We have an income skill (rental units) listed for sale. Whenever it sells, we’ve programmed on you do a 1031 sell to squeeze a opposite income/investment property.
We’re self-employed, and with the incident would need a low-doc or settled income sort of loan, that is the sort we’ve regularly gotten during the past twenty years. We’d have at slightest a 20% down payment, and we have high credit scores. Would it still be probable for us to get a loan to squeeze an additional rental/investment property?
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- ANY NO DOC, STATED INCOME COMMERCIAL LOANS OUT THERE?
- I NEED A NO DOC OR STATED INCOME LOAN ON MY PERSONAL HOME THAT IS PAID FOR. I HAVE A FICO SCORE IN THE 800.?
- SHOULD I BUY A HOUSE NOW WITH A STATED INCOME LOAN AT 7.5 OR SHOULD I WAIT 2 MONTHS FOR A 7.25% LOAN?
- CAN I STILL GET STATED INCOME HOME LOAN?
{ 1 comment… read it below or add one }
If you asked a magic eight ball this question, your answer would be “outlook looks dim.”
After the Sub-prime Mortgage Crisis of Early 2008, federal regulations went into place that greatly tightened the rules in which lenders can play by.
In a great housing market, I as a banker were able to get loans underwritten with stated income – this has ended.
Plus, if you have great credit and a 20% down payment, why do you need a documentation loan?