Home arrow Mortgage Forums arrow Forums: Learn from other's experiences arrow

Looking for any lenders who will still do stated income loan

Author Message
Icon Mini Profile lsolarfish





Joined: 08 Jan 2009

Posts: 1

2.08 Dollars($)
Post Posted: Thu Jan 08, 2009 4:09 pm    Post subject: Looking for any lenders who will still do stated income loan
Like 0
Dislike 0

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 !
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10020
Location: Alaska
917.78 Dollars($)
Post Posted: Thu Jan 08, 2009 8:52 pm    Post subject:
Like 0
Dislike 0

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
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
Post Posted: Fri Jan 09, 2009 10:12 am    Post subject:
Like 0
Dislike 0

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.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
JohnatAFC

Guest







Post Posted: Fri Jan 09, 2009 5:38 pm    Post subject: Stated Income
Like 0
Dislike 0

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?
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1511

226.89 Dollars($)
Post Posted: Fri Jan 09, 2009 7:32 pm    Post subject:
Like 0
Dislike 0

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.
_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



Posts: 10242
Location: ALASKA
1042.50 Dollars($)
Post Posted: Tue Jan 20, 2009 12:05 am    Post subject:
Like 0
Dislike 0

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.

_________________
Procrastination is the enemy of your financial success
Rod Nash

Guest







Post Posted: Tue Nov 10, 2009 11:25 am    Post subject: Stated loans or NINAs
Like 0
Dislike 0

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.
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
Post Posted: Tue Nov 10, 2009 11:57 am    Post subject:
Like 0
Dislike 0

i know of no such lenders.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1511

226.89 Dollars($)
Post Posted: Tue Nov 10, 2009 7:30 pm    Post subject:
Like 0
Dislike 0

I dont know of any in MO either.
_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1511

226.89 Dollars($)
Post Posted: Wed Dec 30, 2009 3:10 pm    Post subject:
Like 0
Dislike 0

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.

_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote
Louis

Guest







Post Posted: Mon Feb 22, 2010 3:00 pm    Post subject: Stated loans in CA
Like 0
Dislike 0

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 ?
Icon Mini Profile eric1
eric1
Community Expert
Community Expert

best lender badge

Joined: 04 Jan 2009

Posts: 1511

226.89 Dollars($)
Post Posted: Mon Feb 22, 2010 7:08 pm    Post subject:
Like 0
Dislike 0

Louis, yes that will work. I have a lender who will do that deal eery day. However, it depends upon where you are located.
_________________
Eric JFree Rate Quote, Stated Income Loans
FHA RATE QUOTE
Mortgage Rate Quote
Nelson1

Guest







Post Posted: Wed Mar 17, 2010 6:46 am    Post subject: Stated Income Loan Available?
Like 0
Dislike 0

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


Thanks!
Icon Mini Profile gmakerley
gmakerley
Community Mentor
Community Mentor

best lender badge

Joined: 09 Nov 2007

Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
Post Posted: Wed Mar 17, 2010 9:53 am    Post subject:
Like 0
Dislike 0

i haven't heard of any stated income deals available in virginia.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
DIANNE

Guest







Post Posted: Tue Apr 20, 2010 12:32 pm    Post subject: Stated Income in California?
Like 0
Dislike 0

Anyone know of a lender doing Stated Income, LTV 59%, last middle credit score 727?
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
1, 2  Next  
Page 1 of 2

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 0.266 seconds.