purchase money stated income mortgage in NY

Hi kmclean .

Welcome to the forum.

Your FICO score is very good and you can make 30 percent down payment. So I think you should get approve for the loan. There are so many lenders in this community so I think you can ask for no-obligation free mortgage quote . You just need to give minimum details and they will contact you directly.

Feel free to ask if you have any further questions.

Best of luck,
Larry

What is the purchase price? The loan may pass a no income verification test through DU or stated exspress through LP

I can do it in nine counties in NY at normal (not hard money) rates. In what county is the property?

JOHNATAFC... if you can help me i'm interested, need a quick closing too on a short sale to save my moms house in forclosure... contact my email asap "chillyssweetone@aol.com" i look forward to hearing from you or anyone ese that might be able to help our cause....

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Hi vickie!

Welcome to forums!

You can check out with the lenders of your area whether they are ready to offer you a stated income loan or not. As far as no-down loans are concerned, I think it will be difficult for you to get keeping in mind the current market situation. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. Let's hope they will be able to help you.

Feel free to ask if you have further queries.

Sussane

I am interested in buying a home. I am self-employed and can provide 2-3 years bank statements and an accountants letter to verify income of $156,00 per yr. My credit score is 690. I currently own a home I am selling. My current mtg + taxes+ins= $3650 per month. I have not been late in over 36 months. I can put 15% down on a home valued at $540,000. I will need a mtg of $459,000. Do you think it is possible for me to get a mtg at this time.

cal, i suggest you wait until you bump your score up to at least 700, and perhaps 720, if you wish to do this on a stated income basis. and you'll find that 15% down payment is woefully inadequate to meet current lending standards on those loans, also.

Most Portfolio Lenders offering a Stated Income/Verified Asset program will require a minimum of 25% down payment and a very clean credit profile. Although they may not require a particular score for approval (i.e. 720+), they will take a detailed look at your credit to make a determination. I hope this helps...

i'm seeing 30% down payment requirements these days, and higher. i think 720 is the key score too.

George, you are right. It is 30% down for Stated and 40% down for NIVA. James, take another look at those guidelines. Based upon the reference to no particular credit score needed....I know the bank you are referring to.

How hard is it to get and keep a 720 score? what is considered a "good" credit score in todays lending market?

well, guest, if you continue to pay all your credit obligations on a timely basis (having already achieved that score), and keep your requests for new credit to a minimum, while keeping your balances on existing revolving accounts as low as humanly possible, it's quite within the realm that you can maintain such a score. people do it all the time - now i am not saying everyone can claim that, but there are plenty who do. another thing you would want to do is to take care that when you pay a revolving account to a zero balance, do not close the account. after all, the percentage of debt to available credit limit is quite important when scores are calculated, and you can't get better than 0%.

Well the program I'm speaking of for Stated Income / Verified Asset Loans in NY requires:
- 1-4 Unit
- Owner Occ. or Investment
- 660+ FICO for serious consideration
- Up to 75% Loan To Value

Well the program I'm speaking of for Stated Income / Verified Asset Loans in NY requires:
- 1-4 Unit
- Owner Occ. or Investment
- 660+ FICO for serious consideration
- Up to 75% Loan To Value

With that said, I would say a 790 FICO would work with just 25% down payment with solid assets. I hope this clears up any questions from what I had been speaking of above . I can only say these Programs are available to us here in New York and New Jersey. I hope this helps...

James,
Please email me at "renatobesabejr@aol.com" when you have a moment. I am interested in some of the programs you mentioned and need to move quickly.
Thanks,
Renato

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