Stated Income Verified Assets (SIVA)
* I refer this program to another loan officer as we are not set up with the bank that does this program. Please let me know your scenario and I can connect you with Anthony, the loan officer who does these. He is able to do these loans in CA, GA, MA, NY, NV and WA.
SIVA is designed for Borrowers with a good amount of equity or down payment and that is the greatest deciding factor in underwriting this product. There is NOT a minimum Fico score requirement nor employment verification of any kind. Not only is this the only SIVA product with rates starting in the 6’s in the Nation, it’s also an easier process than most Hard Money transactions.
Program highlights:
Reserves :
- 60% LTV Purchase & Refi R/T
- 50% LTV Refi C/O to Unlimited**
- O/O + N/O/O - rates are the same
- 1 day ownership seasoning OK
- SFR 1-4, Condo’s, PUD’s (Warrantable Only ((Freddie-Mac Guidelines))
- Counties that qualify - see below
- Income is not verified by any means
- No Minimum Fico Required
- Foreign National Borrower’s OK – Passport Only
- Minimum 1 Year out of Bk, FC, SS
- 0×60 Allowed in Past 12 Months
- Collections over $5K + All Tax Liens + Charge-Offs must be paid at closing
- No Max Properties Owned/Financed
- 5/1 ARM, 10/1 ARM and 30 Year fixed are available
- W2, Self-employed or Retired is OK!
Reserves :
- 12 months reserves if all 3 scores are over 700
- 18 months if all 3 are not over 700
- 24 months on NOO
Stated Income HELOC
Max LTV/CLTV 50% - No Exceptions
1-4 Unit OO and OO
No Minimum Credit Score
*NOT AVAILABLE FOR FOREIGN NATIONAL OR PURCHASES
Reserve Requirement as Follows:
OO All Scores >700 12 Months x PITIA SUBJ ONLY
OO Not all scores >700 18 Months x PITIA SUBJ ONLY
NOO 6 Months x PITIA SUBJ ONLY
Rates:
OO 1st Lien Prime + .75%
OO 2nd Lien Prime + 1.5%
NOO 1st Prime + 1.00%
NOO 2nd Prime + 1.75%
Draw period - 10 years
On the 121st month, the loan will convert to a 20 Year ARM for the Due and Payable period with a Note Rate equivalent to that of the 121st month.
1-4 Unit OO and OO
No Minimum Credit Score
*NOT AVAILABLE FOR FOREIGN NATIONAL OR PURCHASES
Reserve Requirement as Follows:
OO All Scores >700 12 Months x PITIA SUBJ ONLY
OO Not all scores >700 18 Months x PITIA SUBJ ONLY
NOO 6 Months x PITIA SUBJ ONLY
Rates:
OO 1st Lien Prime + .75%
OO 2nd Lien Prime + 1.5%
NOO 1st Prime + 1.00%
NOO 2nd Prime + 1.75%
Draw period - 10 years
On the 121st month, the loan will convert to a 20 Year ARM for the Due and Payable period with a Note Rate equivalent to that of the 121st month.
* all of the above is subject to change without notice. Please email me for more information.