Posted on: 09th Jun, 2006 11:51 am
610 633 5555
self emp in NJ
Loan officer
need stated refi no doc bought 14 months before
$450k now $465k appraised
self emp in NJ
Loan officer
need stated refi no doc bought 14 months before
$450k now $465k appraised
Hi,
A stated income loan is suitable for you as mentioned that you are self employed. In stated income loans the income that you show must be reasonable in terms of your occupation and assets.
A stated income loan is normally available to borrowers with all credit grades. A minimum credit score is required. You must be aware that the minimum credit score required will vary from lender to lender. With 620 you shouldn't have any problems in qualifying. Do some shopping around to get a reasonable rate.
MortgageFit also can help you to find some suitable lenders as per your requirement. This community has a good network of lenders throughout U.S. If you haven't done so far you need to do a no obligation free loan sign up for that purpose. This will forward your request to the appropriate department of the Community.
Your request is then processed by the department to help you find a suitable lender meeting your needs.
Feel free to post if you have more doubts. I am sure this community will take care of your request.
Blue
A stated income loan is suitable for you as mentioned that you are self employed. In stated income loans the income that you show must be reasonable in terms of your occupation and assets.
A stated income loan is normally available to borrowers with all credit grades. A minimum credit score is required. You must be aware that the minimum credit score required will vary from lender to lender. With 620 you shouldn't have any problems in qualifying. Do some shopping around to get a reasonable rate.
MortgageFit also can help you to find some suitable lenders as per your requirement. This community has a good network of lenders throughout U.S. If you haven't done so far you need to do a no obligation free loan sign up for that purpose. This will forward your request to the appropriate department of the Community.
Your request is then processed by the department to help you find a suitable lender meeting your needs.
Feel free to post if you have more doubts. I am sure this community will take care of your request.
Blue
Hi Kamalnayan,
Welcome to MortgageFit Forums.
The reason your loan officer offered you stated income is perhaps due to the fact that you were unable to show W-2s or tax returns.
You can qualify for a full documentation if you can prove that the income you show was actually earned in each of the two prior years. You can prove it either by providing the lender with W-2s or tax returns for two years. If you can produce the documents then you can opt for full doc loans.
Otherwise stated income can be an option as normally it becomes difficult for the self employed to meet this requirement of producing the W-2s or tax return papers. Stated income mortgage loans are common and least expensive in the reduced or no doc loan programs.
We will try to search an appropriate lender for you with the most convenient rates and terms who will contact you to discuss your requirements and see that your refinancing need is served. But you can always compare the rates and programs with different lenders and pick up the best one for you.
Before you approach a lender, keep prepared all the documents that will be asked by the lender. The lender will require you to complete a loan application as in traditional mortgage application.
The things that might be asked for are -
Hope this information helps.
God bless you.
For MortgageFit,
Samantha
Welcome to MortgageFit Forums.
The reason your loan officer offered you stated income is perhaps due to the fact that you were unable to show W-2s or tax returns.
You can qualify for a full documentation if you can prove that the income you show was actually earned in each of the two prior years. You can prove it either by providing the lender with W-2s or tax returns for two years. If you can produce the documents then you can opt for full doc loans.
Otherwise stated income can be an option as normally it becomes difficult for the self employed to meet this requirement of producing the W-2s or tax return papers. Stated income mortgage loans are common and least expensive in the reduced or no doc loan programs.
We will try to search an appropriate lender for you with the most convenient rates and terms who will contact you to discuss your requirements and see that your refinancing need is served. But you can always compare the rates and programs with different lenders and pick up the best one for you.
Before you approach a lender, keep prepared all the documents that will be asked by the lender. The lender will require you to complete a loan application as in traditional mortgage application.
The things that might be asked for are -
- Verification of your employment and income
- information about any other debts and assets
- your reserves and savings
- a title search
- an appraisal
- information about your present mortgage including your monthly payment, outstanding balance, property tax and insurance payment status.
Hope this information helps.
God bless you.
For MortgageFit,
Samantha
