- No bankruptcy, foreclosure, short sale, or charge-off history.
- 24 months PITIA in reserves.
- Availability: CA, IL, MA, MD, NV, NY, NJ, TX, WA.
Grand Prix Realty Flex Program
- Loan Features:
- No minimum FICO score.
- Up to 50% LTV for unlimited loan amounts.
- First or second position HELOC on both owner-occupied and non-owner-occupied.
- Current Rates: (December of 2023)
- 3/1 ARM: 6.25%
- 5/1 ARM: 6.375%
- 7/1 ARM: 6.5%
- 15-Year Fixed: 6%
- 30-Year Fixed: 7%