Stated Income Mortgage Options for St George and Southern Utah
St George is unlike many traditional housing markets.
The city has experienced significant residential development while attracting buyers from throughout Utah and other western states.
People purchase homes in St George for many reasons: career opportunities, entrepreneurship, retirement planning, lifestyle, recreation and relocation.
That diversity also means St George borrowers can have very different financial profiles.
Some are salaried employees.
Others own businesses.
Some are independent contractors or professionals.
Others have significant assets or complex financial structures.
For borrowers who do not fit traditional mortgage underwriting, alternative mortgage programs can be worth exploring.
Stated Income Loans for St George Business Owners
Business ownership can create a disconnect between economic cash flow and the income reflected on documents used for conventional mortgage underwriting.
Tax planning may involve legitimate deductions that reduce taxable income.
Conventional mortgage underwriting may require tax returns and specific income calculations.
That can sometimes create difficulty for a borrower who otherwise has substantial assets, good credit and a strong financial position.
A stated income or alternative-documentation mortgage program follows its own underwriting requirements.
It is important to understand that "stated income" does not mean a borrower can simply claim any income amount without lender review.
Modern mortgage lenders have underwriting, credit, asset, property and eligibility requirements that must be satisfied.
Borrowers should provide truthful and accurate information throughout the mortgage application process.
Stated Income Purchase Loans St George Utah
A qualified borrower purchasing a primary residence may potentially access up to 80% LTV/CLTV.
The highest program tier described here requires:
720 credit score
80% LTV
80% CLTV
9 months reserves
A borrower with a 680 credit score may potentially qualify for:
75% LTV
75% CLTV
6 months reserves
A borrower with a 660 credit score may potentially qualify for:
70% LTV
70% CLTV
6 months reserves
A borrower with a 640 credit score may potentially qualify for:
65% LTV
65% CLTV
6 months reserves
Other underwriting requirements apply.
Rate-and-Term Stated Income Refinance St George Utah
A rate-and-term refinance is generally designed to replace an existing mortgage without the borrower taking substantial cash proceeds beyond amounts permitted by the applicable program.
Borrowers may refinance for a variety of reasons, including changing their mortgage structure or replacing existing financing.
Under the program guidelines described on this page, eligible rate-and-term refinance transactions use the same maximum LTV tiers as purchases.
That means qualified borrowers may potentially obtain as much as 80% LTV/CLTV at the highest qualifying tier.
Whether refinancing makes financial sense depends on the interest rate, costs, existing loan, new loan, expected time in the property and the borrower's objectives.
Stated Income Cash-Out Refinance St George Utah
For homeowners with substantial equity, cash-out refinancing may provide access to part of that equity.
The maximum cash-out tier described for this program is:
75% LTV / 75% CLTV with a 720 credit score and nine months reserves.
Other available tiers include:
70% LTV / 70% CLTV with a 680 credit score and six months reserves.
65% LTV / 65% CLTV with a 660 credit score and six months reserves.
60% LTV / 60% CLTV with a 640 credit score and six months reserves.
The actual amount of cash available will depend on the appraised property value, existing mortgage balance, applicable liens, closing costs and maximum permitted loan amount.
Stated Income Loans for Higher-Value St George Homes
The ability to finance between $1 million and $2.5 million can be particularly relevant in the upper end of the St George housing market.
Higher-value primary residences may require financing outside traditional conforming mortgage programs.
For a borrower with a complicated income profile, combining a larger loan requirement with conventional income documentation requirements can make financing more challenging.
Alternative mortgage programs may offer another path.
The maximum loan amount under the program described here is $2.5 million.
Primary Residence Requirement
The stated income program described on this page is specifically for a primary residence.
A primary residence is generally the home in which the borrower intends to live as their principal residence.
Borrowers seeking financing for:
- Investment properties
- Rental properties
- Vacation rentals
- Second homes
should ask about other available mortgage programs instead.
UtahLowRate.com can evaluate the scenario and determine whether another Non-QM or alternative mortgage program may be more appropriate.
Five Important Things to Know Before Applying
1. Know Your Credit Score
Your qualifying credit score can materially affect your maximum available LTV.
The difference between a 640, 660, 680 and 720 score can therefore affect how much equity or down payment may be required.
2. Understand Your Available Reserves
The program calls for six or nine months of qualifying reserves depending on the applicable tier.
Determine what eligible assets you expect to have remaining after closing.
3. Know Your Desired Loan Amount
This program permits loan amounts from $100,000 to $2,500,000, subject to all applicable guidelines.
4. Determine Your Transaction Type
The applicable LTV depends partly on whether the transaction is:
- Purchase
- Rate-and-term refinance
- Cash-out refinance
Cash-out refinancing has lower maximum LTV limits than purchase and rate-and-term transactions.
5. Speak With a Mortgage Professional Early
Alternative mortgage underwriting can be more nuanced than traditional financing.
Discussing your circumstances before making an offer or beginning a refinance can help identify potential issues earlier.
Stated Income Loans Near Washington, Santa Clara and Ivins
Borrowers searching for Stated Income Loans St George Utah may also be considering primary residences throughout the surrounding Washington County area.
This can include communities such as:
St George
Washington
Santa Clara
Ivins
Hurricane
Southern Utah communities
Property eligibility and lending availability vary, so the specific property should be evaluated as part of the loan process.
Why Work With a Utah Mortgage Broker?
