If you or your client are looking for a stated income loan for an investment property, then there is good news. This loan program is back again.
What is an investment property under the loan guidelines? It can be any single family or multi unit building that is not your primary residence This property should be rented or have the potential to be rented in the future. Stated Income for investment guidelines are subject to change. So, for that reason please contact me to review your particular scenario.
Realtors who live in a … (0 comments)
stated income: Mortgages and Loans For Self Employed Business Owners
- 01/31/10 10:39 AM
Over the past few years, it has become increasingly difficult for self employed borrowers to qualify for a mortgage loan. Most lenders have removed no doc, stated income or no income verification loans from their product offerings.
Self employed borrowers have been taking advantage of the tax benefits provided to them but this hurts them when it is time to apply for a mortgage. Lending guidelines would require that borrower to qualify using the NET income referenced on the tax returns. Those self employed borrowers would have no trouble making the mortgage payments in most instances.
Right now, … (3 comments)
stated income: It Has Gotten So Bad That A Customer Cried Today
- 01/22/10 10:22 AM
There are hundreds of posts here in Active Rain about FHA guideline changes and how that will impact a borrower's ability to buy a home and/or refinance with 5% down instead of 3% down. Meanwhile, there is a large portion of our population that is really suffering and they have been since the real estate melt down..... SELF EMPLOYED BUYERS or BORROWERS.... I took a phone call today from a woman in Georgia. She is recently divorced and has a small hair and nail salon. She cannot document her gross income like the W2 employees can so there is no way … (10 comments)
stated income: Stated Income Lenders - How To Find Them
- 12/30/09 07:59 AM
If you are looking to get a mortgage then you need to make sure that you understand the different options available. One option in particular is the stated income home loan. Stated income loans are available to people who have good credit and are looking to apply for a loan without fully proving their income. You would need to speak with stated income lenders to find the right loan based upon your scenario. STATED INCOME RATE QUOTE Why someone want to a stated income mortgage loan. The truth of the matter is that a lot of people who are self employed or work for cash and have a difficult time … (5 comments)
stated income: Stated Income Loans and Mortgages In California - coming back??
- 10/29/09 11:15 AM
Everyone, A lender I work with is getting back into the stated income loan business in California. This is really good news for homeowners and self employed borrowers in that state. However, there are some strict guidelines. So, this will not be for everyone. However, the fact that another bank is willing to consider this is a good sign. There are so many self employed borrowers in California who really need a stated income or no income verification mortgages and loans. Long term, I believe the underwriting guidelines need to change for the self employed. They should be looking at income that … (4 comments)
stated income: Do your buyers really know their loan options?
- 10/19/09 02:23 AM
Are your buyers fully educated on what is available to them? Are they working with a lender who can provide all of those options to them? There are many types of ARMs, niche programs, and even some stated income programs still available for self employed borrowers who are taking full advantage of the tax benefits but as a result show a low net income on their tax returns. Yes, there are still programs for them too although hard to find. Just think how many more qualified buyers there would be if they knew about those programs. I have attached a loan … (1 comments)
stated income: Mortgage Twitter Account
- 08/01/09 12:13 AM
Everyone, I will be providing daily updates on what is happening in the mortgage world at the following Twitter location..... http://twitter.com/financingdreams Of course, you can get all of your questions answered at http://www.dreamhomefinancing.com Thanks Eric … (0 comments)
stated income: Stated Income Loans in New Jersey, New York, Connecticut and California
- 06/08/09 11:06 AM
Good news for those who are having trouble finding a stated income type of mortgage loan in California. I am working with a lender who still has the stated income loan option but they are being very particular regarding the location. Only properties in these areas would be considered... San Diego, Orange, LA, Ventura, Santa Barbara, San Francisco, Marin, Contra Costa, Napa, Sonoma and San Mateo counties. Properties must be primary residences up to two units. LTV no more than 75% depending upon the scenario. In New Jersey, New York and Connecticut, the stated income options are much more flexible with lower down payment … (0 comments)
Stated Income Loans without Income docs for Investment Properties are available again!
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