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Stated Income Loans

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josephlemcse Joined: 25 Jan 2011 Posts: 1 1.38 Dollars($)	Posted: Tue Jan 25, 2011 2:09 pm    Post subject: Stated Income Loans Like 0 Dislike 0 I am interested in a $270,000 home in California. I have $56,000 seasoned in my bank account and about $10,000 more in gifts from my blood relative. My credit score is 650. I only have one year of W2 that show $5,000/month. Are there still stated income loans in California?
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Tue Jan 25, 2011 7:40 pm    Post subject: Like 0 Dislike 0 Welcome josephlemcse, Stated income loans will be difficult to get in any state. After the real estate crisis, most lenders will want you to show the details of your employment and then approve you for a mortgage. Nevertheless, you should speak to the local lenders in your area and apply for stated income loans. They will let you know whether or not you can get such a loan. _________________ Procrastination is the enemy of your financial success
tfaulhaber1 Community Expert Joined: 17 Dec 2009 Posts: 562 75.68 Dollars($)	Posted: Wed Jan 26, 2011 11:32 am    Post subject: Like 0 Dislike 0 What were you doing the year before? You might not need a stated income loan. I believe there is a company that still offers stated income loans in CA but, you need to be self employed. You can't be a wage earner for stated income loans. _________________ Theo (Ted) Faulhaber 516-403-9116 516-634-4417 tfaulhaber (at) vanguardfunding.net
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Wed Jan 26, 2011 2:27 pm    Post subject: Like 0 Dislike 0 An important factor in California is that lenders have not been interested in "small" loans, and $270000 qualifies as small for them. The ones I've been aware of (only 2 to begin with) were looking for minimum loan sizes upwards of $500,000. I doubt anyone's going to find a stated income loan for much less than that in the state of California. And, of course, nobody who's a W2 wage earner is going to qualify for a no-documentation loan anyway. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
Almost Stated Guest	Posted: Thu Feb 17, 2011 5:50 pm    Post subject: Home Loan Like 0 Dislike 0 Community Loan has a almost stated loan. 80%ltv 660 min fico. Loans up to $729,750. Great rates. No paystubs, no w-2s, no tax returns or 4506. Owner occupied and investment properties allowed. Purchase or refinance. Ideal for salaried buyers and some self-employed buyers will qualify. Contact my loan agent Vanessa at [Phone Number Deleted] [Phone Number Deleted as per Forum Rules. Thanks]
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Feb 18, 2011 12:21 pm    Post subject: Like 0 Dislike 0 AS, it appears you tried to advertise and got caught. Our original poster indicated a score of 650; you maintain your offering requires 660 - not much help for the OP, I guess. If you feel up to the task, it'd be nice to know what you mean by "almost stated." _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044

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