Financing in Los Angeles>Question Details

L, Home Buyer in Los Angeles, CA

Are stated loans still available?

Asked by L, Los Angeles, CA Tue Apr 6, 2010

My husband is self employed and I have 1099 income; we are trying our best to not to have to owe an insane amount of taxes to
qualify for a loan of 620-650. We consistently bring home around 20k a month which can be documented monthly through our bank statements. Are there any lenders that will do a stated loan? If so what are the general
requirements for down payments and other considerations for this type of loan?

Thanks...

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Answers

13
Absolutely lenders will still do stated loan programs. It can be done. I know a lender that is offering a stated loan program with 20% down only! This is unheard of. Please also keep in mind that there are other guidelines that you would have to qualify for as well. It is not easy to find these lenders but they are out there. If you are interested please call me at 323-572-8500.

Trina Bentancourt
Keller Williams Hollywood Hills
323-572-8500
1 vote Thank Flag Link Fri Apr 9, 2010
3 yr old question fair Credit high income and no proof sounds like the makings for a high risk garbage loan. To you guys who would encourage this type of borrower................
0 votes Thank Flag Link Sun Aug 4, 2013
Yes with 20% down payment stated income is available. Please contact me for info.
0 votes Thank Flag Link Mon Jul 29, 2013
Everyday we speak to self-employed people here in California that are successful and have good credit but are routinely turned down by banks and brokers when applying for a loan to purchase or refinance their home.

The typical problem that self employed people run into is that they write off business expenses on their income taxes each year. It's a catch 22. If you write off most or all of your businesses expenses, it appears to a mortgage lender that your yearly net income isn't sufficient. On the other hand, if you do not claim many write offs for expenses, you immediately set yourself up for paying higher income taxes.

However, that no longer has to be an issue in your search for a home loan. We can now help locate specialized loan products tailor-made for self employed and high net asset clientele in California only.

We have access to new mortgage options such as:

1. 12 months of business or personal bank statements

2. 1 year tax returns (no more 2 year averaging)

3. Substantial assets

4. No income ratio for loans under 50% LTV

In the past, a majority of self employed people would simply seek out a stated loan in order to purchase or refinance property. After the housing and mortgage meltdown, many of these loan programs simply disappeared. Lenders soon became more stringent with their lending guidelines and it became subsequently harder for people who owned their own businesses to qualify for financing. Now that the real estate market is making its way back, a small number of lenders are now expanding their guidelines to become more attractive to certain buyers who have been neglected.

Give us a call at 800-598-9790 or visit http://www.selfemployedmortgageloans.com for more details.
0 votes Thank Flag Link Thu Jul 25, 2013
LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows:

• Purchase, rate and term refinance, and cash-out refinance allowed.
• Single family residences, PUDs, condominiums, and 2-4 units allowed.
• Primary residence, second homes or investment properties allowed.
• U.S. citizens, permanent residents, and foreign nationals allowed.
• No prepayment penalty.
• Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
• Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
• 700 minimum credit score for U.S. citizens and permanent residents.
• No credit scores are required for foreign nationals.
• No rental late payments during past 12 months.
• No mortgage late payments during past 24 months.
• No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
• No unpaid judgments, liens, or collections.
• Income stated on loan application must be reasonable for the position of employment.
• No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
• Self-employed or W2 allowed.
• No industry exclusions.
• Debt-to-income ratios cannot exceed 45%.
• Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
• 100% of the down payment may be gifted for primary residence.
• 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower’s own funds.
• The SIVA loan program is available in every County in the State of California.

For more information contact:

LENDERLINE
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
Website: http://www.lenderline.com
0 votes Thank Flag Link Mon Jul 1, 2013
LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows:

• Purchase, rate and term refinance, and cash-out refinance allowed.
• Single family residences, PUDs, condominiums, and 2-4 units allowed.
• Primary residence, second homes or investment properties allowed.
• U.S. citizens, permanent residents, and foreign nationals allowed.
• No prepayment penalty.
• Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
• Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
• 700 minimum credit score for U.S. citizens and permanent residents.
• No credit scores are required for foreign nationals.
• No rental late payments during past 12 months.
• No mortgage late payments during past 24 months.
• No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
• No unpaid judgments, liens, or collections.
• Income stated on loan application must be reasonable for the position of employment.
• No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
• Self-employed or W2 allowed.
• No industry exclusions.
• Debt-to-income ratios cannot exceed 45%.
• Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
• 100% of the down payment may be gifted for primary residence.
• 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower’s own funds.
• The SIVA loan program is available in every County in the State of California.

For more information contact:

LENDERLINE
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
Website: http://www.lenderline.com
0 votes Thank Flag Link Thu Apr 18, 2013
THREE YEARS OLD!!!!!!!!!!!!!
do you think they found something?
0 votes Thank Flag Link Mon Jan 14, 2013
Most self-employed / 1099 income earners use to use a No-Doc product. Stated Income Verified Assets (SIVA) products are available. But, all lenders that ofer these, to my knowledge, require a 4506T that allows them to receive yor last two years Federal Filing Transcripts.

I've been very succesfull using Full Doc with a FORM 1084 which allows certain deductions that were taken on Federal Filings and put those dollar amounts back in for qualifing income. You may wish to explore this possibility. I have the form and instructions on my website. .... Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Tue Jul 6, 2010
L,

I work at a direct lender that specializes in self employed people like yourself. I have a 40% downpayment program (I can actually take your bank statements and go alternative doc with a full doc rate) and a 30% downpayment program.

For example, at 40% down, your rates on a 3/1 ARM (for example) would be 4.875 with no points origination.


Feel free to give me a call at 949-870-2882


Cheers,

Lou
Chinatrust Bank USA
0 votes Thank Flag Link Thu Apr 8, 2010
Good Afternoon
I have 3 investors doing stated income loans

#1: 50% max LTV, 30 year fixed @6.875% with 2.00% loan origination fee
#2 55% max LTV, 3 year fixed @ 6% with 2.00% loan origination fee
#3 60% max LTV, 10 year fixed @ 5.35% with 2.00% loan origination fee (requires banking relationship)

700 credit scores required and verifiable assets.

I am local in Encino. Please call for more details.

Don Maher
Universal Capital Mortgage Corp.
(818) 990-7622 ext. 206
DRE LIC #01025802
0 votes Thank Flag Link Tue Apr 6, 2010
The short answer to your question is no except for the private money lenders. As Ted stated the rates are high sometimes over 10% and the down payment will be at least 40% maybe 50%. Other wise claim some income and pay some taxes, improve your credit and you will qualify for a conventional loan. Don't expect stated loans as we knew them to come back anytime soon.
0 votes Thank Flag Link Tue Apr 6, 2010
If you are looking for a traditional mortgage, then no, stated income loans without 2 years tax returns and a profit and loss for current year will not be available to you, despite the fact that the loan you are looking for is conforming jumbo.
What precludes you from obtaining a regular loan with full documentation?
Deborah Bremner, CSP, SFR, HRS, CRS
REALTOR, 00588885
Certified Short Sale Professional
Certified Home Retention Specialist
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
0 votes Thank Flag Link Tue Apr 6, 2010
The only lenders you will find are hard to semi-hard money lenders. It is almost impossible to find a conventional lender. I do have such a lending source and the rate isn't that bad (7-9%, varies on scenario) and it is a long term loan (5-10 yr term).
0 votes Thank Flag Link Tue Apr 6, 2010
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