I’d similar to to know the tangible names of lenders who have been charity settled income loans. We have been self-employed, can determine resources by bank annals and properties, but the taxes simply do not show which we have as most as we essentially do since flattering most all we do and have is deductible. Please do not give a general answer. I went by ruin perplexing to get a loan right prior to the marketplace tight and I wish to know if it’s even probable prior to I begin perplexing again or if I should only keep sitting behind and watchful for things to get better.
Also – we have stellar credit and can show writings for most resources together with seasoned cash.
For the jot down – no one here is perplexing to equivocate profitable taxes. We honestly have been means to write off scarcely all we do or buy since we live and inhale the business.
Related posts:
- HAS ANYONE HEARD THAT STATED INCOME (NO INCOME DOC LOANS) ARE GOING AWAY COMPLETELY?
- WHAT BANKS/MORTGAGE LENDERS STILL OFFER ‘NO INCOME VERIFICATION LOANS’ (NIV) OR ‘STATED INCOME LOANS’?
- RECOMENDATION FOR A MORTGAGE COMPANY THAT DOES STATED INCOME LOANS?
- DOES ANYONE KNOW ANY BANKS FUNDING SIVA (STATED INCOME VERIFY ASSETS) 680+ FICCO REAL ESTATE LOANS IN CA?
- WHAT IS THE REQUIREMENTS FOR STATED INCOME LOANS IN CA?
{ 4 comments… read them below or add one }
i do not know of any lenders doing that right now. I do not think this will return for many many years.
the only lenders doing stated these days are hard money loans at 60% of the value and the rate is about 14% on most I have seen. Search hard money mortgage loans if that suites you.See when self employed and writing down income to avoid taxes this is the end result when it comes to getting loans as you cannot prove that you can service the debt
I am a mortgage banker in TN
Fannie and Freddie used to buy those loans under the right circumstances, but that stopped some time ago.
The only people who alluded to the possibility recently were Wells Fargo retail. I am not sure what they are doing at present as I last talked to them about 6-12 months ago.
Congress wanted to outlaw stated programs. I am not sure if they were successful somehow in the flurry of recent legislation.
Chances are if you find anyone doing stated income, the rates will be ugly.
Forget about a ‘stated income’ loan. They currently do not exist, and it will probably be some time before they again are available. For now, you will have to rely on your income tax returns as your sole proof of income levels. Of course, proof of your ‘seasoned cash’ would also be considered.