Financing in San Jose>Question Details

Nathan, Home Buyer in 95131

Need help finding stated income loan in San Jose California?

Asked by Nathan, 95131 Tue Jun 16, 2009

I am looking to buy a house in the 1 - 1.2 million range in the San Jose area. I have 30-35% down payment ready. My credit score is around 815. I am looking for a loan amount of approximately 800K. Since I am self employed, my tax returns do not reflect my true income. My accountant does a lot of creative accounting and write-offs. I did apply for a traditional full-doc loan with Bank of America and could only qualify for 400K. I have 2 corporations that gross more than 750K a year. I know I can easily make the monthly payment required for a 800K mortgage.

Are there any lenders or brokers in San Jose that will offer stated income loans?

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Answers

15
An update to stated income loans...we can get to 80% LTV however the guild lines are stringent! At 65-70 LTV, as outlined in the above question, guide lines are less stringent. In general 6 months PITI is needed, 720 fico and nothing odd at all on the credit history. See more on stated income loans on out website http://www.finance1online.com/stated-income-loans
0 votes Thank Flag Link Thu Apr 24, 2014
We have a program for you! We specialize in this sort of thing if you are still looking for a loan.
0 votes Thank Flag Link Thu Sep 19, 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
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 Thu May 30, 2013
Hi Nathan:

Even a stated income lender wants to know whether you make any profit and if so how
much after they factor in the 2 corporations.

Banks and lenders are very particular as to what they see on Paper, if they a Stated loan,
the lender will ask for 1040s for not just 2 years which is traditional, but 4 -5 years.

Check this out: http://www.trulia.com/blog/perry_mistry/2012/04/qualifying_f…

Remember, the Accountant was creative but you did agree to go along.

Good luck.

Perry

http://www.trulia.com/blog/perry_mistry/
0 votes Thank Flag Link Wed Apr 18, 2012
Here are the guidelines for stated income:
• Primary Residence Only
• California Only (IL, MA, NJ, NY, TX, WA…case by case)
• Purchase, Rate and Term Refinance 70% to $417,000
• Purchase 60% to $1,000,000
• Cash Out Refinance $100,000 Max Cash in Hand
• 1-4 Unit , PUD, Condo…all okay!
• 30 year and 15 year only
• 700 Mid FICO
• 2 Years Employment Required (verbally verified)
• Self-Employed Requires CPA Letter & Business License
• 6 months PITI average balance for 3 months needed
• Very Low Current Rates
Let me know if you need more info...http://www.finance1online.com/stated-income-loans/
0 votes Thank Flag Link Tue Apr 17, 2012
@Dp2,
Yes. ACC has over 80 branches and supports over 1,000 Loan Originators in CA with annual closed loans in access of $1 Billion

@Greg,
Thank you for the nice words. I'll need to pay you back. I'll look forward to that at my first opportunity. Second thought, I'll do that now. ..... Folks if you need a "Bulldog" with tenacity on your GSE, FHA or VA loan, Greg will be someone you would want to speak with. We've known each other for almost three years on Zillow. I have seen his response to all types of questions. He's not an "order taker." He's a PRO! .... Happy funding, Rudi
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Tue Jul 13, 2010
Rudi is a well respected and knowledgeable broker. If anyone can get a Jumbo done for a self employed borrower, it would be him!
0 votes Thank Flag Link Mon Jul 12, 2010
Rudi, that's good to know. Do you only do loans in CA?
0 votes Thank Flag Link Mon Jul 12, 2010
We are a jumbo lender. We have over 70 CA banks and credit union niche investors. We offer a Stated Income Verified Assets product. Although all require a 4506T which permits the lender to your past two years Federal Tax Filing Transcripts.

I specialize in self-employed borrowers on loan amounts from $750,000 to $5,000,000. Most of my past borrowers were able to use Form 1084. With my portfolio lenders, usually with a Form 1084 we can make most every circumstance fund-able. See what we can do for you.
Web Reference: http://www.umboc.com
0 votes Thank Flag Link Mon Jul 12, 2010
Just in case anyone need to fill out a form 1084, I found a blank form in this link http://pdf.ac/6LBoQ. This site PDFfiller also has several related forms that you might find useful.
Flag Sun Mar 22, 2015
Hi Nathan:

Give me a call. You should not have an issue.

Best Regards
Perry
408-656-5343
Web Reference: http://www.ruthandperry.com
0 votes Thank Flag Link Mon Jul 12, 2010
I know a No doc home loans company, 80.00% LTV, 700 FICO score.
0 votes Thank Flag Link Sat Jun 20, 2009
Nathan,
The only source I know of will do stated income. Rate is 8.99% but only up to 50% LTV.
California Home Loans
1885 The Alameda, Suite 120
San Jose, CA 95126
mobile: 408.691.2711
office: 408.286.0203
fax: 408.516.8091
Ask for Chris Knapp
Any such loan is going to be expensive.
Good luck, Bill
0 votes Thank Flag Link Tue Jun 16, 2009
try Valence Lending at (408) 510-3400
0 votes Thank Flag Link Tue Jun 16, 2009
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