Can I get a stated income refinance?


Yes, a stated income refinance has the same rules as a stated income purchase.

There are different levels of stated income transactions - some are known as no income verification loans. They have slightly different rules in assessing the creditworthiness of a borrower and the interest rate increases as paperwork volume goes down. Credit rating is the predominant factor in lender's decision-making process, and a FICO of 640+ is often the minimum lenders consider for reduced doc loans. Or, rates get subprime.

General Stated Income Purchase and Refinance Loans

A stated income refinance mortgage when income is only stated, but assets and income sources are verified, is the SIVA (stated income verified assets) loan. This is the closest to full doc loans, and rates are close to full doc loans rates.

A SISA loan - stated income stated assets - verifies neither income, nor assets. 2-year track of employment and credit rating are almost all you need to provide the lender with. Loan-to-income ratio will be considered, though.

No Doc, No Ratio, and NINA (no income no assets), or NIVA (no income verified assets) are variations of the stated income purchase and refinance mortgage loans requiring basically a Social Security Number and the address of the property to purchase. If the borrower decides to share with the lender how they make a living and what assets they have, the more they disclose, the better rate they get.

Currently, stated income refinance or purchase with less paperwork than SIVA can be very tough to get for a home equity line (HEL) or a second mortgage, due to credit market condition.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
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