Home Buying in New York>Question Details

Chensby, Home Buyer in New York, NY

Are there any banks that offer stated income loans nowadays? If so, who are they?

Asked by Chensby, New York, NY Wed Sep 15, 2010

I can't get a pre-approval because I recently became self-employed and have not filed for taxes yet so do not have the W2 to prove that I have 2 years of history. I have W2 from a previous salary job but they do not match pay stubs from my most current work. I have saved up a good amount to put down and recent self employment income to prove I can make monthly mortgages but none of this matters to the banks I went to. (BOA and CITIBANK.) Are there any other options for me in a situation like this?

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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
Chensby, Bank America and Citibank are only strict government lenders who will originate loans that they can sell to the government agencies. There isn't any differentiation among the major banks. Depending on where the property is located, and property type, amount of downpayment, etc., there are options for borrowers who can't show income. However your scenario has an additional layer of difficulty since not only can you not prove income, the time of self employment is less than 2 yrs. I do loans for self employed borrowers regularly on a no income verification basis, but they have 2 years or more established history in their business. I do have one possible source for someone without the 2 year history, and you could contact me and I'd be glad to see if that would work for you.
0 votes Thank Flag Link Wed Nov 10, 2010
Hi David,

I came across this post this morning when researching who might be providing stated income loans in San Diego, CA. My husband and I meet all of the requirements for a stated income loan/first time home buyers, but feel a little lost on whom we can actually trust to get a loan through. Do you possible know anyone who can help us, or any tips that would help along my research? Thanks for your help! - Diana
Flag Fri Jan 25, 2013
I strongly suggest that you contact a mortgage broker, (not someone from a specific bank, but a professional who work with many load issuers).

I know a couple mortgage brokers who have worked with people in your situiation. Their consultation is free of charge. Please let me know if you would like to be introduced.

Thanks

Vincent Zou
Warburg Realty
vzou@warburgrealty.com
0 votes Thank Flag Link Thu Nov 4, 2010
Contact a mortgage broker, they may have some private lending options, but you'll pay higher interest and fees. It's nearly impossible to find a major U.S. lender who offer stated income loans now. They all go burned too badly in the sub-prime melt-down.
0 votes Thank Flag Link Tue Sep 21, 2010
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