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Are their any lenders willing to do a stated income or 50% loan on a home I have under contract?

I have the cash but would rather invest some of it! 
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May 02 2010 - Mocksville
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My lender says she can do 50% loan.  I don't know your particulars, but she is the best with the best rates around.  Tell her I recommender you.  Garunteed rate.  www.guaranteedrate.com/TheresaCrowell  phone number 704-262-3758.  Good luck!

Randy Mabry
Hunter Homes Realty
Albemarle NC 28001
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May 03 2010
The only way I could see this getting done is through an in-house loan at a local bank or credit union. I haven't seen a stated program offered on the wholesale side for a couple of years. Good luck with that one.
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May 04 2010
Link to NC Law

Please reference 6(c)(2) upon viewing the link.

Ms.Crowell is not a magical loan officer.  If she is able to close your mortgage, then 99% of zillow lenders are as well and you would have faired just as well by submitting a loan request on zillow mortgage marketplace. 
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May 03 2010
Profile picture for Pasadenan
Ah, it is WORSE than a "trick question", it is a "Real Estate AGENT" doing ADVERTISEMENT for a "friend", using a new user profile "alias".

Of course no-documentation loans could have been done 2 years ago!  That wasn't the question.

Chip posted it is now ILLEGAL to do a "no documentation" loan OR "stated income" loan in North Carolina.

The information posted by DQJA is 2 years OBSOLETE!

And if he really reported his income to the IRS every year, there is absolutely no reason to use "stated income" since two years of tax return forms and bank statements are sufficient to document income for self-employed people.

So, I guess we better turn in Mr Mabry AND Teresa Crowell to the authorities for prosecution for Violating state lending laws!

Thanks for the Tip-off; we can report to the IRS too.
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May 03 2010
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Pasaden and all

No trick question. She will close on the loan.  I was approved for stated income two years ago. Out of ignorance I probably should not of used the two terms together. Self-employed,report my taxes w/CPA every year. I just have custody of my grandchildren and want to make sure they have a future- also divorced after thirty years of marriage. If you are blue ribbon on Zillow perhaps I found the wrong site. I just wanted answers not insults. Wouldn't know how to commit fraud and would give the sellers the earnest money just for holding the property. I will close!  5/31 and Thank You Randy


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May 03 2010
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Ah, so it was a "trick question" to see who was willing to intentionally violate the law?

So he wants to write off the loan for "investing" in other purposes, but has the cash?  He already doesn't report his income, and he is looking for additional ways to create fraud on the federal tax return forms?
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May 03 2010
Stated Loans and No income Documentation Purchase Loans have been outlawed in NC.  I hope you can get out of that contract with your earnest money back.  Best of Luck!!

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May 03 2010
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Randy -

Do you understand what "stated income", "no-documentation" means?

I don't think you asked your lender the right question.  The question is not about the 50%, it is about the "no documentation", meaning no income reported to the IRS.
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May 03 2010
Not likely and if they do it will be very expensive.
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May 02 2010
 
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Are their any lenders willing to do a stated income or 50% loan on a home I have under contract?
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