I'm beginning to enjoy these little doses of information provided for us by Huck Ferrill, mortgage consultant. Today's myth is one that I have heard often from clients looking at homes. See if this is something you are concerned about as a home buyer in Sacramento.
MYTH: Stated income loans are no longer available.
FACT: With adequate verified liquid assets (typically 6 - 12 months PITI reserves) and at least a 680 FICO score, stated income loans are available up to $5,000,000 for purchase or refinance of a primary or second home. Rate for a $4,000,000 loan is as low as 6.5% for one point (6.75% APR) interest only, 40 year term for product fixed for 3 years.
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