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kmclean · Joined: 29 Jul 2008 Posts: 1 1.65 Dollars($)

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?

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

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

ckalvesmaki · Posted: Wed Jul 30, 2008 5:00 am Post subject:

What is the purchase price? The loan may pass a no income verification test through DU or stated exspress through LP

Guest

I can do it in nine counties in NY at normal (not hard money) rates. In what county is the property?

Guest

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.]

smithsussane · Posted: Sun Jan 04, 2009 11:34 pm Post subject:

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

Guest

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.

gmakerley · Posted: Mon Aug 17, 2009 11:28 am Post subject:

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.

JKennedySLG · Posted: Fri Dec 18, 2009 1:31 pm Post subject:

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...

gmakerley · Posted: Fri Dec 18, 2009 9:59 pm Post subject:

i'm seeing 30% down payment requirements these days, and higher. i think 720 is the key score too.

eric1 · Posted: Sun Dec 20, 2009 12:00 pm Post subject:

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.

Posted: Sun Dec 20, 2009 4:14 pm Post subject:

How hard is it to get and keep a 720 score? what is considered a "good" credit score in todays lending market?

gmakerley · Posted: Sun Dec 20, 2009 7:46 pm Post subject:

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%.

Posted: Wed Dec 23, 2009 3:30 pm Post subject:

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

JKennedySLG · Posted: Wed Dec 23, 2009 3:38 pm Post subject:

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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