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Answers (5)
- Julie Messina, "CNN Mortgage"
- Contributions:70
I saw a stated income program last week - hard money.
LTV 50% max for primary occupant properties. Interest rates quted were in the "8's" and there were points and fees charged.
The problem with hard money (other than obviously high rates and fees) is that it comes from private sources (since there is no secondary market to sell the loans into) and sometimes when you go back weeks or months later to do one the funding sources dry up.
You did not say why stated income is necessary, but did you check on doing a full doc loan with a mortgage banker? With a 50% equity position and FICOS over 720 I have been able to get away with one year's worth of income documentation using an automated underwriting engine (instead of 2 years). Just an idea...
LTV 50% max for primary occupant properties. Interest rates quted were in the "8's" and there were points and fees charged.
The problem with hard money (other than obviously high rates and fees) is that it comes from private sources (since there is no secondary market to sell the loans into) and sometimes when you go back weeks or months later to do one the funding sources dry up.
You did not say why stated income is necessary, but did you check on doing a full doc loan with a mortgage banker? With a 50% equity position and FICOS over 720 I have been able to get away with one year's worth of income documentation using an automated underwriting engine (instead of 2 years). Just an idea...
- Clay Branch, "Georgia Loans"
- Contributions:7838
So Darrell, what is the 30 Year rate for Stated and how perfect is perfect credit? What is the score and asset requirement and do you pull 4506's?
At my credit union, we can do stated loans. The guidelines are really tight and you'll need a perfect credit rating, along with perfect assets.
Your best bet is to contact your bank where you hold your deposits. They might have a portfolio program that will suit your needs.
Expect rate to be higher than market.
Your best bet is to contact your bank where you hold your deposits. They might have a portfolio program that will suit your needs.
Expect rate to be higher than market.
- Chuck Chrobak, "Chuck Chrobak"
- Contributions:40
Did you try contacting your bank where your deposits are?
- Jason Houtman, "Allied Broken Arrow"
- Contributions:2
Stated loans probably won't be back for years. However, can you use your tax returns to prove income?
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Stated Income loans will come back?
how can any bank lose over 50%. in this situation any business man/ women like to make money?
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