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Stated Income - Verified Assets
STATED INCOME - VERIFIED ASSETS (SIVA)
Katz Mortgage Team, backed by Fairway Independent Mortgage Corporation is pleased to offer "Stated Income" loans requiring no income verification.
MORTGAGE:
30-Year Fixed, 20-Year Fixed, 5/1 & 10/1 ARM
ELIGIBLE PROPERTIES:
Fee simple, single family, owner occupied units and second homes (detached).
LOCATIONS:
GA, TN, NC, SC, VA
MAXIMUM LOAN AMOUNT: $750,000
MINIMUM LOAN AMOUNT: $80,000
MAXIMUM LOAN-TO-VALUE:
PRIMARY
Purchase and Rate & Term Refinances
LTV/CLTV
80%/80% $750,000 credit score 730
75%/80% $750,000 credit score 720
70%/80% $750,000 credit score 700 (add .125 to rate)
65%/75%$750,000 credit score 680 (add .125 to rate)
CASH-OUT
70% $750,000 - limited to $50,000 or 10% of loan amount,
credit score <720 (add .125 to rate).
**Paying off a HELOC, that has been drawn on in the last 12 months,
will be considered cash-out.
SECOND HOMES - Add .125 to Rate
Purchase/Rate Term
LTV/CLTV
80%/80% $750,000 credit score 740
75%/80% $750,000 credit score 720
Reserves - Must be verified - must be liquid personal funds, cannot be business funds, and if joint account, both parties must be on the loan.
* 6 months required for primary.
* 9 months required for second homes.
4506 REQUIRED
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