Posted on: 10th Sep, 2009 10:08 pm
any one know any lender that will do sated income for self employed borrower with excellent credit, no debt, purchase , 25% down in CA?
Hi power,
Stated income loans have become rare these days. Though it is not extinct, only a few lenders now offer such loans. You need to be self employed for at least 2 years and put down around 25-30% in down payment. You will have to do an extensive search for lenders who still process such loans.
Besides contacting your local lenders, you can also go for a no-obligation free mortgage consultation with the lenders in this community. If any of them still offer stated income loans and you qualify for it, they should be able to guide you further on how to get the loan.
Stated income loans have become rare these days. Though it is not extinct, only a few lenders now offer such loans. You need to be self employed for at least 2 years and put down around 25-30% in down payment. You will have to do an extensive search for lenders who still process such loans.
Besides contacting your local lenders, you can also go for a no-obligation free mortgage consultation with the lenders in this community. If any of them still offer stated income loans and you qualify for it, they should be able to guide you further on how to get the loan.
frankly, i don't think any of the lenders in our community are offering stated income loans. i say that because if any of them were, we'd have likely seen a reference to that in our forums. lenders in that business are very much few and far between, and most of those who still do it are requiring at least 30% down payment.
anyone inquiring on our community forums about availability of such loans would be wise to advise us up front as to where they are located, as our poster did here.
in california, i believe, the preferred loan size is jumbo, and that conforming loan amounts are virtually impossible to find in this type of product.
anyone inquiring on our community forums about availability of such loans would be wise to advise us up front as to where they are located, as our poster did here.
in california, i believe, the preferred loan size is jumbo, and that conforming loan amounts are virtually impossible to find in this type of product.
oh wait...you said "sated" - you mean satisfied?
yuk yuk...i needed to do that because i needed a laugh today
yuk yuk...i needed to do that because i needed a laugh today
George is correct, there are virtually no lenders remaining in CA who will originate a stated income loan. I happen to know of ONE but they require a larger down payment and are also particular as to where the home is located. So, you could meet their guidelines but if they do not like the county or the neighborhood, they will opt not to get involved.
Eric can you share who is this lender?
I am searching the lender for similar query.
Eric do you have any contacts of lenders , please share I will be thankfull to you.
Eric do you have any contacts of lenders , please share I will be thankfull to you.