stated income loans: Stated Income Loans - New Guidelines Needed
- 04/24/17 06:12 AM
Stated income loans were all but eliminated back when the mortgage meltown happened. There was this feeling that too many borrowers were able to get loans when they had no business owning a home based upon their ability to repay the loan. In many instances, that is correct. The problem is back then, stated income loans were available to everyone including salaried borrowers. THAT is where we ran into a problem and why stated income loans got the tag "liar loans". If you are a salaried employee, then you can prove what your income is. There is no need for a stated income … (3 comments)
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 loans: 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 loans: What REALLY Caused The Foreclosure Crisis And Declining Values...
- 12/20/09 07:02 AM
I have seen a few blogs and comments about this topic and wanted to put my spin on it. First of all, the answer to what caused the declining values is easy....all of the foreclosures, short sales and job losses. Now for the controversial part. What caused the foreclosure crisis? It is NOT just the lending guidelines and declining values (although there ARE people intentionally going into foreclosure because their homes are under water). As a mortgage professional, I have seen my fair share of credit reports and have spoken to hundreds of borrowers with all kinds of different financial situations. … (2 comments)
stated income loans: Interst Only Loans In NJ (New Jersey)
- 11/30/09 05:47 AM
There have been many misconceptions regarding interest only loans. People have wrongly associated them with negative amortization (neg-am loans) loans. Interest only loans allow borrowers the flexibility or option to pay just interest or both P&I. Why would the flexibility of interest only loans be important? Are you someone who is self employed, earns mostly commission, or has some other unstable income situation? Maybe you are someone who would prefer to put the extra money into a college fund or retirement fund instead of paying down your mortgage. If so, then interest only loans may be right for you. I have helped many customers … (0 comments)
stated income loans: Great Weekend For An Open House In NJ
- 11/21/09 01:15 AM
Friends, How many of you have an open house this weekend? Aside from the squishy backyards from all of the rain, it looks like a great weekend for showing homes. I am sure you are all prepared with your color hand-outs, business cards, preparing the homes for viewing and everything else that you do. The question I have is how many of you actually show your potential buyers how easy it is to afford the home you are showing? Is your current inside mortgage rep or loan officer putting together a custom sheet showing payment options that are specific to that property? … (1 comments)
stated income loans: Mortgage Closing Costs - Requirements
- 09/23/09 08:04 AM
Mortgage closing costs are required to close your loan application. The best way to know how much your closing costs will be is to ask for a good faith estimate. This is important because the fees and costs may vary depending upon your particular loan scenario and municipality. Not all closing costs and fees go to the lender. There are third-party fees and state and local government fees that must be covered. Mortgage closing costs are fees charged for services that must be performed to process and close your loan. At the time you apply for a loan, lenders are required by law … (0 comments)
stated income loans: 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 were all but eliminated back when the mortgage meltown happened. There was this feeling that too many borrowers were able to get loans when they had no business owning a home based upon their ability to repay the loan. In many instances, that is correct.
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