Is the recent Dow plunge a sign of things to come? Rates dropped from nearly 5% and settled back in the mid 4’s following the Memorial Day Holiday. Inventory remains low in most California markets and demand is higher than the availability.
At TargetRate we have seen an increase in requests for stated income loans. These are loans where a borrower’s reported tax returns are not used to qualify. We have two ways to analyze this type of transaction.
One is to simply go with the income that the borrower claims they make. The other is to add up all the bank deposits over the last 12-24 months and then use that average as the borrowers income.
Both options will require the borrower to accept a slightly higher interest rate than a typical 30 year fixed but they offer great options to help a borrower obtain the financing they need.
Stated Income is back. Target Rate now has available new options for “stated” income type loans. To discuss your confidential scenario please contact Mitch Lichterman Mitch@TargetRate.com or Click Here to schedule an online appointment
Phone: 310-478-4999
Email: mitch@targetrate.com
Skype: mitch.lichterman
