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stated income loan

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Icon Mini Profile kimsanee





Joined: 01 Jun 2010

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Post Posted: Tue Jun 01, 2010 5:27 pm    Post subject: stated income loan
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Hello,

i have a question regarding if there is a loan program out there that will work for me.

i have two properties that are rentals in texas.

I'd like to purchase a primary residence owner occupied property in California.

I have $190k to put down.

i am open to purchase a property $450k to $600k price range.

Are there any stated income loans with 60% ltv or 80% ltv out there?

any portfolio lenders?


Thank you for your help

-shawn
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
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Post Posted: Tue Jun 01, 2010 8:35 pm    Post subject:
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Hi kimsanee,

Stated income loans are hardly available these days as lenders have stopped giving such loans after the crisis in the real estate market. However, I would suggest you to contact your local lenders in order to find out whether or not they can help you with such a loan.

Thanks
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Post Posted: Tue Jun 01, 2010 8:38 pm    Post subject:
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are their any VOE lenders that do not require a 4506T?

i have 780 credit score and just thought having 40% down payment can help?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10460
Location: Nevada
987.57 Dollars($)
Post Posted: Tue Jun 01, 2010 11:43 pm    Post subject:
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Hi Guest,

Though you've a good credit score and down payment, you won't be able to get a loan unless you have a good income. You will have to provide the lender with at least 2 years of work history.

Thanks
Icon Mini Profile tfaulhaber1
tfaulhaber1
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Joined: 17 Dec 2009

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Post Posted: Wed Jun 02, 2010 9:18 am    Post subject: STATED INCOME LOANS
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Every lender requires that you're self employed in you're seeking a stated income loan. Also, it depends on what state you're purchasing in. I know of lenders in NY, NJ, CT, and California.
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Post Posted: Wed Jun 02, 2010 1:54 pm    Post subject:
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i am not self employed but am looking to purchase in CA. Does that help at all?
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10562
Location: ALASKA
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Post Posted: Wed Jun 02, 2010 10:56 pm    Post subject:
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Hi Guest,

If you're not self-employed and can provide the lender with employment history for the last 2 years and meet all other criteria, then you will be able to get a mortgage.

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