undocumented income

DeniseFavors01 · Joined: 09 Jul 2008 Posts: 2 1.82 Dollars($)

Hello, I remember chase had a program call Dream Maker. This program will let you use undocumented income up to a 1k for buyers who needed it. Do you all know of any lenders that uses this program?

smckaybiz · Posted: Wed Jul 09, 2008 7:59 pm Post subject:

Hello Denisefavors01

I'm affraid there aren't any lenders that would offer those kind of "stated income" services anymore. I may be wrong but with lenders making their underwriting guidelines much stricter to lessen their vulnerability to loss you are going to have a hard time finding someone to work with you on that one.

Besides if your debt to income ratio is that high than you should really consider finder a more suitable home that will fall within your price range. You don't want to get over your head in debt. D/I limits were set up not only to protect the lenders but to protect us as well from overextending ourselves.

Either way you choose best of luck!

Jeanette · Posted: Wed Jul 09, 2008 8:56 pm Post subject:

There are still stated income programs available but you will have to have a very high score. Also, you will have to provide a income tax return now. Yes! things have really changed but it is all for the better. As scott stated, 1k is not sufficient income to work with

Good luck,

Jeanette Smith
Mortgage PLanner
Union Mortgage Group

evolovik26 · Posted: Thu Jul 10, 2008 11:30 am Post subject:

Thouse types of programs are long gone its full income documentation. Meaning if you dont show it on taxes you dont earn it. As far as getting a stated loan thouse are still around but you will need a sisable downpayment 15% ++ and a clean credit at 680++ score

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