Financing in Atlanta>Question Details

Orleans V., Both Buyer and Seller in Dallas County, TX

Does anyone do Stated Income Loans in GA? I'm 20 years self-employed in the same industry, a credit score of 760 and 6 mos. bank reserves.

Asked by Orleans V., Dallas County, TX Fri Nov 4, 2011

Help the community by answering this question:


I can get it done for you

Allow me to briefly introduce myself, I am Richard- El Bey. I have been in the lending business since 2000, and I am partnered with several banks and private investors that can help you put more of your clients into homes, and I work FAST!

What it is we can offer you and your clients

F.H.A. Desktop Underwriting 57 DTI
F.H.A. No trade lines 620
F.H.A. Purchases. 3.5% down, 3% seller concession, 3 months reserves (can be gift)
Use assets as income
660 FICO No cancelled rent checks
F.H.A. Streamline on investment property 620 FICO
1-2 unit {no income, no appraisal}
3-4 unit {income, no appraisal}
H.A.R.P. loans with unlimited LTV/CLTV primary and second home
90% JUMBO loans up to $2,100,000 residential
Borrowers with NO CREDIT SCORE
Borrowers with NO SSN
Borrowers using TIN
Foreign Nationals, [Expatriate]- No Passport {Must have valid work visa or 30% down}
V.A. loans
Finance up to 20 properties with us
Non warrantable condos
580's OKAY
Past foreclosure or short sale, OKAY
65% of appraisal value financing for commercial purchasing or refinancing
20% down hard money do not care what the credit is purchasing
As well as private lenders looking for hard to do borrowers
We can get your dead loans DONE and keep your income growing.

Richard- El Bey
Avarice Investments
Wealth advisor
(706) 399-7813
(678) 752-8062
0 votes Thank Flag Link Thu Jun 20, 2013
Duke Cao we work on states income with 40% down
0 votes Thank Flag Link Fri Apr 19, 2013
yes do you have 40% down
0 votes Thank Flag Link Fri Apr 19, 2013
Aaron - that depends on how much debt Orlean has....
Web Reference:
0 votes Thank Flag Link Fri Nov 4, 2011
With the info you have provided, I am sure you do not need a stated income loan.
All you may need is meet with your accountant to get your P&L as needed by the lender.

Let me know if you need further help.
0 votes Thank Flag Link Fri Nov 4, 2011
There is a stated income program in GA. However, it's only available in certain cities around the state. It requires 35% down. You may also qualify for a regular loan. I'm curious why you would need to go stated? There are portions of the tax return that we count back as income. Let me know if you need help on this. This program is also used for Foreign Nationals.
0 votes Thank Flag Link Fri Nov 4, 2011
The Dodd-Frank Wall Street Reform and Consumer Protection Act essentially eliminated Stated Income loans. It requires that the lender document verify the borrower's ability to repay the mortgage.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia

Conventional | FHA | FHA 203K Renovation (Streamline & Consultant) | HomePath® |
HomePath® Renovation | VA | USDA | GA Dream | Jumbo Financing
Web Reference:
0 votes Thank Flag Link Fri Nov 4, 2011
Call and I will explain your options
Steve Pate
0 votes Thank Flag Link Fri Nov 4, 2011
Brand Mortgage has what we call a "Bank Statement" Loan. We calculate your income based on 24 months of your bank statements rather than your tax returns. We won't even ask for your tax returns. This is a great alternative to the "stated income" loan since the stated income loans have been phased out of the industry. You will, however, need 24 months of reserves for this loan option. And you cannot be a W2 employee ~ must be self-employed. Call or email me if you like more information.

Warm regards,
Kim Jones
Senior Mortgage Banker
678.468.4046 Cell
770.822.2083 Office
678.518.6917 eFax
Click here to visit my web site and apply on line:
Web Reference:
0 votes Thank Flag Link Fri Nov 4, 2011
Stated income loans are no longer allowed due to Financial Reform. You should consider FHA financing and having a family member co-sign the mortgage for you.
0 votes Thank Flag Link Fri Nov 4, 2011
The FHA guidelines have gotten stricter and mortgage qualification standards seem to changing almost weekly, Orleans V. Please consider calling one or both of our preferred lenders below and starting a dialogue as to what you will need to get your deal done. If you have any questions for me on housing, please call, email or text and I will be glad to share my thoughts with you. Good Luck!

Michael Hammond

Jay Posey
Your Mortgage Advisor
PHH Mortgage, Inc
Phone: 404-992-5462

Chuck Ewing
Senior Mortgage Consultant
First Century Bank, N.A.
620 Hembree Parkway, Suite 100
Roswell, GA 30076
770.241.1700 Direct/Cell
678.623.0960 eFax
0 votes Thank Flag Link Fri Nov 4, 2011
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