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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

Like | Dislike | Share | Posted: Sun, 03/08/2009 - 22:26 | Post subject:

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.

Like | Dislike | Share | Posted: Mon, 03/09/2009 - 08:08 | Post subject:

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.

Like | Dislike | Share | Posted: Mon, 03/09/2009 - 08:12 | Post subject:

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?

Like | Dislike | Share | Posted: Mon, 03/09/2009 - 09:52 | Post subject:

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.

Like | Dislike | Share | Posted: Mon, 03/09/2009 - 18:02 | Post subject:

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.

Like | Dislike | Share | Posted: Tue, 03/10/2009 - 07:28 | Post subject:

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?

Like | Dislike | Share | Posted: Fri, 03/13/2009 - 01:01 | Post subject:

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

yes, erich; though pretty restricted.

Like | Dislike | Share | Posted: Fri, 03/13/2009 - 06:50 | Post subject:

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!

Like | Dislike | Share | Posted: Fri, 03/13/2009 - 13:32 | Post subject:

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?

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 12:48 | Post subject:

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

Like | Dislike | Share | Posted: Wed, 03/25/2009 - 22:02 | Post subject:

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.

Like | Dislike | Share | Posted: Sun, 11/22/2009 - 17:58 | Post subject:

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...

Like | Dislike | Share | Posted: Mon, 04/06/2009 - 12:35 | Post subject:

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.

Like | Dislike | Share | Posted: Sun, 07/12/2009 - 17:33 | Post subject:

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?

Like | Dislike | Share | Posted: Sun, 07/12/2009 - 15:43 | Post subject:

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!

Like | Dislike | Share | Posted: Wed, 07/15/2009 - 12:46 | Post subject:

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