Comments on: WHAT KIND OF DOCUMENTATION DO YOU NEED TO PROVIDE WHEN YOU GET A STATED INCOME LOAN TODAY ?

By: Eve

Eve — Wed, 27 Jan 2010 19:05:33 +0000

I read your Article. I have applied for series of Loan in different loan companies online and end up loosing my money.I lost $2,400.00 in the hands those internet loan scammers, who claim to be loan lenders. I lost every penny i had till a friend directed me to Macro Loan House, were i applied for a loan of $46, 000.00 which was Approved and transfer to me. I will advcie you contact the company too for possible help. Company email: macroloans@gmail.com

By: WFR

WFR — Wed, 27 Jan 2010 18:50:33 +0000

Looking through your previous questions and my contributions, I can tell you that you are going to have a hard time closing your current loan. I suggest you be prepared for changes. Doing a 90% stated loan with Countrywide in San Diego county is going to be nothing short of a miracle. I know you have 700+ credit scores but if you manage to actually close this loan I would be quite shocked.

I suggest you be careful of a switch of terms before escrow.

Just friendly, experienced advice.

By: Mary B

Mary B — Wed, 27 Jan 2010 18:38:18 +0000

Landlord is so wrong…you NEVER provide tax returns on a stated income loan because the income is STATED, not proven.

You have to have 2 years of documented employment history and the stated income must be reasonably consistent with the profession.

If you are self-employed, you have to produce not only a business license that reflects the name of the business for a minimum of 2 years OR if the business is incorporated, the loan processor will pull evidence from the Secretary of State’s website to prove you are the registered agent and have had the business for two years.

IN ADDITION, you must provide a letter from a CPA (NOT a seasonal tax preparer) that they have done the taxes for the business (and must state the business name) for the last two years.

Remember that it’s a STATED INCOME loan and not STATED JOB.

The mortgage company will call the CPA to verify that they produced the letter along with checking to see if that individual is in fact, an actual CPA in their state and that the license is active.

That’s pretty much it.

By: triad_historic_homes

triad_historic_homes — Wed, 27 Jan 2010 17:59:42 +0000

If it is a stated income loan, then NO documents are needed to verify the income, hence the name “stated”. You may need to provide bank statements verifying enough assets to make 6 months of mortgage payments, that would be a SIVA loan (Stated income, verified assets).

Bottom line: ask your lender.

By: gumsy

gumsy — Wed, 27 Jan 2010 17:37:35 +0000

He will need a breakdown of his accounts and tax papers for the previous tax year showing total income and tax paid as well as a prediction done by his accountant for the coming tax year. He will also need account statements for the past 3 or 6 months (I don’t recall, but I think it’s 6 months)

That was the documents my husband needed when he got his loan and he’s also self employed.
Just ask the bank what they will need if your husband does his own accounts, it may be different. Good luck. It is fairly straight forward, especially if you’ve been with your bank for a few years.

By: Landlord

Landlord — Wed, 27 Jan 2010 17:31:05 +0000

Your tax returns for the last two years are usually proof enough.