{"id":2355,"date":"2021-08-23T12:32:33","date_gmt":"2021-08-23T19:32:33","guid":{"rendered":"https:\/\/usezloan.com\/?p=2355"},"modified":"2021-08-26T11:46:44","modified_gmt":"2021-08-26T18:46:44","slug":"2355","status":"publish","type":"post","link":"https:\/\/usezloan.com\/index.php\/2021\/08\/23\/2355\/","title":{"rendered":"\uc735\uc790\uc9c0\uc2dd218-\u00a0 STATED INCOME A UNDERWRITING GUIDELINES 2 7\/1 PORTFOLIO ARM (STATED INCOME)"},"content":{"rendered":"

\uc735\uc790\uc9c0\uc2dd218-\u00a0 STATED INCOME A UNDERWRITING GUIDELINES 2
\n<\/strong><\/span><\/p>\n

7\/1 PORTFOLIO ARM (STATED INCOME)
\nPRODUCT FEATURES
\n\uf0b7 Available for Primary, Second Home and Investment Properties
\n\uf0b7 Available for Purchase, Rate\/Term, and Cash-Out Transactions
\n\uf0b7 Does NOT have to be a business purpose loan
\n\uf0b7 Provides two options for income documentation:<\/p>\n

Alternative Documentation and Asset \u2013Based Income Option (ABIO)<\/p>\n

ONE SIMPLE PRODUCT<\/strong>
\nBASE RATE 4.75%
\n\uf0b7 7\/1 LIBOR ARM (WSJ)
\n\uf0b7 Fixed for 7 years, adjustable for 23 years
\n\uf0b7 No Interest Only features
\n\uf0b7 No Balloon payments
\n\uf0b7 No Prepayment features
\n\uf0b7 Margin is 2.75% & Caps are (1\/2\/5)<\/p>\n

STANDARD ALT DOC OR ABIO?
\nAlternative Documentation, Asset Based Income Option (ABIO)
\nNo Paystubs
\nNo Tax Returns
\nNo Tax Transcripts<\/p>\n

 <\/p>\n

Alternative Documentation<\/span><\/strong><\/p>\n

Verification of Income
\n\uf0b7 Profit & Loss Statement verified
\nby a licensed 3rd party within 6
\nmonth coverage (Self Employed
\nBorrower)
\n\uf0b7 Written VOE (Wage Earner)<\/p>\n

Verification of Job
\n\uf0b7 CPA Letter & Business License
\n(Self Employed Borrower)
\n\uf0b7 Verbal VOE with 2 year history
\nof employment (Wage Earner)<\/p>\n

 <\/p>\n

Asset Based Income Option (ABIO)<\/strong><\/p>\n

Verification of Income
\n\uf0b7 Asset-Based Income Verification<\/p>\n

Verification of Job
\n\uf0b7 CPA Letter OR Business
\nLicense (Self Employed
\nBorrower)
\n\uf0b7 Verbal VOE (Wage Earner)
\n\uf0b7 Employment Listed on Credit
\nReport<\/p>\n

 <\/p>\n

WHAT IS THE 6 MONTH P&L REQUIRMENT?<\/strong>
\n\uf0b7 If the current tax year has passed 6 months, provide current tax year
\nP&L for two quarters
\n\uf0b7 If the current tax year has not passed 6 months, provide current
\nyear P&L and previous year full 12 month P&L.<\/p>\n

FOREIGN NATIONAL BORROWERS
\n\uf0b7 The Foreign National program allows for citizens of foreign
\ncountries to purchase a second home in United States.
\n\uf0b7 No FICO or international credit report is required.
\n\uf0b7 Borrower cannot be US Citizen or Green Card holder.
\n\uf0b7 Must follow Alternative Documentation income requirements by
\nproviding letter of employment and verification of income from
\ncompany letterhead
\n\uf0b7 All documents must be translated by a third party translator
\nFICO SCORES
\n\uf0b7 No FICO score reporting on any of the 3 bureaus (if one fico score \u2013
\nineligible; if two fico scores \u2013 falls under regular rules)
\n\uf0b7 Borrower can be US Citizen or Green Card holder
\n\uf0b7 Must follow standard streamline income requirements.
\n\uf0b7 Priced similar to the Foreign National program.<\/p>\n","protected":false},"excerpt":{"rendered":"

\uc735\uc790\uc9c0\uc2dd218-\u00a0 STATED INCOME A UNDERWRITING GUIDELINES 2 7\/1 PORTFOLIO ARM (STATED INCOME) PRODUCT FEATURES \uf0b7 Available for Primary, Second Home and Investment Properties \uf0b7 Available for Purchase, Rate\/Term, and Cash-Out Transactions \uf0b7 Does NOT have to be a business purpose loan \uf0b7 Provides two options for income documentation: Alternative Documentation and Asset \u2013Based Income Option […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[7],"tags":[],"class_list":["post-2355","post","type-post","status-publish","format-standard","hentry","category-financial-study"],"_links":{"self":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2355","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/comments?post=2355"}],"version-history":[{"count":8,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2355\/revisions"}],"predecessor-version":[{"id":2388,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/posts\/2355\/revisions\/2388"}],"wp:attachment":[{"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/media?parent=2355"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/categories?post=2355"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usezloan.com\/index.php\/wp-json\/wp\/v2\/tags?post=2355"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}