The company revamped its stated income mortgage 11 days ago by:
Eliminating its stated income rate surcharge
Adding commission income as an employment type
And giving its stated products all the features and flexibility of its regular mortgages.
Street lends up to 65% loan-to-value on its conventional Stated Income Program. Above that, borrowers must pay an insurance premium (LTV tops out at the 90% insurer maximum).
This product is available on 1- to 5-year fixed terms and 3- and 5-year adjustable rate mortgages.
Income documentation requirements are “flexible,” says the company, and from what we hear, that’s quite true.
Be that as it may, borrowers must display rock-solid credit, prove two years in business and have their own equity (i.e., no gifted or borrowed down payments)
Topping our wish list for this product would be higher maximum loan amounts. The maximum is currently $750,000 in greater Vancouver, Toronto and Calgary. That’s often a bit shy for successful self-employed borrowers in high-priced cities.
That said, the product just re-launched and Street deserves time to ramp it up before incurring more risk.