Stated Income Loan Refinance

Easily get approved with our Stated Income Loan Refinance product. This loan product is available for residential and commercial properties. This is usually for self employed borrowers and investment.

Millions of self-employed borrowers who purchased or refinanced a home in the past 5 years under liberal “stated income” or “no documentation” mortgage programs are finding they cannot qualify to refinance their Adjustable Rate Mortgages in today’s market, and are at risk of losing their homes to foreclosure when the fixed rate or minimum payment period on their Adjustable Rate ARM Mortgages resets or recasts to a much higher adjustable payment. In some cases, particularly for borrowers with Option ARM minimum payment loans, the payment could as much as triple over the next 3 years. Tighter lending standards, higher interest rates, and a slowdown in housing prices are making a dangerous combination for self employed borrowers. But there is light at the end of the tunnel for those who are able to take advantage of special fixed rate lending programs to lock in historically low rates and flexible loan options now, and plan their finances around meeting the lending guidelines of tomorrow.

Refinancing for the self employed has gotten significantly easier over the last few years, due primarily to ready availability of stated income and no income verification loans. These are loans for which there is little to no documentation required from you to substantiate your income for the purposes of qualifying for a refinance. Over the past few quarters, especially during the current quarter, credit score requirements for these types of mortgages have increased substantially.

To find out more see our “Hot Loan Products” for rates and guidelines.