stated income loans

Guest

I am self employed and really would like to do a no doc or stated income loan do they still exist in NJ

smithsussane · Posted: Sun Mar 08, 2009 10:26 pm Post subject:

Hi guest!

Welcome to forums!

At present, the lenders are are not giving no-doc loans or stated income loans due to the current market situation. It could be better if you could find a co-borrower who has a good income. He/she can help you in getting the loan.

Feel free to ask if you have further queries.

Sussane

chrisburns · Posted: Mon Mar 09, 2009 8:08 am Post subject:

Agreed. The lenders have completely done away with stated income and no doc loans.

The only people still offering them are private investors that do not sell the loans on the market. Their rates are very high and they charge points plus require quite a bit of money down.

gmakerley · Posted: Mon Mar 09, 2009 8:12 am Post subject:

stated, etc. are still available in new jersey.

Guest

How would I go about applying for one what are the requirements?

eric1 · Posted: Mon Mar 09, 2009 6:02 pm Post subject:

Yes I am in NJ and there ARE both stated income and stated income/stated asset loans.

In fact, we can get great rates on states income mortgage loans in NJ, NY, CT and some portions of PA. California is another place where we are able to find stated income loans. However, there are very few lenders at this point.

George, as far as that other guy is concerned with his "email me" nonsense, I have written multiple e-mails to whoever is in charge of this site without a response. I get the feeling we are riding on a ghost ship.

gmakerley · Posted: Tue Mar 10, 2009 7:28 am Post subject:

i read one explanation that had to do with different isp addresses that created an inability to block him for once and for all. what we need to do is have all moderators be on the lookout so we can delete the obnoxious posts as we see them. i do it as regularly as i can.

Guest

Self employed are there any stated or o doc loans left in Calif?

gmakerley · Posted: Fri Mar 13, 2009 6:50 am Post subject:

yes, erich; though pretty restricted.

solidaynathan · Posted: Fri Mar 13, 2009 1:32 pm Post subject: One other option...

Although the stated and "no docs" are pretty well gone there is a similar option for folks that currently have an FHA loan.

The FHA Streamline Refinance has been used to help lower payments for many borrowers, and the cool part is that it does not require the documenting of assets, employment, income, appraisal, etc.

But the borrower has to already have an FHA or VA loan at this point, though there are rumors of a Fannie & Freddie Streamline coming soon.

Best of Luck to you!

smo65d11 · Joined: 25 Mar 2009 Posts: 9 4.56 Dollars($)

Are there any "no doc" loans available anymore in Missouri or Nevada?

smithsussane · Posted: Wed Mar 25, 2009 10:02 pm Post subject:

Hi smo!

Welcome to forums!

I don't think you would find lenders who would offer you no-doc loans or stated income loans these days. Most of the lenders have done away with that option.

Feel free to ask if you have further queries.

Sussane

Jessica · Posted: Sat Apr 04, 2009 10:20 am Post subject:

Hi Eric,

Frankly speaking, even I'm a bit frustrated deleting posts of this guy who comes in with his shouts of "I can help"....Well I did mail Sam and he informed me that this guy keeps posting from different IP addresses. So if you block all such IPs just because of this guy who keeps spamming, the community won't be able to help others you see. That's how Sam thinks but he said he's trying for a way out. He probably doesn't want others to get deprived of the financial advice they'd get here. But certainly he doesn't want us to keep deleting posts of such spammers...so he said he's trying for a feasible solution to this problem.

Regards,

Jessica

gmakerley · Posted: Sat Apr 04, 2009 11:40 am Post subject:

jessica, we should NOT be deleting the spam posts? i happen to think we do people a disservice if we allow that clown and others of his ilk to continue to post these "i can help" nonsense posts.

i hope we can come up with an alternative.

Jessica · Posted: Mon Apr 06, 2009 11:59 am Post subject:

Hi George,

What I meant was, Sam doesn't want us to waste time in deleting posts. So, he's looking for an alternative..may be a middle way out which could stop this spammer as well as not deprive visitors coming from such IPs in getting our community advice. Hope you understand Smile

Regards,

Jessica.

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