No income qualifying mortgage

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,059
162
63
San Diego, California
www.loansreduced.com
Well folks, the day is back where we can finally say SIVA loans exist again. These loans aren't nearly as comparable as the ones that were issued prior to the mortgage meltdown in 2008 so before we start assuming the crash is ahead let's take a look at the program guidelines. You may be asking what is a SIVA loan? SIVA loans "Stated Income, Verified Assets" were fairly popular and allowed some people into homes that wouldn't have otherwise qualified.

This loan has recently been launched and I am only accepting a certain number of applications at this time. Being that it is what we would call a "NO RATIO" loan product, federal taxes, paystubs, w2's and 1099's are not required to be submitted to underwriting.

What are the requirements for a No income qualifying mortgage?
  • INVESTMENT PROPERTIES ONLY (Call about my Bank Statement Program for Primary & 2nd Home)
  • Down Payment of 20% or greater is required
  • FICO score of 640+
  • Loan Amount at this time 200K or larger
  • Cash Out Refinances OK
  • Interest Only Available
  • Loan Amount Maximum 2.5MM
  • Condo's warrantable and non-warrantable OK
  • 2-4 Unit Properties OK
  • Reserves required of 4+ months
  • Almost all 50 state lending (call to confirm)

There is a pre-payment penalty on these loans of 3 years unless bought out however no balloon payment. 5/1 ARM, 7/1 ARM and 30YR/Fixed rates available. You can buy out the pre-pay with a penalty to the interest rate if you're assuming that you won't be in the loan for long.

What type of documentation do you need?
  • Driver License/ID – must be a citizen
  • Asset statements to show you have the required down payment
  • You must own a property now
  • 660 FICO required at 20% down
  • 640 FICO requires 25% down

This is the ONLY product that I know that exists like this that is not considered Hard Money and does not have extremely high interest rates (don't get me wrong, they are higher than conventional or government loans).

As you can see there is a decently large financial investment required up front in addition to verifying the borrowers ability to afford the mortgage by verifying reserves. We have found that these loans are performing quite well after closed which is why we are now launching it to a wider space.

There are other products in addition to this which may allow for better interest rates. It's of course my job to determine which program would suit you best based on your scenario.

If you would like to find out more information about this, please reach out to me at: [email protected], apply online at www.LoansReduced.com or call us at 800-779-4547 and we would be happy to answer any questions you have as well as go over a rate quote.
 
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Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,059
162
63
San Diego, California
www.loansreduced.com
Success Story:
Borrower living in a condo in Hollywood working as a movie producer (one of his films was just released). He had no way to document his income and received his money in big huge chunks at a time whenever one of his movies was released. He wanted to buy his first investment property, it was a single family residence with an Accessory Dwelling Unit or what some call a Granny Flat.

This borrowers main concern was being able to pay the loan off quickly. Unfortunately we were only able to buy the pre-payment penalty down to one year but he was fine with that and plans on paying the home off as soon as the pre-payment penalty is gone.