Profile picture for user3409740

are there any lenders that accept stated income with 20% down and 750 plus credit score.

mike at ocean shores
  • April 29 2013 - Ocean Shores
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Answers (8)

Profile picture for frankc45
I agree with Jesse. It was the 100% sub-prime loans. the 2 year ARMs at 4% that jump by 2% or more, etc. Who is going to keep a home that is no longer an ATM, falling home prices, and the payment goes up? 80% Stated  Income loans did just fine in the 90s, back then there were not any 80/20 stated loans.
A university study was performed for the time period 2001 to 2007 as well that demonstrated 80/20 loans, people with Full-doc loans were just as much in default as the stated people. The common factor was.....??  80/20 or being highly leveraged. You put those ridiculous option ARMs,( negative amortization loans), qualify at interest only rate, 560 credit score 100% financing and 60% DTIs, no job, no income, no asset loans at 100%, what would any intelligent person expect down the road?
Bring back products that were working much before Clinton and the SEC made an agreement. FWIW, I did like Pres. Clinton
  • October 09 2013
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Profile picture for jbrown3845
Are there any statistics that support stated income and stated asset loans being the source of the mortgage crisis?  I've been a realtor for over 24 years and what I observed contributed to the mortgage crisis were the 80/20 = 100% loans and not the stated income/stated asset loans.
  • August 03 2013
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Profile picture for BartGabe
We offer stated programs for loans above 300K with a 720 middle score and assets, nationwide.
  • July 23 2013
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Profile picture for Thomas Brown5
Actually, there are lending alternatives to traditional bank loans today.  Stated Income and No Doc loans are available.  Please contact me and I will provide you with lenders who provide alternate doc financing. 

  • July 23 2013
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Profile picture for bkorabel1
Try the state of New Jersey where there are still no doc loans available.
  • April 29 2013
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I don't think so.
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The first indicator that you need to stay away from the keyboard.  
  • April 29 2013
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Pat,
I have been observing your replies for quite some time and noticed they are all the same....."don't know but contact a loan officer at a local bank. The internet- Zillow mortgage blog is a great place to get answers from lenders vs making an appt and going to a bank to get the same answer. Most every question you reply to is answered, so why would poster want to go to a bank to get same answer?


user3409740,
Stated income loans are not allowed in the normal lending environment. There may be rare instances that some enity could do a stated income, but it would likely not be thru a typical lending source.  Rather than traveling around visiting local banks, try Googling -  lenders that do stated income mortgage loans in WA- but be prepared "kiss a lot of frogs" and still not find a legitimate deal.
  • April 29 2013
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I don't think so.  That's one of the reasons for the Mortgage Crisis in the first place.  The concept is what are you hiding?  I suggest you meet with a loan officer at a local bank.
  • April 29 2013
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