Looking for any lenders who will still do stated income loan

lsolarfish · Joined: 08 Jan 2009 Posts: 1 1.92 Dollars($)

I have great credit, no debt, assets, and lots of equity I had been approved already but the investor pulled out at the last minute. Thank You !

smithsussane · Posted: Thu Jan 08, 2009 8:52 pm Post subject:

Hi lsolarfish!

Welcome to forums!

Are you unemployed right now? Did the lenders/investors give you a reason as to why they are not ready to give you a loan? As far as stated income loans are concerned, keeping in mind the present market situation, most of the lenders are not giving stated income loans. However, you can still check out with the lenders of your area and see if they are ready to give you such a loan. You can also seek a no obligation free mortgage consultation with the lenders of this community. They will help you to know what kind of rates and terms you might get if you apply for loans.

Feel free to ask if you have further queries.

Sussane

gmakerley · Posted: Fri Jan 09, 2009 10:12 am Post subject:

there are still opportunities for no-documentation loans. what we've found, for the most part, is that the minimum down payment requirement would be 25%. shop around, and you'll likely find someone to fulfill your quest.

Guest

National lenders doing stated income are hard to come by.
Local banks do it in some states.
It will be easier for someone to answer if we know in which state is the subject property?

eric1 · Posted: Fri Jan 09, 2009 7:32 pm Post subject:

George is right, there are still some lenders who offer stated income. However, not only is the LTV going to be lower, but the credit score requirements are much higher now AND the rate adjustment for stated income is much higher now than it used to be.

adonis · Posted: Tue Jan 20, 2009 12:05 am Post subject:

Welcome corey,

With the present market situation, most of the lenders are not interested in giving low doc loans or no doc loans to the borrowers. However, try speaking to the lenders of your area and check if anyone of them is ready to give you such a loan.

Guest

Does any one know of any lenders doing either stated income or NINA laons for the state of Missouri. If you can help I'll pay you .25 of a point when deal closes. you can reach me at rodnash35@aol.com.

gmakerley · Posted: Tue Nov 10, 2009 11:57 am Post subject:

i know of no such lenders.

eric1 · Posted: Tue Nov 10, 2009 7:30 pm Post subject:

I dont know of any in MO either.

eric1 · Posted: Wed Dec 30, 2009 3:10 pm Post subject:

As a follow up, I still do not know of any stated income lenders in MO. However, there are great stated income rates available in NJ New Jersey, NY New York, CT Connecticut and PA Pennsylvania.

There are also just a couple of lenders who will originate a stated income loan in CA California. Although, they are very specific as to what areas in that state are acceptable.

Guest

I am looking for a stated loan on a self employed borrower wanting to purchase 3 unit property owner occupied coming in with 40% dwon on $710,000 purchase? Any lenders ?

eric1 · Posted: Mon Feb 22, 2010 7:08 pm Post subject:

Louis, yes that will work. I have a lender who will do that deal eery day. However, it depends upon where you are located.

Guest

Arlington Virginia purchase
625k purchase price
240k down payment
contract is ratified
April 15 2010 closing
800 credit score
no debt
self employed

Thanks!

gmakerley · Posted: Wed Mar 17, 2010 9:53 am Post subject:

i haven't heard of any stated income deals available in virginia.

Guest

Anyone know of a lender doing Stated Income, LTV 59%, last middle credit score 727?

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