Real Estate Finance Alerts

Conforming Stated Income Stated Asset loans are gone!

As mentioned previously on this blog here, Fannie Mae suspended their Stated Income Stated Assets (SISA) loan program several weeks ago.  Now, Freddie Mac is suspending their SISA loan programs with the cutoff for the few lenders that still offer the program 6/1/2008.  Essentially, if you are self employed or need a SISA loan program to refinance or purchase a home, you must lock your loan tomorrow, or this weekend as I am sure I will be working this weekend!

While there are still options for Stated Income Verified Assets (SIVA) they are already much more expensive and more restrictive than they used to be.  In fact, Fannie Mae just tightened the guidelines again and Freddie Mac is supposed make further adjustments and cost increases in the next week or two for their SIVA programs.  Please contact me via email or phone if you have any questions or are unsure if you can qualify with a traditional full documentation program.