I have been conference which lenders will be discontinuing the settled income loan completely. Does this meant which everybody will need to yield taxation returns, w2′s and paystubs to validate for residential refinance and squeeze loans? How most of you can validate with what you have to refiance or buy a house? Will everybody have to have an altogether debt (monthly smallest payments (on credit report), debt payment, skill taxation and homeowner insurance) vs income comparative measure of 45% or less? Let’s contend you have $3500 a month can you means to buy a house, compensate taxes and word on it, compensate your car payment, credit cards or tyro loans and still stay at $1500 month sum payments so which you qualify? Does any one think this is unrealistic?
Related posts:
- CAN I GET A STATED INCOME LOAN WITH A RATING OF 710 W/ 10% DOWN AND $6000 IN STUDENT LOANS STILL UNPAID?
- WHAT BANKS/MORTGAGE LENDERS STILL OFFER ‘NO INCOME VERIFICATION LOANS’ (NIV) OR ‘STATED INCOME LOANS’?
- WHAT IS THE REQUIREMENTS FOR STATED INCOME LOANS IN CA?
- ANY NO DOC, STATED INCOME COMMERCIAL LOANS OUT THERE?
- STATED INCOME LOANS..?
{ 5 comments… read them below or add one }
I have heard of it but i have not seen it. I can offer up to 95% stated loans. The only stated loan I know that is gone is the 100% stated loan.
This is the way things used to work before greedy mortgage brokers and banks changed the rules.
People used to pay 10%+ interest rates, 20 year financing with a minimum of 20% down, and were still able to buy.
Granted, prices have a way to fall before we see that again.
But yes, the days of easy money are over and done with. The banks bankrupted many buyers, bankrupted their investors and our now fighting bankruptcy themselves.
If not for the greed, prices would NEVER have shot up as high and as quickly as they did.
Times are changing.
I saved for 5 years to buy my first house. It can be done if you want it bad enough.
Gem, you can put some of that blame on the home buyers too. They wanted more than they could afford. Do you really think a bank or mortgage company wants the house back? Why would anyone have to do a stated income loan unless they are lying? They are either lying to the mortgage company or lying to the IRS.
Stated loans should be outlawed, regardless of what mortgage brokers say. If you can’t demonstrate to a lender that you can afford the loan, you shouldn’t get it.
I basically got a stated no-doc loan from Countrywide about a month ago. My credit is 780 and I am self employed. My rate was 5.875% with .75 points and 5% down. I have one loan and pay tax advantage mortgage insurance which bumped my rate up to 6.375%. Countrywide is a great bank for these loans the loan was called “Fast and Easy”.