A mortgage broker can work with wholesale lending sources rather than being limited to a single bank's mortgage menu.
This can be especially useful for borrowers seeking alternative financing.
Different wholesale lenders can have different requirements involving:
- Credit scores
- Loan-to-value ratios
- Reserves
- Loan sizes
- Property types
- Documentation
- Underwriting
- Alternative-income scenarios
The goal is not simply to find a mortgage labeled "stated income."
The goal is to identify an available mortgage program that appropriately fits the borrower's actual circumstances.
Call Daniel Paris About Stated Income Loans St George Utah
If traditional mortgage qualification does not reflect your financial circumstances, it may be worth exploring available alternative mortgage options.
Contact:
Daniel Paris
Utah Mortgage Broker
UtahLowRate.com
801-604-4949
Discuss your:
- Credit profile
- Estimated property value or purchase price
- Desired loan amount
- Available down payment or equity
- Available reserves
- Purchase or refinance objective
Daniel can then help determine whether an available program may fit your situation.
Frequently Asked Questions About Stated Income Loans St George Utah
1. What is a Stated Income Loan in St George Utah?
A stated income mortgage is an alternative mortgage program designed for qualifying borrowers whose financial circumstances may not fit standard conventional mortgage underwriting. Modern programs still require lender underwriting and verification of applicable borrower, asset, credit and property information.
2. What is the maximum LTV for a Stated Income Loan in St George?
The maximum LTV under the purchase and rate-and-term program described here is 80% LTV/80% CLTV for qualifying borrowers meeting the applicable 720 credit score, nine-month reserve and other underwriting requirements.
3. What credit score is required for 80% LTV?
The 80% LTV/CLTV purchase and rate-and-term tier described here requires a 720 credit score plus nine months of qualifying reserves.
4. Can I qualify with a 680 credit score?
The program includes a purchase and rate-and-term tier of up to 75% LTV/75% CLTV with a 680 credit score and six months reserves, subject to complete underwriting.
5. Can I qualify with a 660 credit score?
A qualifying borrower with a 660 credit score may potentially obtain up to 70% LTV/70% CLTV for a purchase or rate-and-term refinance with six months reserves.
6. Can I qualify with a 640 credit score?
The program described here includes a 65% LTV/65% CLTV purchase or rate-and-term refinance tier with a 640 credit score and six months reserves.
7. What is the maximum cash-out refinance LTV?
The highest cash-out refinance tier described here is 75% LTV/75% CLTV with a 720 credit score and nine months reserves.
8. Can I do a cash-out refinance with a 680 credit score?
Potentially. The stated program matrix provides up to 70% LTV/70% CLTV with a 680 credit score and six months reserves for eligible cash-out transactions.
9. What cash-out LTV is available with a 660 credit score?
The program matrix provides up to 65% LTV/65% CLTV with a 660 credit score and six months reserves, subject to underwriting.
10. Is there a cash-out option with a 640 credit score?
The program described here includes a potential 60% LTV/60% CLTV cash-out tier with a 640 credit score and six months reserves.
11. What is the maximum Stated Income Loan amount?
The maximum loan amount described for this program is $2,500,000.
12. What is the minimum loan amount?
The minimum loan amount is $100,000, subject to lender requirements.
13. Can I use this program for a primary residence?
Yes. The program described on this page is specifically for an eligible primary residence.
14. Can I use this Stated Income Loan for an investment property?
Not under the specific program parameters described on this page. This program is for primary residences only. Ask about separate Non-QM or investor programs if you need investment-property financing.
15. Can I use a Stated Income Loan to purchase a home in St George?
Potentially, yes. Eligible purchase transactions may qualify for financing according to the applicable credit-score, LTV/CLTV, reserve and underwriting requirements.
16. Can I refinance my St George home using a Stated Income Loan?
Potentially. The program includes both rate-and-term refinance and cash-out refinance options for qualified primary residences.
17. How many months of reserves do I need?
The program generally requires six months of reserves, except for the highest 720-score tiers shown here, which require nine months of reserves.
18. Does stated income mean no underwriting?
No. Stated income does not mean automatic approval or an absence of underwriting. Borrowers must meet the applicable lender's credit, asset, property, occupancy and other program requirements and must provide truthful and accurate information.
19. Are Stated Income Mortgage rates higher than conventional mortgage rates?
Alternative and Non-QM mortgage pricing can differ from conventional financing because the programs have different underwriting and risk characteristics. Current pricing depends on the complete loan scenario and market conditions.
20. Who can I call about a Stated Income Loan in St George Utah?
Contact Daniel Paris at UtahLowRate.com at 801-604-4949 to discuss current St George stated income mortgage options and determine whether an available program fits your situation.
Having Trouble Qualifying Through a Traditional Mortgage Program?
Your financial situation may be more complicated than a standard mortgage application can easily represent.
If you are purchasing or refinancing a primary residence in St George or elsewhere in Southern Utah, explore whether an alternative mortgage program may be appropriate.
Daniel Paris
Utah Mortgage Broker
UtahLowRate.com
Call 801-604-4949
Purchase | Rate-and-Term Refinance | Cash-Out Refinance
Loan amounts from $100,000 to $2.5 million
Maximum available financing up to 80% LTV/80% CLTV for eligible purchase and rate-and-term transactions.
All programs, rates, terms, credit requirements, reserve requirements and LTV/CLTV limits are subject to change without notice and to lender underwriting and approval. This page is informational and does not constitute a commitment to lend.
