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Orange County Home Mortgage Loans |
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| Questions? Call (800) 745-1995 |
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The stated income loan is really based more upon qualification criteria - which may not be as rigorous as other types of loans. An appraisal is needed as well as some level of credit verification. This is not to say that the applicant needs perfect credit - but good credit with decent FICO scores needs to exist. Beyond that, specific income doesn't need to be proven - but some proof of self employment does. In other words, proof that some form of income (viable) is necessary - but the specific amount doesn't have to be proven beyond a reasonable doubt. Also, in the case of no ratio loans - no proof of income or a job is required. Stated Income Loans are often used for self employed professionals with an established track record of performance within their industry - but whose income, due to the nature of their business, can fluctuate. Many homeowners living in the more upscale areas of Orange County such as the coastal areas from Capistrano northward through San Clemente, Dana Point, Laguna Beach, Newport Beach and up into the Huntington Harbor and Seal Beach areas are candidates for this type of loan. A stated income loan candidate will typically have a strong balance sheet and reasonably good credit. It is possible that bank statements for a given period of time may need to be produced. |
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