Market Conditions in 18940>Question Details

p11leasing, Home Owner in 18940

what lenders offer stated income helocs in bucks county?

Asked by p11leasing, 18940 Sat Nov 19, 2011

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8
p11leasing,

Iif you are squeaky clean there is a bank in your area that has not asked for a paystub.

Best Regards,
Alan Openshaw
Cornerstone Lending
Southampton Pa
267 992 7276
VOTED BEST OF BUCKS 2010
1 vote Thank Flag Link Mon Nov 21, 2011
Alan is a very good... when your clients need da money!
Flag Wed Nov 20, 2013
RULES AND REGULATIONS
Title 10--BANKS AND BANKING
DEPARTMENT OF BANKING
[ 10 PA. CODE CH. 46 ]Section 46.2(g) requires licensees to perform an ability to repay analysis when offering a loan to applicants. Licensees must reasonably determine, based upon the documents and information provided, that an applicant will have the ability to repay the offered loan in accordance with the loan terms and conditions by final maturity at the fully indexed rate, assuming a fully amortized repayment schedule. Additionally, licensees: (1) are required to verify and document the income and the fixed expenses of the applicants; (2) are not permitted to primarily rely upon the sale or refinancing of the applicants' loan collateral to repay the loan; and (3) may not ignore facts or circumstances that it knows or reasonably should know would indicate that the applicant does not have the ability to repay the offered loan. Licensees are permitted to consider other factors in addition to income and fixed expenses when performing the ability to repay analysis and licensees are only required to verify and document the income that the applicant intends to rely upon in repaying the loan. Lastly, the subsection sets forth a presumption of ability to repay for certain loans and provides a framework for an analysis of loans with balloon payment features.
0 votes Thank Flag Link Fri Jun 14, 2013
I am presently working with a Lender that is now accepting Stated Income. Please contact me and I will be happy to assist you.
215-350-5090
0 votes Thank Flag Link Fri Jun 14, 2013
Maybe we should report that lender to the PA Department of Banking as stated income loans in this state are illegal
Flag Fri Jun 14, 2013
0 votes Thank Flag Link Mon Nov 21, 2011
The Wise Guys and Good Fellas can help you. No questions asked, including stated income loans. They will take your word for it. You want the money, you got it.
Tell us what your situation is. No income documentation? Cannot prove you have income? Want a lender to take your word for it? Not a problem.
0 votes Thank Flag Link Sun Nov 20, 2011
That type of loan has not been available for a very long time. But if it is, I have and awesome lender/banker you can contact directly at United Northern his name is Christian Berio at 516-520-5700 and he will be able to help you if that loan is available and if it is not I am sure they will have a solution for your situation.

I hope that helps.

Best Regards,
0 votes Thank Flag Link Sat Nov 19, 2011
Contact Alan Openshaw. If anybody would know how best to direct/refer your question, he would.

Alan Openshaw
Cornerstone Lending
Southampton, PA
267.992.7276
aopenshaw2@gmail.com
VOTED BEST OF BUCKS 2010
0 votes Thank Flag Link Sat Nov 19, 2011
Probably none in the country. The no-doc loan is pretty much a thing of the past and one of the loans that got people and banks in trouble few years ago.
0 votes Thank Flag Link Sat Nov 19, 2011
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