STATED INCOME ALT in 2018
I don't care what anyone says, the fact is the 100% No Doc, Hybrid Option Arms with No PMI and 2% start rate was an AWESOME financing tools for responsible borrowers.
However, they were like taking a 15 yr old from a mini-bike to a Ninja motorcycle for the first time and telling them to be very careful! What did 90% of people do? "I'm an "experienced" investor, I've bought 4 houses, so I got this" .... Full Throttle baby!
Post Dodd Frank Act and all the new Federal lending laws, proving ATR (Ability To Repay) is the name of the game these days.
Stated Income ALT loan programs for Florida are filling the void.These programs are much more lenient and allow Alternative income streams to qualify such as:
- Liquid Asset calculations for income
- Business Bank Deposits
- Personal Bank Deposits
- Expected Income
- New Employment income
- 1099 Income
- Commissions & Bonuses
- Account Receivables
- Note Receivables
- Contracts for future income
- New Rental Income
- Expected Rental Income from property planning to rent
- Considerably different calculations on Tax returns
Has anyone seen these new Stated Income ALT programs that are filling the void between Fannie Mae and Hard Money?