Pochacco, Home Buyer in San Jose, CA

Is there any stated income program available in San Jose, CA (Bay Area)? I'm looking for one urgently (need to close within 30 days).

Asked by Pochacco, San Jose, CA Wed Sep 23, 2009

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22
Grace Morioka, Agent, San Jose, CA
Wed Sep 23, 2009
BEST ANSWER
Hello Pochacco and thanks for your post (incidentally, I love that dog Pochacco)...

Right now, I have one mortgage broker with stated income loans, but there are a huge number of restrictions to the loan, including...documented income via paychecks, W-2s, etc. You still have to have some tax returns, and, of course, you cannot be self-employed, but it can be done. As Carl noted below, however, these programs--when you can find them--will be available only to those with excellent credit (over 760 FICO) and with a rather hefty downpayment 20% plus.

Good luck!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Thu Sep 24, 2009
Great. Another website is where loan officers go. Google: mortgagegrapevine. Inside the box, there's a search box. Enter stated income and see what other loan officers are finding for that product.
1 vote
Freemanloanf…, Home Buyer, Phoenix, AZ
Fri Jan 8, 2016
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0 votes
Arpad Racz, Agent, San Jose, CA
Tue Jun 16, 2015
Hi,

I would be happy to put you in touch with a lender I know. Please email me the details of the loan you are looking for through my profile link.

Kind regards,

Arpad
0 votes
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Thu May 21, 2015
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0 votes
Oscar Ben, Home Buyer, Washington, DC
Fri Dec 26, 2014
TESTIMONY ON HOW I GOT MY CHRISTMAS LOAN FROM A GENUINE LOAN COMPANY LAST TWO WEEKS.....Am Mr Oscar Ben by name, I live in California, United State Of America, who have been a scam victim to so many fake lenders online between March last year till October this year but i thank my creator so much that he has finally smiled on me by directing me to this new lender who put a smile on my face by not scamming me and also by not deceiving or lying to me as others did to me but however this lender whose name is Mrs Kate Alexandra gave me a Christmas loan which amount is $70,000 united states dollars after my agreement to their company terms and conditions and one significant thing i love about this loan company is its fast service and also its God fearing attitude for not been like other fake lenders online who scammed me before now by asking me to bring fees upon fees without getting the results of all those fees payment that i made to them but all the same ,i still give glory to God that my storm is over now and am now that busy woman that i used to be and also my business is now growing here in my country because i now have much capital to do my business properly before the year runs out without having to go and meet my bank for any assistant .Thank you Mrs Kate Alexandra for this dream that come through and i promise to try all my best to refer your loan company to others who are in need of an type of loan currently just as the way i once was .. thanks so much over and over a again and may God guide you all . here is their email to contact them if you need loan too E-mail: (kateloancompany22@gmail.com),Am so happy i promise you all that you will never regret any bit of contacting them for loan because they never fail,your story will also change as mine did,Once again thank you all for reading my testimony...
0 votes
Oscar Ben, Home Buyer, Washington, DC
Fri Dec 26, 2014
TESTIMONY ON HOW I GOT MY CHRISTMAS LOAN FROM A GENUINE LOAN COMPANY LAST TWO WEEKS.....Am Mr Oscar Ben by name, I live in California, United State Of America, who have been a scam victim to so many fake lenders online between March last year till October this year but i thank my creator so much that he has finally smiled on me by directing me to this new lender who put a smile on my face by not scamming me and also by not deceiving or lying to me as others did to me but however this lender whose name is Mrs Kate Alexandra gave me a Christmas loan which amount is $70,000 united states dollars after my agreement to their company terms and conditions and one significant thing i love about this loan company is its fast service and also its God fearing attitude for not been like other fake lenders online who scammed me before now by asking me to bring fees upon fees without getting the results of all those fees payment that i made to them but all the same ,i still give glory to God that my storm is over now and am now that busy woman that i used to be and also my business is now growing here in my country because i now have much capital to do my business properly before the year runs out without having to go and meet my bank for any assistant .Thank you Mrs Kate Alexandra for this dream that come through and i promise to try all my best to refer your loan company to others who are in need of an type of loan currently just as the way i once was .. thanks so much over and over a again and may God guide you all . here is their email to contact them if you need loan too E-mail: (kateloancompany22@gmail.com),Am so happy i promise you all that you will never regret any bit of contacting them for loan because they never fail,your story will also change as mine did,Once again thank you all for reading my testimony...
0 votes
Kate Alexand…, Home Buyer, South City Farms, Sacramento, CA
Fri Dec 19, 2014
Hello, Are you in any financial problem? Do you need quick Funds for Xmas so you can get back to business. Or you need funds to pay off your bills If-YES-do contact us back via Email: (kateloancompany22@gmail.com) with Amount Needed, Duration, Country And Phone Number.
0 votes
Kate Alexand…, Home Buyer, New York, NY
Mon Dec 15, 2014
Do you need an urgent loan to pay your bills or start a company, we offer loan at a very cheap rate of 2%, if you are interested, contact us at our e-mail: kateloancompany22@gmail.com
0 votes
Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Fri Jul 25, 2014
Very old post, but 5 years later we actually do have stated income programs (again) for self employed borrowers.
0 votes
Finance1onli…, , Los Angeles, CA
Thu Apr 24, 2014
We have the most aggressive Stated Income Loan program in the market today. Up to 80% LTV.
0 votes
Self Employed…, , Los Angeles, CA
Thu Jul 25, 2013
Everyday we speak to self-employed people here in California that are successful and have good credit but are routinely turned down by banks and brokers when applying for a loan to purchase or refinance their home.

