Financing in Pittsburgh>Question Details

Cr2012, Home Buyer in Pittsburgh, PA

Can anyone give me information on a stated loan program for getting a mortgage loan. How much higher is the interest rate and are there any catches?

Asked by Cr2012, Pittsburgh, PA Sat Feb 11, 2012

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9
Stated income and no doc loans are illegal in the state of Pennsylvania.

http://www.pabulletin.com/secure/data/vol38/38-51/2285.html

Alan
1 vote Thank Flag Link Sat Feb 11, 2012
Hi Cr2012

A Reverse Mortgage Loan is a mortgage product that allows the homeowner to convert some of the equity in their home into cash without having to sell the house or make any additional monthly payments.

http://www.reversemortgagelendersdirect.com/pennsylvania-rev…
http://www.reversemortgagelendersdirect.com/reverse-mortgage-loan/
http://www.reversemortgagelendersdirect.com/how-does-a-rever…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
0 votes Thank Flag Link Fri Sep 13, 2013
If you are looking for a real estate agent I can help you with procuring a loan .
0 votes Thank Flag Link Sat Mar 24, 2012
If a borrower is over the age of 62 a reverse mortgage may be an option.
0 votes Thank Flag Link Wed Mar 21, 2012
Soryy I meant New York Bank
0 votes Thank Flag Link Wed Mar 21, 2012
There is one company that does them. It is a York Bank called Hudson City Bank. Many brokers do not deal with them but I can refer you to a lender that does. I did send you an email about this a while ago.

Alan
0 votes Thank Flag Link Wed Mar 21, 2012
As far as I know, stated loan programs are no longer available. All loans are fully documented meaning income / assets / etc are all verified.
0 votes Thank Flag Link Wed Mar 21, 2012
Stand alone Stated income programs is not part of the lending landscape today.

You can find a form of these programs in private hard lenders and with banks private banking department.

Couple things: some states have ruled this loans illegal, and yes private money can be expensive and normally have very short terms or a balloon note due in 3 to 5 years

Both private money and private banking require the offset of not looking at income with you needing large assets on deposit or large down payments around 50%

Have a great day and hope this helps
0 votes Thank Flag Link Sun Feb 12, 2012
I am not aware of any stated loan programs at all anymore?? I sold 40 homes last year and with the exception of a few cash sales all are full doc loans-- Thats just my experience, You may need to seek a private money lender and thats not something I would suggest.
0 votes Thank Flag Link Sat Feb 11, 2012
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