Since these types of programs are more expensive, I would be sure to shop my loan. Make sure to compare apples to apples and ask for a Good Faith Estimate so that there are no hidden fees. I know that Countrywide Mortgage does stated income. I would include them.
Michelle, you are a real estate professional as you stated it in your personal profile. There is no reason to disguise as a buyer.
I had a first-time home buyer with excellent credit (792), 1 income, get 100% financing thru Countrywide with a borrowed 3% down payment, but he did have a 401k he could show had additional assets to cover the 3 months payment requirement. Be very careful of brokers who promise you this kind of program UNLESS someone you know and trust recommends them. If it sounds too good to be true, it probably is.
Have you recently spoken to any good lenders in your area? May I suggest that you ask for a referral if you do not have a lender in mind? Ask a trusted friend or family member for a referral. If they do not have a recommendation, check with an experienced full-time real estate professional in your area. Consider speaking with your credit union or bank where you do your checking as well.
Despite the increase in foreclosures and increasing reports of mortgage fraud, rates have generally remained low and stable. I suspect that you, like myself, may be self-employed and prefer the no-doc type of loan. Rest assured that there is still hope. I finally got around to refinancing my primary home late last year in order to eliminate an adjustible second, savng an additional 1/2 percent using a no-doc loan. Having good credit and working with a reputible lender are the keys for using this type of loan product.
Best wishes - Ted