Home Buying in 77498>Question Details

Tom And Beth, Home Buyer in 77498

Hi,I am needed a loan with stated income,looking for a house in sugar land under 200K and able to down 50% .Any help is graceful.Thanks Tom /Beth

Asked by Tom And Beth, 77498 Wed Jan 12, 2011

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13
Linda Bell and Bill Spears’ answer
You might contact Jamie Bell with Whitney Bank @ 281-610-5449. She has a lot of experience as well as tools in her mortgage belt. Would love to help you find your dream home if you are not already working with a Realtor. You can call me at 281-684-9112 or email linda.bell2@garygreene.com.

Best of luck!!!
0 votes Thank Flag Link Mon Jan 16, 2012
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 Apr 18, 2013
Please call me to discuss the details. I can get you the loan at 5% Int. Rate 30 yr. Fixed and we only need 10% Down.

Sarah Montes
FundingNow@Live.com
(214) 293-1831
0 votes Thank Flag Link Thu Jan 13, 2011
Stated income was a thing before 2008. Right now every lender requires proof of income.

You might be qualified if your adjusted gross income fit within the debt to income ratio.

Let us know how we can help you.

Frank Zhu

512-919-0154
0 votes Thank Flag Link Thu Jan 13, 2011
You will be best served to contact a local mortgage broker to go over everything. As was stated with 50% down an owner financed home may be a good fit if the stated loan becomes a problem to secure. They are pretty much extinct these days regardless of down payment.
0 votes Thank Flag Link Thu Jan 13, 2011
Tom & Beth,
I am a Realtor that works in Sugar Land I also handle Mortage loans sonds like we would be of great service to you give me a call or drop me an email.
Don Turner, GRI
713-478-1121
don@donturner.com
0 votes Thank Flag Link Thu Jan 13, 2011
Tom and Beth,
With 50% down you are probably a great candidate for owner financing! I have a listing which is available for owner financing and could assist you in finding properties meeting your specifications in the Sugar Land area if you are interested in contacting me.
I work for RE/MAX Southwest, the 10th largest broker in the Houston area according to the Houston Business Journal and we have the largest share of the Sugar Land market in 2010 according to Broker Metrics.
http://www.har.com/TrishHazeldine
713-252-5454
0 votes Thank Flag Link Wed Jan 12, 2011
Stated income is thing of the past .

Contact a mortgage broker who can review your financial records assist you to qualify for a loan.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Wed Jan 12, 2011
Have you thought about finding a home offering seller financing?
Web Reference: http://www.ourfirstnest.com
0 votes Thank Flag Link Wed Jan 12, 2011
Hi Tom & Beth,

Stated Income is no longer accepted by lenders today. However, all hope is not lost for the self employed or the commission only employee. The very first step is to get pre-qualified with a lender who knows what they are doing. Trust me in that there are some lenders who do not know how to help people who are self employed or make commission only. I have a client with first hand experience with this. So you want to chose someone who will tell you exactly where you are in the lending process and what you can do to improve your ability to get a loan. I recommend Southern Lending Corporation http://www.southernlendingcorp.com. They are a mortgage banker who is located in Houston. They will meet with you one on one if you wish and they will review your file. They will make sure that you can get a loan before they ever give you a pre-approval letter. Their customer service is outstanding.

Good luck in your home buying process.
0 votes Thank Flag Link Wed Jan 12, 2011
Hard money loans are available for individuals with bad credit or stated income; a hard money loan is a non institutional loan made by a private lender that specializes in hard money lending, or private fund that typically lasts anywhere from 2 to 18 months and carries a higher APR than a traditional loan. Hard money residential loans carry a heavier burden and interest rate for the borrower for the simple reason that they also pose higher risk for the lender. Hard money loans typically require that the borrower have 25-50% equity or collateral in another piece of real estate (although some lenders will accept other assets such as stocks and bonds as collateral for the loan).

Many hard money lenders will only lend on the first mortgage (in the industry this is known as being in the 1st-lien position). If the borrower should default on the loan, the hard money lender is the first creditor to be paid when the property is sold. Some hard money lenders will subordinate to another 1st lien position loan; these loans are known as HELOC loans or second lien position loans. This is a riskier position for the lender as they are the last creditor to recieve remuneration.

Hard money lenders structure loans based on loan to value (LTV). The LTV for most hard money loans will not exceed 75% of the value of the property. For the purposes of determine an LTV, the word "value" is defined as 'today's purchase price'. This the amount that a lender could reasonably expect to realize from the sale of the property in the event that the loan defaults and the property must be sold in a 1-4 months' time.
0 votes Thank Flag Link Wed Jan 12, 2011
Tom and Beth,

There are still stated income loans available from a limited number of lenders. They will use the income the borrower currently makes. The loans are designed for home buyers who have the income to afford a mortgage and have acceptable credit, but don't meet traditional underwriting standards for a full Documentation or "full-doc". loan. Employment will be verified. Are you self employed or a 1099 borrower? what are your past/current employment situation and credit scores) Please email me your specifics so I can best advise you.

Also, keep in mind that "onwer financing" is another option that you have.
0 votes Thank Flag Link Wed Jan 12, 2011
No stated income loans any more that I know about.
That is a thing of the past.
If you have 50% down though that might work with some lenders.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Wed Jan 12, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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