I am extraordinary to know if I can speed the shopping routine by you do a settled application. I have owned my commercial operation for 4 years and I have a CPA minute to infer it. Are taxes unequivocally necessary? What about bank statements? If you do settled income because do you have to infer your income?
I have 15% that I am bringing to the table, but I would similar to to move reduction if possible. I have a center measure of 662. My high is 710, and I would cite a lender with a high measure program.
Is “stated” my most appropriate option?
I was told that if I did a full doc. loan the lender would have some-more questions and some-more stips for the attorney to process, that would take longer than normal.
I have my taxation statements, but I suspicion “stated” meant they make use of your credit inform and down remuneration usually to authorize you.
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{ 7 comments… read them below or add one }
Yes, you have to provide your taxes from the previous year to prove your income, and that you’ll be able to make the payments.
No that is why it is called a stated income loan. YOu should not have a problem. I advise you not to go through a bank their reqiurements are more stringent. but most mortgage companies are willing to finance you. If you own your own business you should have you income tax statements . Why are you trying to speed up the process. They will approve you loan within minutes what are you trying to speed up. The rest is up to you and the real estate people. If you bring in all of your documentation first and get pre-approved then you only need to find a home in your price range that will pass the appraisal for the price that they are asking for the home. Please do your homework first before you jump into a scam make sure the people you purchase the home from truly own it. They have clear title to the home, the appraised value is not too high. Meaning that the home is worth what you are paying for it. Make sure the lenders are not about to go belly up. definitely get a home inspection for major defects. for example foundation problems, plumbing problems, roofs, concrete etc…… Good Luck
I can get you 100% financing in your situation. The way to go is to show 12 months bank statements to show your income. The CPA letter wll verify your employment. This will be a full doc loan. I only need a 600 mid full doc to get you 100% financing so this is a slam dunk. I could do it with my eyes closed.
Even if you have to go stated because you can’t prove income through bank statements, I could STILL get you 100% financing, just hte rate would be higher
Contact me if you want help with this…
loans@fivestarsmortgage.com
yes you have to provide proof of income because they need to know if you can afford the mortgage. do your homework very carefully and find out all your options.
here where i live real estate is very good anyone can buy a house with zero down, bad credit, first time home buyers program and have it built to your specifications.
in your situation i would look into owner finance deals, rent to own deals, assumable loans, foreclosures and fixer uppers if you like to do home repairs yourself, it’s lot of fun. just remember that there are lots and lots of options.
good luck,
yup! you can do stated income just as long as you have a good credit score and a downpayment…the best thing that you can do is call a real estate agent so that she/he give you the advantages and disadvantages of what your planning to do…
A stated Income program is just that…..a stated income. However there are rules. Such as you can’t be a pizza delivery driver and claim you make 85,000k a year. Who in their right mind would believe you? Your income has to be comparable to the type of work that you do. The rate can and usually is higher for this program. If you have bank statements and tax returns, I recommend you do the full doc loans. The rates are better
Good luck
Bob Laibach
http://www.gogreedy.com
First of all don’t let anyone lie to you and tell you u can’t get the loan done or you have to go stated and put money down. Bottomline is is as long as you debt ratio on bank statements and your credit is over a 640 score then u will be fine. There are ways you could figure it out on your own. All you need to do is take all your deposits for the last 12 months and add them up and then divide by 12 months to get your monthly income. Then go and add up all your bills on credit and see if your debt ratio is below 50%. If it is more then you will need to go stated. Just don’t let any lazy loan officer go and tell you it is to much work. All that means is that your dealing with a loan officer that does not want to work for you he or she wants to take the easy way out. I work at American Anthem Mortgage in Indianpolis, Indiana. My Name is Eric Lines, you can call me anytime at 317-337-0900 at the office from 10 till 6pm.