Real Estate Blog - What are you doing with people who have stated income?

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What are you doing with people who have stated income?

What are you doing with people who have stated income?

How are you dealing with customers who have cash, however, they want a small mortgage with 2/3's cash and wish to mortgage a small portion of the purchase price with stated income?

I have a deal pending on a loan approval with a customer as above...Credit score is close to 700...It's been hit by several lenders ...used to be around 720....knocked down by a few lenders.

This person owns several properties that are rentals, small mortgages, great choices when they were purchased. Even in this market, they are holding their own.

This mortgage will be paid off after the sale of their condo (views below), which I have listed at $150K less ( @$525,000.00 )than recent sales and current listings. This is the model for the condo unit and has absolutely fabulous views, custom plaster work, coffered ceilings, crown mouldings, hardwood floors...marble in the 2 master suites, granite counters, and custom all around...a fantastic unit.

So, does anyone have lender's who will go stated in this market? If so who? If you know will you email me?

view west

view north

view south

This place is marvelous...Inside an out! These are just the views from this fabulous model for the condo complex. Designer everything, kitchen with granite, hard wood floors, 2/2.5...with 1700 sq. ft.

Fantastic...

Want to exchange this for a town home...so he can have a puppy dog...and a motorcycle...

What is important in life, sometimes is so simple.

Interior pictures available upon request, at least 16 on MLS # F965065 in the Fort Lauderdale MLS or on Realtor.com

http://www.KarenMonsour.com, 954-464-4194

Posted by Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime! on 10/22/2008 08:58 PM

Comments (15)

Stated Income and Lenders in the ActiveRain Channel

beautiful condo unit, great views, model unit, mortgages, stated income, lenders, mortgage brokers, karen monsour, realtor, so fl

Originally posted at: Karen@ www.KarenMonsour.com: What are you doing with people who have stated income?

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15 Comments on What are you doing with people who have stated income?

OCT

2008

Try Regent Bank. They told me that they do stated if they have bank statements.

Katerina,

Thank you... will do! Appreciate the help...Karen

Good luck K....it's a tought road to hoe.

Larry,

I know, however...there is still hard money out there...even though it's a higher interest rate...the cash is still there, at least here...thank goodness for my friends.

OCT

2008

Nice pictures. I hope you will find a lender for your clients. Good luck.

Karen, this is a tough situation that so many find themselves in now. I only know of a bank statements program (alternative) but not stated that exists with one of our investors. Also, it will depend on how many "properties" this party owns. For their guidelines: 1) Self employed only 2) Owner occupied only 3) 12 months bank statements 4) 650 or above middle score 5) Allows up to 85% loan to value (purchase only). This may help but good luck nonetheless.

I keep getting emails from a few brokers for stated income including US Bank .

Karen, I wish I knew. This market is so mixed up right now I don't know what I'm doing!

Later in the rain~Deb

Mike,

Can you forward some of those brokers to my email address...I'm running out of time and this buyer really wants this property. Karen

Deb,

Amazing what is going on now, isn't it? I don't even know how to advise at this point. Great buyer...just has stated income...oh well, if anyone can help...please email me.

OCT

2008

Karen - Some great photos and great post! And I wonder also where this money is coming from? There are some smaller banks and investors that will get you into properties with higher interest rates, if people have large incomes and don't mind paying this high interest rate.

Karen - You knew this was coming!

This ones for you Karen! Featured!

We got one approved and closed with Compass Bank that a big bank couldn't seem to figure out. Great buyers, just not cookie cutter perfect like the big bank wanted. Compass was doing portfolio loans and they recognized a valuable client when they saw it.

OCT

2008

Karen ~ Believe it or not I just got a stated income done with State Farm Bank. 20% DOWN minimum 685 scores. Call or email me for the details. They are great to work with and low closing costs.

OCT

2008

Thanks Nick, my customer qualifiies then.

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