Stated Income Loan in California 30% down-760+ Fico Score

Hi mdieguez,

Though you have a good credit score and good income, it is difficult to get stated income loans in today's market. You can contact some of the lenders in your area and check if they will be willing to give you a loan. You can also speak to the lenders of this community and get a no obligation free consultation from them. It will help you to know whether you will be getting a loan or not.

Thanks.

Can the previous 7 yrs incime statements help in this case, just curious. Its more like an independent business..If he has a constant flow of income money, he should be able to..right?

stated income loans still exist - guidelines are more difficult than ever, but that's not necessarily a major hurdle in your case (credit score, down payment, longevity of employment, etc.).

Stated Income loans DO exist, but they are few and far between. Guidelines are def. the hurdle. Is the reason being b/c you write everything off? Are you showing a small amt on your tax returns?

You and I spoke on the phone this week regarding your scenario. There may be ONE lender that can help but their guidelines are very strict. We will have to see what the situation is later this year when you are ready to buy.

I have a home that was an investment for a five to 8 year period. We are self employed. The broker is long gone.. Our loan was a pick a pay which wasn't explained. I took our home of apprx 20 years to move up so we would have a nice retirement amount in the time frame.. What a awful experience learning all the hidden things in the loan. Now we can't find a stated income loan at all and we have now been useing our savings to stay afloatb sine W.. locked the loan so it wouldn't rise but that changed our payment up 2200.00 per month they said they would re visit at a later date they are no more. Now you have to requalify which I find wrong. You are in the home never late credit score above 820 and because your self employed noone wants to help at the new bank it is fill out paper work again.They should go back in to the loan they ajusted over the phone and do it again and save all the wait time and paper work... Help in Arcadia ca

hi v m h,

if you are looking to refinance the existing loan, you will have to go through all the paper work once again because you are applying for a new loan. it is not easy to get stated income loans these days. due to the credit crunch, most lenders have stopped originating such loans. however, there are some lenders in certain areas who offer stated income loans. but you need to have good credit score (which you have) and you need to be self-employed at least for the past 2 years.

I am a licensed Loan Officer in North Carolina and have a private equity lender that will do a version of the stated loan. The program will use the income you show on tax returns before adjustments to qualify. The group also will verify assets which helps qualify. The LTV limit is 80% and they will lend from 200K to 25MM in any state.

to the person who originally started this thread....

Not sure if you will ever check back, but there are stated income options available in California for you now. Just check with one of the qualified loan officers here in this forum for a rate quote.

i conversed with him back then eric; the programs i knew of then didn't fit. he didn't need enough money to make those lenders willing to do business with him. pretty strange, i think.

Will Obamas new program help the self employeed get their rates ajusted without qualifying all over?? We are still in the home and make our payments on time things are getting tight. If no one can lend to us we will have no choice but to sell and after being a home owner for 25 years it is upsetting to know you trusted people to get you a loan and it ended up being a bad loan

VMH, I would not hold my breath waiting for Obama to help you. His programs sound good but nobody qualifies.

I'm looking for companies to do stated income loan in California. Can anyone suggest some lenders to contact to pursue a SIL?

As far as I know, there are hardly any lenders in the market these days who will help you get a stated income loan. Lenders will want proper documentation of your income in order to approve you for a loan. However, there are a large number of lenders participating in this community. You can seek a no obligation free mortgage consultation (check out my post above) from them in order to know whether or not you qualify for a loan.

I know I won't qualify for the loan I need based on shown income. This is why I need a SIL or private investors.

Property cost is $1.4m, with $550k down, 790 credit score.

Any suggestions?