scotanddiana, Home Buyer in New York, NY

First Time Home Buyer Via Stated Income Loan in San Diego, CA - Attainable?

Asked by scotanddiana, New York, NY Fri Jan 25, 2013

My husband and I meet all of the requirements for a stated income loan, are first time home buyers, but feel a little lost on whom we can actually trust to get a loan through. Does anyone possibly know anyone who can help us, or any tips that would help along my research? Thanks for your help! - Diana

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12
Lance King, Agent, San Francisco, CA
Fri Jan 25, 2013
I don't know of any reputable lender who will do stated income loans. If you find a lender who will do it my guess is the rates will be very high
1 vote
Joseph Arend…, Agent, Encinitas, CA
Fri Jan 25, 2013
Definitely contact David Walling with Provident Bank. He should be able to take care of you. He very well known around San Diego and does a great job for his clients. And if he's not able to do the loan he will be able to point you in the right direction.
Dave Walling 760-480-1890

If you are in need of assistance with purchasing a property, we would love for the opportunity to work with you. Feel fee to contact me if you ever have any questions. I am here to help.

Joseph Arendsen
The Arendsen Group
888-503-3117
1 vote
John Arendsen, Agent, Leucadia, CA
Fri Jul 19, 2013
Bob, what about San Diego? Never missed a payment. Never been late. 800+ credit. Only debt is Wells Fargo 1st of 650k & HELOC under 300k. Last appraisal was 1.4 mil.
0 votes
Bob Thompson, , Newport Beach, CA
Fri Jul 19, 2013
We have Stated Income in LA and Orange Counties. Starting at 3.5%.
0 votes
Robert Spino…, Mortgage Broker Or Lender, Mill Valley, CA
Fri Jan 25, 2013
Scotanddiana,

You may want to tune into the free webinar I'm hosting on Feb. 5. We're going to cover the most frequently asked questions of first-time homebuyers. But if you cannot make it, "no," stated income is not really an option any longer. There are some programs that have stated features, but the loan types that were commonly used (by the self-employed, for example) to demonstrate income different than what was declared on tax returns are still mostly a thing of the past.

Hope you can join us on the 5th. The link is below.

Rob Spinosa
rspinosa@rpm-mtg.com
0 votes
atifa Rashan, Agent, Carlsbad, CA
Fri Jan 25, 2013
Hi Diana,
I would love to help you with your loan, and buy your first home, I work with direct lenders and they are wonderful to work with. I have closed a lot of first time home buyer's with them and had excellent experience. Call me to get you started. Atifa 858-353-2196
0 votes
Daniel Lehman, , San Diego County, CA
Fri Jan 25, 2013
Jeez, what do I have to do to get such great recommendations from the agents on here?? Great job, agents!!! Love us lenders!!! haha... OK, anyways...

Guys,

Stated income doesn't exist anymore, but I would ask who was advising you of the requirements for stated income? I dont want to just say "Stated income doesnt exist" and leave it at that, because I would have to analyze your situation and get a TRUE understanding of where you are currently.

Some people have misconceptions based on false information. For instance, some people think BECAUSE they are self employed, they are not qualified. That is not true, it is just a different calculation of income.

So, I would want to talk to you about your current situation. You might find out that you are saying "stated income" when you mean something else, or actually qualify now. HOWEVER, even if you dont, I would not give up on you, but put a plan in place so that 5 months or 5 years from now, you can buy.

What you need is to understand what it takes, so that you can put a plan in place. If you would like help with that, and I am here to help in any way that I can. (And my willingness to help is NOT contingent on a commission check...)

Thanks!

Daniel Lehman
WJ Bradley
858-345-4725
0 votes
Cindy Davis, Agent, San Diego, CA
Fri Jan 25, 2013
Stated income doesn't exist right now. You need a reputable lender, Best deal currently out there right now is the FHA loan...3.5% down.

What I can tell you is to get a good name. The San Diego real estate market has tightened up tremendously this past year and having a lender with a good reputation can help you get a deal done.

Prime Lending does have a good reputation but there are other good ones too. You might suggest asking Reatlors who THEY refer to...that will get you a list of good names.

Please let me know if I can be of further assistance.

Warmly,

Cindy
0 votes
Sinead McAll…, Agent, Oceanside, CA
Fri Jan 25, 2013
Yes I am not sure what requirements for stated income they are referring to, but the best course of action would be to contact a highly-qualified loan officer (see post below) to find out what your best options are.

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
http://www.McAllisterHomes.com
0 votes
John Arendsen, Agent, Leucadia, CA
Fri Jan 25, 2013
Now now Hector, let's be a gentleman. Scott and Diana are asking for our help not a sarcastic and embarrassing answer to a sincere question. How do you expect to attract clients with that kind of an answer.
0 votes
Hector Gaste…, Agent, Coronado, CA
Fri Jan 25, 2013
Diana,
First time home buyers and stated income? Stated Income has not been available since 2008.
Are you time travelers on a Delorean?
0 votes
Sinead McAll…, Agent, Oceanside, CA
Fri Jan 25, 2013
Hi Scot and Diana,

I would recommend Kristin Bursian with Primelending. She is amazing and I have referred her to all my clients, family, friends, etc. Her number is 619-857-9006. Let her know that I sent you. She will take amazing care of you!

Once you are preapproved, we can go take a look at homes that you are interested in. Call, text or email me anytime! I am available to my clients 24/7.

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate
858-205-5215
brokermcallister@gmail.com
http://www.McAllisterHomes.com
0 votes
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