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

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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chrisburns's picture
chrisburns | Joined: November 13, 2007 07:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

stated, etc. are still available in new jersey.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes I am in NJ and there ARE both stated income and [url=http://www.dreamhomefinancing.com/StatedIncomeLoans.aspx]stated income/stated asset loans.[/url]

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.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

yes, erich; though pretty restricted.

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solidaynathan's picture
solidaynathan | Joined: March 13, 2009 01:24 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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 [url=http://www.mortgagefit.com/refinance.html]Refinance[/url] 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!

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smo65d11's picture
smo65d11 | Joined: March 25, 2009 11:29 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

it's a pretty speedy operation to do it, though. i don't feel like i'm wasting my time if i continue...so unless it's a directive...

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Does anyone know how to get a stated loan in Hawaii for 90K?

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I agree with George. I also have another way to keep his posts from appearing. If Sam is interested, have him contact me.

Debber, I am unsure about Hawaii....not a market that I work in.

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ashleyblanton's picture
ashleyblanton | Joined: February 3, 2009 02:17 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Stated Income loans arn't dictated on a state to state basis. Its bank to bank. MOST banks no longer offer stated income loans. The ones that do are probably more local banks (this is just a guess as I am approved with more than 50 banks and know of none)

Good luck!

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

aside from the rates and same song and dance your get everywhere how can you find a lender that will close fast and not waste time with nonsense lenders?

i'ld love to go with wells fargo or BOA but they dont do stated loans... i dont think.

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adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi njloanman,

Stated income loans are hardly available these days. Most of the lenders have stopped giving such loans after the real estate crisis. However, in my opinion, you should check out with your local lenders and see if anyone is still giving stated income loans.

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

you can only find pockets of lenders doing reduced documentation loans. as stated here, new york, new jersey, connecticut are serviced by companies that offer them. also, there are a couple in california, but there you are looking at substantial loan amounts - nothing so tiny as half a million, for example.

i don't have specifics in california at all, so please don't waste your own time asking. i am aware of a couple in the metropolitan new york area, but they've been discussed here quite often.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am in contact with a lender in CA who will still do a stated income in CA. However, they are very particular as to where the property is located. The neighborhood is taken into consideration. So far, they have turned down most of my loan requests simply due to the location. I guess since they are the only game in town, they can afford to be picky

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gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

the neighborhood! what ever happened to redlining? are we going back to that again?

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

George, yeah.... it is crazy. So, since this is the only lender in California who will offer a stated income loan. They do not have NO DOC loans though. So, with so many self employed borrowers in California, this is a serious issue and is contributing to the decline in values.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

So, from what I see.... the lender you and I work with seems to be the best option for stated income loans and mortgages or no income verification loans and mortgages. Their rates are still excellent. Lending in all of New Jersey NJ and Connecticut CT, portions of New York NY and Pennsylvania PA. I only wish they expanded into other states.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What about Floridais there still somebody that can do stated income mortgage with big downpayment ?

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Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I doubt whether lenders would be ready to give you a stated income loan. However, as Eric has stated in his earlier post that some lenders may still consider giving a stated income loan. I would suggest you have a word with Florida based lenders and check out if you can get a loan.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I know of a lender in Florida that will do a stated income loan. However, you will need about a 45% down payment. They only have a 3/1 and a 5/1 ARM.

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shane's picture
shane | Joined: December 3, 2007 01:41 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

People really need to evaluate why they are looking for a stated income loan. If it is because they really don't have the income that is needed to qualify, stating one's income at a different amount than what they actually make is fraud, and so that person should choose a "no income" loan which does not require income to be listed on the application.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Shane

I am finding that most of the people who come to me are self employed individuals who claim every deduction possible on their returns resulting in a very low net income. They have the ability to make the payments. There is something wrong with how self employed borrowers' files are underwritten. Why are they using net when W2 wage earners use gross? The W2 people have expenses too and claim many of the same items on their returns. There needs to be some line item between gross and net that makes more sense for self emplyed borrowers.

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eric1's picture
eric1 | Joined: January 4, 2009 03:52 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

To answer Erich's question from a LONG time ago....

Finding a stated income loan in California CA is twice as easy now than it was about 6 months ago. Why? because I now know of two lenders as opposed to ONE who will originate stated income mortgage loans in California.

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

HI everyone, help AT THE bottom

YES there are a few Private Banks that are still doing Stated Income loans for SELF-Employed clients. I also have access to the HOT STATED income VOE programs for A salaried Wage earner, NO Tax returns, NO w2, No Pay stubs, just a written VOE. This program goes up to 80% but cannot do in ALL states. I also have access to SUPER JUMBO programs 70% up to 5 MILLION, up to 10 properties, FHA down to a 500 FICO, more options at a 580,, and many more.

HERE IS SOME help:
EMIGRANT MTG does a NO DOC
HUDSON CITY DOES A SIVA FOR SE
ISB DOES SIVA FOR SE

GOOD LUCK

Thank you for your time.

[size=9:8d35e182b8][color=Red:8d35e182b8][Email address deleted as per forum rules. Thanks.][/color:8d35e182b8][/size:8d35e182b8]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

HI there, I have access to the VOE program that requires NO income docs at all, has to be for Salaried Wage earners only, goes up to 80% LTV, email me for more details, THX

FOR STATED SELF EMPLOYED TRY HUDSON CITY AND ISB

[size=7:23f0cdc8d6][color=Red:23f0cdc8d6][Email Id deleted as per the forum rules. Thanks][/color:23f0cdc8d6][/size:23f0cdc8d6]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

NO DOC LOANS TRY EMIGRANT MORTGAGE

STATED SELF EMPLOYED TRY HUDSON CITY AND ISB

I Can help with Stated Wage earners, good luck.

[size=7:19599195a3][color=Red:19599195a3][Email Id deleted as per the forum rules. Thanks][/color:19599195a3][/size:19599195a3]

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Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

FORGOT TO LEAVE MY #

[size=7:e4b08a44fe][color=Red:e4b08a44fe][Item Deleted][/color:e4b08a44fe][/size:e4b08a44fe]

ERIC

[size=7:e4b08a44fe][color=Red:e4b08a44fe][Phone number deleted as per the forum rules. Thanks][/color:e4b08a44fe][/size:e4b08a44fe]

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kellycollins2011's picture
kellycollins2011 | Joined: February 25, 2011 03:17 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yah!! I understand the basic need of Loans, I think it is better to contact a Mortgage Broker as a best choice.

[color=Red:73c2169404][Link Deactivated as per forum rules. Thanks][/color:73c2169404]

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