need lender tips

s_brigid · Joined: 02 May 2006 Posts: 1 0.07 Dollars($)

need a lender doing stated loans w/a rate lower than 8%, w/no tradelines, 40K income, and a mid-score of 647. please help?????

Sam · Posted: Tue May 02, 2006 6:11 am Post subject: Re

Hi Brigid

Welcome to the Forums.

You can signup with us for a loan request with different email address at http://www.mortgagefit.com/signup/

Once you signup, your loan request will be forwarded to our Loan Department. They will help you in processing your request further.

Thanks

Sam

Bill · Posted: Wed May 03, 2006 7:23 am Post subject:

Stated Income mortgage programs are designed to reward borrowers that have good credit but have technical issues with proving their income.

Originally only offered to self-employed borrowers, stated income products are now offered to W2 employees as well.

The fact that there is a credit score of 647 and at the same time "no trade lines" is confusing … unless you are indicating that all credit is past credit with no active/open trade lines due to the fact that all past loans have been paid-off. Stated income with no current trade lines is available at or below 8% given the proper circumstances.

A determination of available programs will require more information. Please understand that each listed item below is combined with all other applicable items for final program and pricing approval - making each scenario borrower specific:

• Type of Transaction (Purchase, Refinance, Cash-out, etc.)
• Type of Rate (Fixed, Adjustable, etc.)
• Loan-To-Value (Loan Amount vs. Value of Property)
• Loan Amount
• Occupancy (owner occupied, investment property)
• Type of Property (single family residence, 2 unit, 4 unit, etc.)
• Location of Property (programs can vary by State & zip code)
• Type of Employment (W2 Employee, Self Employed, etc.)
• Time on Job (or same line of work)
• Amount of Reserves & Assets
• Lock Term (ie: 30 days, 60 days, etc.)

As with any mortgage loan, a full review of a tri-merge credit report will be required … especially if there may be an issue of active or past trade lines.

Consult with a local/reputable mortgage broker with experience in successfully closing stated income mortgage programs.

All times are GMT - 7 Hours

Page 1 of 1