Citi Starts the Death March of Stated Loans in Earnest

Citi released some guideline changes in the wholesale changes that can be described easily as the first big step towards killing stated income loans. I’m not sure if these are reflected on the retail side as well. The big changes? 75% max loan-to-value on rate and term refinances with a minimum FICO score of 720. That guideline change essentially narrows the universe of qualified borrowers to a thin sliver of the home-owning population these days.

Other details on the stated income guideline restrictions:

70% max LTV on cash-out refinances

Increased FICO requirements from 660-720 to 680-720 for SIVA

Increased FICO requirements from 660-720 to 700-740 for SISA

Click the thumbnail below for the full details:

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