Has anybody ever listened of these kinds of loans? Good, bad, value it? I was told since it is formed on your credit the a small riskier and thats because the seductiveness rates have been somewhat higher than required loans? Anyone know anything about this???
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{ 4 comments… read them below or add one }
Hi I am a real estate agent (see site below for free info) and here are some tips.
Things are different now than they were a few months ago. A bit more strict.
Here are some rules of thumb
1. if you have a fico credit score 620 or more you can buy any house out there really..
2. If you don’t have a fico of 620 or higher you want to make sure you have no late payments in the past 12 months. If that is the case you can still buy.
3. If you don’t have either 1 or 2 above, then it takes more documentation and paperwork.
I would start with finding out your fico. Do that first. You can find that out cheap online.
If you already know your fico score is 620 or higher you’ll have no problem.
Also right now you need to understand that FHA is insuring loans up to $365,000 so if you buy something at that price or lower its very easy and cheap to get in.
If you buy something like $400,000 or higher thats out of fha financing and you’ll have to go conventional. That means more money down etc..
However the very good news is I would buy now. The market in my opinion has bottomed out and even if you bought anything, (Try to find a low cost house in a good area) When the market goes up you’ll make some good money.
Go to the site below and save to your fav’s
You can search anywhere in the U.S. free and see photos and prices for hours and hours with no fee and no time limits.
Stated income means you don’t provide the lender any information regarding how much money you make – no tax returns, no pay stubs, nothing. It is riskier, you will pay a bit more in interest. But for the self-employed without a 2 year history, it is the only way to go.
This type of loan is available meeting the minimum standards, why would you want to do this? FYI you will have to sign a 4506 at closing with a stated loan which means you will allow the lender to request a copy of your Federal Tax Returns and if this is a Liar Loan then the bank can demand payment in full and you can be jailed and or fines for Fraud, These types of loans are looked at inside and out these days!
Also the stated income has to be reasonable for the field you are in. Now why would you need a stated income loan? I can’t remember the last time I had to do a stated income loan… If you have any questions fee free to e-mail me
Here is a good rule of thumb: The more documents you can provide the better the rate. So a stated income would have a slightly higher rate than a full doc loan. A stated loan is just that, a loan where your income is STATED or not proven by W-2′s, check stubs etc etc. This is a very legetimate loan that is done thousands a times a day all across the country. The one guy said it was a liar loan and they would take your house and soforth has no idea. How can it be a liar loan when the bank did not ask for income??????????