My husband and I are trying to purchase a larger home and are having the hardest time. Our credit is good and we have 5% to put down. The problem is that I am self-employed and have made 3 times more money this year than the previous two years. Every bank that I have talked to says they can only go off of previous tax returns and they give no account to what I have made this year. I was advised that the lovely “foreclosure boom” have wiped out Stated Income Loans" style="padding-right: 13px; background: url(http://www.statedincomeloans.info/wp-content/plugins/alinks/images/external.png) center right no-repeat;" rel="external">stated income loans all together. Has anyone had any luck finding a lender that still offers stated income or low doc loans to self-employed buyers?
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ya its easy ma ,………
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http://www.freewebs.com/quick-loans
state income purchase loans are still avalible with a bit higher credit score to qualify you! As long as you can prove the income thru bank statements it should be a snap!
here is my choice for a mortgage they did my refinance clean and below all my other estimates
Http://www.DirectLendingPlanet.com
I don’t know what state you are in, but Wells Fargo and WCI Mortgage are still doing stated income loans – check your local yellow pages for the numbers
If you are in Florida, call Darlene tollfree at 888-298-9161.
Good luck and best wishes.
There are still stated income loans, however the guidelines have changed pretty dramatically this year. Some things to keep in mind…
1. If you can show the income on your Bank statements for the last 12 or 24 months you can probably get a higher Loan to value loan or a better deal.
2. You may need great credit instead of just good credit now. Alot of these type loans have gone to requiring 700+ credit scores instead of just good credit.
3. You may need to bring more money in terms of downpayment. If you’re having a great year, then take a look at the business and see if you can draw a bit more capital out this year for your down payment.
As always, I’d say to contact a few different brokers and have them all look at your situation. The programs are fewer, but they are out there. Good luck in finding the right program for you!
Stated income loans are still available, although you will probably need more than 5% down. If you are buying on the east coast try http://www.choicefinance.net/
depends on the state you live in. In NC they are banning stated income loans on January 1st. If you have over a 680….and 5% down you should still be able to do stated income. The lender will normally request a Profit & Loss statement that is current for 2007. This will determine how much money you made this year.
Yes, stated income is still available, period.
The issues that you’re going to encounter are that the lenders now want a down payment that starts at 10% for A paper.
The alternative, bank statements, is only available for sub-prime loans. The rate may be competitive with A paper, or it may not, but you’re going to have to accept a pre-payment penalty to get it, or a much higher rate to buy it off.
The way lending regulations require A paper lenders to compute income averages across the previous seventeen months, at a minimum. The issue for self employed folks is that they want to know what your deductions are going to be, not merely your gross income. For instance, if you run a grocery store, the income you’re going to report to the IRS is a tiny fraction of gross receipts.
Some lenders may accept an accountant’s testimonial letter for this year’s income, but if you don’t have a regular accountant – and I do mean a licensed CPA, not a bookkeeper – they’re likely to balk at putting their license and business on the line.
You may need to reconsider either the property you have your eye on, in favor of something less expensive, or how much you intend to put down. By the qualifications lenders use and the current markets, this is a really rough loan to get through.