Real Estate Blog - Stated Anything Might be NO MORE

Stated Anything Might be NO MORE

How many times have you had a client that just doesn't fit in the DTI going full doc but has the score to go Stated and Boom you get the deal done? Well that just might not happen anymore for alot of lenders if not all of them. I have been noticing alot of conforming lenders getting rid of the Stated income, No Doc, Stated everything. Does anyone have a good idea on what might be causing this? Is it because of the first sentence I said and that they don't really need that big of house?

Thanks so much

Ben

Posted by Q Q on 08/03/2007 12:52 PM

Comments (10)

10 Comments on Stated Anything Might be NO MORE

AUG

2007

The senata is threating too enforce guild line changes, and the lenders are trying to show the senate that the industry can police it's self. The other reason is wall street is just not buying the stated paper anymore.

i may have this wrong but if they didn't have enough income to qualify then the only way stated would help is if they falsely state their income. this might be considered fraud. which is exactly why the guidelines are changing.

AUG

2007

I've seen it getting harder to qualify someone for stated income, but I didn't realize lenders are starting to getting rid of them completely.

AUG

2007

What stated means is sometimes the co-borrower has horrible credit but makes good money, and the borrower has a good score but not enough income so you have to get stated to get the deal to work. Its not considered Fraud if they have the credit to prove they can make there payments. If it was then lenders would not have the programs to offer us them.

Ben

i'm sorry,if the buyer intentionally overstates their income it's fraudulent.

I wonder what percentage of the homes that are going into foreclosure were state anything?

AUG

2007

Have you ever done a stated Loan before?

AUG

2007

I love Stated Programs

AUG

2008

I feel for the qualified buyer who is a self-employed business person who has plenty of money and income . However, has "complicated" tax returns and now cannot buy a home that he truly can afford

DEC

What a wonderful post. Bless you and yours this holiday season and have a happy NEW YEAR.

Terry Miller

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