Financing in 90272>Question Details

Buddy, Home Owner in 90272

are stated loans availible in california?

Asked by Buddy, 90272 Wed Jun 1, 2011

I'm looking for a refi or home equity stated loan.

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April 23, 2012, as of today what new stated loans are out? Not Mega they don't like paying off a private exsiting loan? investment home.
0 votes Thank Flag Link Mon Apr 23, 2012
Yes they are again, however there are only about 3 lenders offering this and the credit score must be very high. If you ever need a loan officer, give me a call anytime, I have a couple I have worked with for years and are very experienced.

Have a great day,
Heather Paul, Realtor
Coldwell Banker
0 votes Thank Flag Link Wed Feb 22, 2012
I'm going to echo Carl and say that the only lenders I know of who are doing any form of "stated" loans are hard money lenders. Your qualifications are going to have to be much more stringent and exceptional and you're going to pay more for it but you may find a hard money lender willing to offer you a stated loan with verified assets. Best of luck.
0 votes Thank Flag Link Sun Jun 5, 2011
Anyone that says they have a stated loan product requires a signed 4506T. That allows them to receive the borrowers last two years federal income tax transcripts. Thereby, it's not a stated loan.

Happy funding, Rudi
Web Reference:
0 votes Thank Flag Link Thu Jun 2, 2011
I don't offer stated income loans - but I know of others who do.

Is your loan amount at least $250k? Is your FICO score at least 700? Do you have 12 months PITI in reserves? Property in Southern California? Those are the typical requirements. Rates are much higher than their full doc counterparts, but still are "bank rates" in the 5-7% range.

I am not big on stated income loans, I don't see a need for them as most are fraudulent anyway (i.e. stating income that wouldn't be able to be calculated if actually reviewing income documentation). I'm a big proponent for the same type of borrower who is looking for a stated income loan, to look for a loan program where they don't have to list income on the application - a "no income" or "no ratio" loan where debt ratios aren't considered as a part of the qualification process. Granted, very limited options for those, but they will come back out in time for the right type of low-risk borrower.
0 votes Thank Flag Link Wed Jun 1, 2011
Stated loans are a thing of the past in all states. If you have a 50% to 60% equity position then you can look at hard money options. All convetional loan programs require the verificaion of income with w2's and tax returns.
0 votes Thank Flag Link Wed Jun 1, 2011
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