Posted on: 08th Jan, 2009 03:09 pm
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 !
Hi DIANNE,
A few lenders in certain states still offer stated income loans. Your credit score is quite good. But you may still have to put down anything around 25-30% of the purchase price. Which state are you in? There are some lenders in this community. You may go for a no-obligation free mortgage consultation with them to check out if any of them can help you with a state income loan.
A few lenders in certain states still offer stated income loans. Your credit score is quite good. But you may still have to put down anything around 25-30% of the purchase price. Which state are you in? There are some lenders in this community. You may go for a no-obligation free mortgage consultation with them to check out if any of them can help you with a state income loan.
Hi Dianne,
Basically Stated Income loans allow borrowers to simply state their monthly income on a mortgage application instead of verifying the actual amount by furnishing pay stubs or tax returns. It is originally intended for self-employed borrowers with complicated tax schedules. It is suspected that many borrowers fudge the numbers in order to qualify for a loan. So, it is good if you consult an attorney, then apply for it. Do a market survey, you will get lenders who provides stated income loan. All the best.
Basically Stated Income loans allow borrowers to simply state their monthly income on a mortgage application instead of verifying the actual amount by furnishing pay stubs or tax returns. It is originally intended for self-employed borrowers with complicated tax schedules. It is suspected that many borrowers fudge the numbers in order to qualify for a loan. So, it is good if you consult an attorney, then apply for it. Do a market survey, you will get lenders who provides stated income loan. All the best.
Dianne, yes there are lenders who will do stated income with that LTV and credit score but like I mentioned in a prior post...it will also depend upon where you are located.
I do not agree with Rita's suggestion to contact an attorney before applying for a stated income loan.
I do not agree with Rita's suggestion to contact an attorney before applying for a stated income loan.
Eric1: Can you give me 2 or 3 of the lenders you know in California doing stated income loans with 50% LTV. I have a middle FICO score of 765 without lates but could not find a lender.
Frank, I am afraid that NOW the last lender has exited the stated income business in California.
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