Stated Income Loan in California 30% down-760+ Fico Score

mdieguez · Joined: 12 Feb 2009 Posts: 1 1.49 Dollars($)

I am an attorney (have been for 7 years) who owns his own law firm. I am looking to buy a house in Corona, California in the 500k range. Can put up to 30% down and will have reserves after that. I want a 30 year fixed loan. Anybody can help?

Thanks!

Niicss · Posted: Fri Feb 13, 2009 5:18 am Post subject:

Hi mdieguez,

Though you have a good credit score and good income, it is difficult to get stated income loans in today's market. You can contact some of the lenders in your area and check if they will be willing to give you a loan. You can also speak to the lenders of this community and get a no obligation free consultation from them. It will help you to know whether you will be getting a loan or not.

Thanks.

kingno1 · Joined: 25 Apr 2008 Posts: 56 19.98 Dollars($)

Can the previous 7 yrs incime statements help in this case, just curious. Its more like an independent business..If he has a constant flow of income money, he should be able to..right?

gmakerley · Posted: Fri Feb 13, 2009 12:05 pm Post subject:

stated income loans still exist - guidelines are more difficult than ever, but that's not necessarily a major hurdle in your case (credit score, down payment, longevity of employment, etc.).

ashleyblanton · Posted: Fri Feb 13, 2009 1:43 pm Post subject:

Stated Income loans DO exist, but they are few and far between. Guidelines are def. the hurdle. Is the reason being b/c you write everything off? Are you showing a small amt on your tax returns?

eric1 · Posted: Fri Feb 13, 2009 5:52 pm Post subject:

You and I spoke on the phone this week regarding your scenario. There may be ONE lender that can help but their guidelines are very strict. We will have to see what the situation is later this year when you are ready to buy.

Guest

I have a home that was an investment for a five to 8 year period. We are self employed. The broker is long gone.. Our loan was a pick a pay which wasn't explained. I took our home of apprx 20 years to move up so we would have a nice retirement amount in the time frame.. What a awful experience learning all the hidden things in the loan. Now we can't find a stated income loan at all and we have now been useing our savings to stay afloatb sine W.. locked the loan so it wouldn't rise but that changed our payment up 2200.00 per month they said they would re visit at a later date they are no more. Now you have to requalify which I find wrong. You are in the home never late credit score above 820 and because your self employed noone wants to help at the new bank it is fill out paper work again.They should go back in to the loan they ajusted over the phone and do it again and save all the wait time and paper work... Help in Arcadia ca

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Looks like a spammer

eric1 · Posted: Wed Aug 12, 2009 5:29 pm Post subject:

I deleted it

jenkin7 · Posted: Fri Aug 14, 2009 12:45 am Post subject:

Hi V M H,

If you are looking to refinance the existing loan, you will have to go through all the paper work once again because you are applying for a new loan. It is not easy to get stated income loans these days. Due to the credit crunch, most lenders have stopped originating such loans. However, there are some lenders in certain areas who offer stated income loans. But you need to have good credit score (which you have) and you need to be self-employed at least for the past 2 years.

Guest

I am a licensed Loan Officer in North Carolina and have a private equity lender that will do a version of the stated loan. The program will use the income you show on tax returns before adjustments to qualify. The group also will verify assets which helps qualify. The LTV limit is 80% and they will lend from 200K to 25MM in any state. Email me with any questions joe@firstsouthloan.com.

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