 Bill
Joined: 21 Mar 2006
Posts: 83
Location: Illinois
3.55 Dollars($)
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 Posted: Wed May 03, 2006 7:23 am Post subject: |
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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.
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Bill Clanton is a Mortgage Specialist and Manager of State Street Mortgage of Illinois. StateStreetMortgage.Net |
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