Are there still stated income loans avaiable?

"My bank wanted me to verify 45k in income which truely isnt what i wanted to do."

i am not sure why you do not want to verify the 45 k. but there are good schemes of govt are availablew for small business owners who want to purchase their home.will you try official site of the small business owners (self employed) associations website for your state, surely you will get a good advice over there.

if you are looking for the private lending then it will be really difficult for a person to get it without proper docs, but surely they will charge you higher interest.(sole reason is those who are self employed have not fixed income(many of them do not have the fixed income) so they charge high interest rate.) :wink:

Well I didnt really want to verify that kind of income because i itemize to break even to not have to pay back in that much plus my accountant let me know that paying back in on that kind of money would be about 12k. and south carolinas small biz asst. doesnt do morgages for single family homes.

altapope, i don't think you need to give too much credence to the original response to your post. obviously, you're not looking for a small business loan, etc.
yes, there are some stated income loans available - not sure about south carolina, though.
i don't mind digging a little bit, so if i can find something, i'll pass it along.

Thanks George Akerley. I will look forward to your response I just feel at a loss and I need to put down roots besides Im already in the house and have been making the payment every month for 2yrs almost already just want to secure financing so it feels like mine and I only have until Jan 1,2010 to do so.

Hi George,

Do you know of any lenders that are doing stated income loans in Texas? Many thanks for your help.

Hi sarahlee,

A stated income loan is indeed a good option for those who have difficulty in providing documents regarding their income source. But this is true that given the current market scenario, finding such a loan is not easy. however, there are some lenders who do offer such loans. But they would expect you to have a minimum of 720 credit score and can charge a high interest rate for the loan.

I've informed George about your query and he would update you on that as soon as he finds something for you. However, there are quite a number of community lenders in this community who might be able to assist you in this regard. You can seek a No Obligation Free Mortgage Quote with the lenders in this community. Once your credit score and other factors match the lenders' requirements, they will contct you in order to provide you with a no obligation free mortgage quote.

Thanks,

Jerry

among those i'm familiar with, i'm not finding stated income products available in Texas or in South Carolina. that's not to say they don't exist.

I am going through my virtual rolodex too. Will see what I can find as well.

i have spoken with 2 people in TX that do state income loans. in my situation, one would ask for 30% down and have to have 6mos PITI in bank. the other asks for 10% down 8-10% interest.

Jake who did you find the stated income loans in texas from? I'm currently in an odd situation, I have good credit but am a stay home mom, my hubby has bad credit and works under the table, I'm not looking for a huge loan just around $50,000 to get us into a starter home. Any advise would be awesome!

Hi dude,

It is no doubt difficult to get a stated income loan. Very few lenders in certain areas provide such loans. But apart from them, you will hardly find any lender who will offer such loans in this market. You are a stay home mom. So, you will not be able to qualify on your own. Your hubby has a bad credit. It will not be easy for him to qualify either. If he goes for a stated income loan, the lender will require him to have a good credit and payment history.

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Thank :( Maya.

As a follow up to the stated income inquiry above. I know of stated income programs in many states, but still not Texas.

how does a stated income wloan work? I'd assume a lender would need more than your word to substanuitate your income?

maya, i disagree.

rise, most, if not all, lenders require a 4506-T to be signed by borrowers on these loans now, so the element of "trust" is somewhat lessened by that. i don't believe that all lenders who do so actually exercise the right to get transcripts, though.