MY FINANCE AND I ARE LOOKING FOR A BANK THAT STILL OFFERS A STATED INCOME LOAN.?

We had one set up a year ago by the bank in which we additionally make use of for personal accounts such as checking,savings,auto,etc. We were approved, but could not find a residence in which we were indeed meddlesome in. We eventually found one and went to which same bank and they pronounced which they did not suggest which sort of loan anymore. Now keep in mind we have been self-employed and simply cannot infer all income on paper,but it’s there. We did not validate for a required debt loan so have been in need for a little help. We have been now renting and have been seeking brazen to shopping the initial home, if this is possible. Also, we live in Ohio. Does any one know of a great bank and or debt association which still offers settled income loans. Also keep in mind he has a 760 credit measure and we have been means to put 20% down. appreciate you!

{ 5 comments… read them below or add one }

Sharon T April 3, 2010 at 10:16 am

You certainly CAN prove your self-employment income. All you have to do is report in on your income tax return. The bank will use the last two or three years’ returns to substantiate your income. If you aren’t reporting all your income, well….

estielmo April 3, 2010 at 11:08 am

Sure you can prove all the income. Show your IRS returns.

Rex April 3, 2010 at 11:33 am

You just need to show your income tax returns. You should not have a problem.

bbwebpuppy April 3, 2010 at 12:13 pm

There are still a few stated income loans, at least in CA, but you will need to talk to a mortgage broker to get one. I don’t know of any bank that offers them. And they seem to tell clients that what they offer is all that is out there.

You’re problem is not that you’re self employed, it’s that you have a good accountant that allows you to write of expenses that a wage earner has, but can’t write off. Banks use your adjusted gross income as your income. It’s very annoying and why stated income was originally created.

Also realize that there is a push in the government to make state income illegal. On the surface, this could be a really bad thing for self employed people, but my hope is that it will force lenders to find a more realistic way to verify the income of self employed people, and may end up being better for them in the long run.

Big daddy April 3, 2010 at 1:01 pm

yes, there are some lenders that will do stated income, but be prepared you will have to jump through hoops to do it. From what I have seen they do tend to be regionalized so it really depends on the lender and their comfort level with it. I would suggest this go to http://www.fha.com and http://www.fha.org and see what they say about self employeed requirements. You can also look for first time home buyer programs as well, which could help with the down payment. As I stated earlier, I know of one lender we work with that does stated, but I don’t know if they do so in Ohio. If you want drop me an email and I can check with some underwriters tomorrow to see what can be done for you. Do not give up on your dream, it can be accomplished, the work will be worth it. Happy hunting and good luck

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