stated income loans

aside from the rates and same song and dance your get everywhere how can you find a lender that will close fast and not waste time with nonsense lenders?

i'ld love to go with wells fargo or BOA but they dont do stated loans... i dont think.

Hi njloanman,

Stated income loans are hardly available these days. Most of the lenders have stopped giving such loans after the real estate crisis. However, in my opinion, you should check out with your local lenders and see if anyone is still giving stated income loans.

you can only find pockets of lenders doing reduced documentation loans. as stated here, new york, new jersey, connecticut are serviced by companies that offer them. also, there are a couple in california, but there you are looking at substantial loan amounts - nothing so tiny as half a million, for example.

i don't have specifics in california at all, so please don't waste your own time asking. i am aware of a couple in the metropolitan new york area, but they've been discussed here quite often.

I am in contact with a lender in CA who will still do a stated income in CA. However, they are very particular as to where the property is located. The neighborhood is taken into consideration. So far, they have turned down most of my loan requests simply due to the location. I guess since they are the only game in town, they can afford to be picky

the neighborhood! what ever happened to redlining? are we going back to that again?

George, yeah.... it is crazy. So, since this is the only lender in California who will offer a stated income loan. They do not have NO DOC loans though. So, with so many self employed borrowers in California, this is a serious issue and is contributing to the decline in values.

So, from what I see.... the lender you and I work with seems to be the best option for stated income loans and mortgages or no income verification loans and mortgages. Their rates are still excellent. Lending in all of New Jersey NJ and Connecticut CT, portions of New York NY and Pennsylvania PA. I only wish they expanded into other states.

What about Floridais there still somebody that can do stated income mortgage with big downpayment ?

I doubt whether lenders would be ready to give you a stated income loan. However, as Eric has stated in his earlier post that some lenders may still consider giving a stated income loan. I would suggest you have a word with Florida based lenders and check out if you can get a loan.

I know of a lender in Florida that will do a stated income loan. However, you will need about a 45% down payment. They only have a 3/1 and a 5/1 ARM.

People really need to evaluate why they are looking for a stated income loan. If it is because they really don't have the income that is needed to qualify, stating one's income at a different amount than what they actually make is fraud, and so that person should choose a "no income" loan which does not require income to be listed on the application.

Shane

I am finding that most of the people who come to me are self employed individuals who claim every deduction possible on their returns resulting in a very low net income. They have the ability to make the payments. There is something wrong with how self employed borrowers' files are underwritten. Why are they using net when W2 wage earners use gross? The W2 people have expenses too and claim many of the same items on their returns. There needs to be some line item between gross and net that makes more sense for self emplyed borrowers.

To answer Erich's question from a LONG time ago....


Finding a stated income loan in California CA is twice as easy now than it was about 6 months ago. Why? because I now know of two lenders as opposed to ONE who will originate stated income mortgage loans in California.

HI everyone, help AT THE bottom

YES there are a few Private Banks that are still doing Stated Income loans for SELF-Employed clients. I also have access to the HOT STATED income VOE programs for A salaried Wage earner, NO Tax returns, NO w2, No Pay stubs, just a written VOE. This program goes up to 80% but cannot do in ALL states. I also have access to SUPER JUMBO programs 70% up to 5 MILLION, up to 10 properties, FHA down to a 500 FICO, more options at a 580,, and many more.

HERE IS SOME help:
EMIGRANT MTG does a NO DOC
HUDSON CITY DOES A SIVA FOR SE
ISB DOES SIVA FOR SE

GOOD LUCK

Thank you for your time.

[Email address deleted as per forum rules. Thanks.]

HI there, I have access to the VOE program that requires NO income docs at all, has to be for Salaried Wage earners only, goes up to 80% LTV, email me for more details, THX

FOR STATED SELF EMPLOYED TRY HUDSON CITY AND ISB

[Email Id deleted as per the forum rules. Thanks.]