Does your company finance stated incomes

smwatts · Joined: 10 Nov 2008 Posts: 1 1.37 Dollars($)

jveenstra · Posted: Mon Nov 10, 2008 12:24 pm Post subject:

Yes, but only in CT and NJ and nine counties in New York.
It is a local bank loan and those are the only places they lend becasue they only lend where they have bank branches.

gmakerley · Posted: Mon Nov 10, 2008 2:13 pm Post subject:

jveenstra, what is your company, where are you located and how much longer will these stated income products be available? conforming stated products are a thing of the past next week.

Guest 0.10 Dollars($)

Stated income loans are a thing of the past for Agency loans.
This is a bank loan, Hudson City savings Bank, with mortgage headquarters in Paramus, NJ.
They are not going away any time soon and they do Jumbo and Conforming stated income ARMS and Fixed for self employed ONLY with 25% down up to $750,000. Higher down payments (lower LTV) for loans over $750,000. This is 1 to 4 family owner occupied only.

They also do same thing for 35% down No Ratio (state employment but not income).
No specific credit score but one can logically assume should normally be 620 or higher. Have done lower, but, not recently.
No IRS Form 4506-T is signed at any time
They not only get stated income and No Ratio business, they get a lot of Jumbo business because rates are "normal"

To the best of my knowledge, because they are swamped, they are not taking on new brokers at this time
In CT will not escrow for taxes nor home insurance.
In NJ must escrow for taxes, never home insurance.

gmakerley · Posted: Mon Nov 10, 2008 2:26 pm Post subject:

really...wow!

Guest 0.10 Dollars($)

I agree. I say WOW myself.
I did not entirely answer your question. My company is Approved Funding Corp in River Edge, New Jersey

gmakerley · Posted: Mon Nov 10, 2008 2:40 pm Post subject:

and they are a portfolio lender?

jveenstra · Posted: Mon Nov 10, 2008 2:53 pm Post subject:

They are a portfolio lender. Since 1981 not a lot of 30 Year Fixed portfolio lenders around. Ther are about 5 portfolio lenders in NJ. Not all broker
and only this one stated income.

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