The typical problem that self employed people run into is that they write off business expenses on their income taxes each year. It's a catch 22. If you write off most or all of your businesses expenses, it appears to a mortgage lender that your yearly net income isn't sufficient. On the other hand, if you do not claim many write offs for expenses, you immediately set yourself up for paying higher income taxes.

However, that no longer has to be an issue in your search for a home loan. We can now help locate specialized loan products tailor-made for self employed and high net asset clientele in California only.

We have access to new mortgage options such as:

1. 12 months of business or personal bank statements

2. 1 year tax returns (no more 2 year averaging)

3. Substantial assets

4. No income ratio for loans under 50% LTV

In the past, a majority of self employed people would simply seek out a stated loan in order to purchase or refinance property. After the housing and mortgage meltdown, many of these loan programs simply disappeared. Lenders soon became more stringent with their lending guidelines and it became subsequently harder for people who owned their own businesses to qualify for financing. Now that the real estate market is making its way back, a small number of lenders are now expanding their guidelines to become more attractive to certain buyers who have been neglected.

Give us a call at 800-598-9790 or visit http://www.selfemployedmortgageloans.com for more details.
0 votes
Lender Line, , Newport Beach, CA
Thu May 30, 2013
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
Pochacco, Home Buyer, San Jose, CA
Thu Sep 24, 2009
Thanks Bill. I will definitely contact them. I've browsing on trulia and found some. Some are still offering stated income (hard money) program. Some discontinue theirs. I'm sending my info to them and waiting to hear back. We've been waiting long enough for the approval, hopefully we can close soon. :)
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Thu Sep 24, 2009
Ok. Sorry for the harshness. Try PSC Mortgage: Rene St Lanne (male) Direct 760-650-9878 or 760-910-3838 (Best) or TODD J. JOHNSTON BridgeStar Funding Ph 209.386.8011 bridgestarfunding@yahoo.com. I have not used them, but they are licensed in CA. I am not. these are stated loans and may require up to 40% down (that's how stated has become). They'll have to give you the skinny on it. Since GA has the highest foreclosure rate in the country, we won't be looking at those...haha..
0 votes
Pochacco, Home Buyer, San Jose, CA
Thu Sep 24, 2009
I have to get stated income loan and get it asap because my short sale offer just got approved 2 days ago. When signing the offer, my fiance wasn't available to sign. Now that the offer get approved, I wanted to add him to the loan & title. The problem is that I'm worried if I add him to the loan, the seller's bank will have a chance to cancel the offer or we'd have to go through the approval process all over again. I need to get stated loan asap to close the deal and will refinance as soon as I can. We (my fiance and I) can afford the mortgage, together we were pre-approved for 500k mortgage. We made a mistake and stupid decision when signing off the short sale offer.
0 votes
Hector Gamez…, , 95125
Thu Sep 24, 2009
Most lenders look at you DTI, debt to income, if that is in or around 45% then you should be OK. Your Fico is good so that will not be an issue. If you would like to talk about it some more you can give us a call at 408-836-7078. We can see where you stand and then you can make a decision on how you would like to proceed..
0 votes
William Pola…, Mortgage Broker Or Lender, Suwanee, GA
Thu Sep 24, 2009
Why not buy a house within your means? Do you really want to bank your mortgage on a business that's only 2 years old and an employer you've been with for only 2 years? I'd advise that you work with the minimum of self employed income and W2 income and buy a house you can afford in case you get laid off or your business industry suffers so that you won't end up like the other people living in the streets who also did stated income loans.
0 votes
Pochacco, Home Buyer, San Jose, CA
Wed Sep 23, 2009
Here's my current situation:
I'm a w2 employee + personal business. I have 2 years w2 at my current employer. I started the business in mid 2007. My FICO score is 760 and can only afford 20% down for a 430k house. Please contact me if anyone has any leads on this.

Thanks so much!
0 votes
C2 Financial…, Mortgage Broker Or Lender, San Diego, CA
Wed Sep 23, 2009
Yes, I have a lender that is able to do it. However, they have the following requirements. You must have a 740 mid FICO score and be able to put down at least 30%.

Feel free to contact me with any questions.

Regards,
Shawn
0 votes
Hector Gamez…, , 95125
Wed Sep 23, 2009
Are you self employed? Otherwise sorry but not stated income programs are available...
0 votes
Carl Henker, , 95928
Wed Sep 23, 2009
Stated income programs are all in Jurassic Park. You may find private money if you have between 40% and 50% down expect to pay above 10% in interest rates. It is time to start reporting that income and paying Uncle Sam so you can qualify for a loan in the future. The other option may be to amend your 2008 & 2007 tax returns to show the income needed to qualify for a loan. Good Luck in your search.
0 votes
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