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purchase money stated income mortgage in NY

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Icon Mini Profile kmclean





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Post Posted: Tue Jul 29, 2008 4:16 pm    Post subject: purchase money stated income mortgage in NY
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purchase money stated income mortgage in NY

I am self employed and need stated income mortgage using an accountants letter for purchase Single Family Primary Residence, 30% down, 790 FICO. Who does this loan in NY?
Icon Mini Profile larry





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Post Posted: Wed Jul 30, 2008 3:17 am    Post subject:
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Hi kmclean .

Welcome to the forum.

Your FICO score is very good and you can make 30 percent down payment. So I think you should get approve for the loan. There are so many lenders in this community so I think you can ask for no-obligation free mortgage quote . You just need to give minimum details and they will contact you directly.

Feel free to ask if you have any further questions.

Best of luck,
Larry
Icon Mini Profile ckalvesmaki

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Post Posted: Wed Jul 30, 2008 5:00 am    Post subject:
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What is the purchase price? The loan may pass a no income verification test through DU or stated exspress through LP
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Post Posted: Mon Dec 08, 2008 1:59 pm    Post subject: Stated Income for Self Employed
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I can do it in nine counties in NY at normal (not hard money) rates. In what county is the property?
vickie

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Post Posted: Sun Jan 04, 2009 6:06 pm    Post subject: stated income, little down as possible, low rates, ok credit
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JOHNATAFC... if you can help me i'm interested, need a quick closing too on a short sale to save my moms house in forclosure... contact my email asap "chillyssweetone@aol.com" i look forward to hearing from you or anyone ese that might be able to help our cause....

[Link deactivated as per forum rules. Thanks.]
Icon Mini Profile smithsussane
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Post Posted: Sun Jan 04, 2009 11:34 pm    Post subject:
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Hi vickie!

Welcome to forums!

You can check out with the lenders of your area whether they are ready to offer you a stated income loan or not. As far as no-down loans are concerned, I think it will be difficult for you to get keeping in mind the current market situation. You can also speak to the lenders of this community and seek a no obligation free mortgage consultation. Let's hope they will be able to help you.

Feel free to ask if you have further queries.

Sussane
Cal

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Post Posted: Mon Aug 17, 2009 11:21 am    Post subject: stated income loan
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I am interested in buying a home. I am self-employed and can provide 2-3 years bank statements and an accountants letter to verify income of $156,00 per yr. My credit score is 690. I currently own a home I am selling. My current mtg + taxes+ins= $3650 per month. I have not been late in over 36 months. I can put 15% down on a home valued at $540,000. I will need a mtg of $459,000. Do you think it is possible for me to get a mtg at this time.
Icon Mini Profile gmakerley
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Post Posted: Mon Aug 17, 2009 11:28 am    Post subject:
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cal, i suggest you wait until you bump your score up to at least 700, and perhaps 720, if you wish to do this on a stated income basis. and you'll find that 15% down payment is woefully inadequate to meet current lending standards on those loans, also.
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Icon Mini Profile JKennedySLG
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Post Posted: Fri Dec 18, 2009 1:31 pm    Post subject:
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Most Portfolio Lenders offering a Stated Income/Verified Asset program will require a minimum of 25% down payment and a very clean credit profile. Although they may not require a particular score for approval (i.e. 720+), they will take a detailed look at your credit to make a determination. I hope this helps...
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Icon Mini Profile gmakerley
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Post Posted: Fri Dec 18, 2009 9:59 pm    Post subject:
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i'm seeing 30% down payment requirements these days, and higher. i think 720 is the key score too.
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Icon Mini Profile eric1
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Post Posted: Sun Dec 20, 2009 12:00 pm    Post subject:
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George, you are right. It is 30% down for Stated and 40% down for NIVA. James, take another look at those guidelines. Based upon the reference to no particular credit score needed....I know the bank you are referring to.
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Post Posted: Sun Dec 20, 2009 4:14 pm    Post subject:
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How hard is it to get and keep a 720 score? what is considered a "good" credit score in todays lending market?
Icon Mini Profile gmakerley
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Post Posted: Sun Dec 20, 2009 7:46 pm    Post subject:
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well, guest, if you continue to pay all your credit obligations on a timely basis (having already achieved that score), and keep your requests for new credit to a minimum, while keeping your balances on existing revolving accounts as low as humanly possible, it's quite within the realm that you can maintain such a score. people do it all the time - now i am not saying everyone can claim that, but there are plenty who do. another thing you would want to do is to take care that when you pay a revolving account to a zero balance, do not close the account. after all, the percentage of debt to available credit limit is quite important when scores are calculated, and you can't get better than 0%.
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Post Posted: Wed Dec 23, 2009 3:30 pm    Post subject:
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Well the program I'm speaking of for Stated Income / Verified Asset Loans in NY requires:
- 1-4 Unit
- Owner Occ. or Investment
- 660+ FICO for serious consideration
- Up to 75% Loan To Value

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Icon Mini Profile JKennedySLG
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Post Posted: Wed Dec 23, 2009 3:38 pm    Post subject:
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Well the program I'm speaking of for Stated Income / Verified Asset Loans in NY requires:
- 1-4 Unit
- Owner Occ. or Investment
- 660+ FICO for serious consideration
- Up to 75% Loan To Value

With that said, I would say a 790 FICO would work with just 25% down payment with solid assets. I hope this clears up any questions from what I had been speaking of above . I can only say these Programs are available to us here in New York and New Jersey. I hope this helps...

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