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staed income on retirement income

I have a borrower with a 813 fico that has no debts and 1.5 million in assetts. he is retired and can't prove income. he wants a 30 fixed, 10% down loan stated retirement. What bank would do stated 90% purchase on retirement?
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November 22 2007 - US
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That's a slam dunk at 80%
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November 22 2007
Hi mark

How much is the loan amount ?

If he can prove 1.5mil in assets and the loan is under 417k, you can run it as DU conforming SISA 90% ltv.
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November 22 2007
I don't know of any loan that allows for stated income when using passive income. If they do not have employment you cannot state an income and any income you state would be un reasonable. No Job No Income!
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November 23 2007
Tom you seem to push the sisa through DU which is actually not a SISA loan but a doc waiver. Since there is no employment income you would have to enter the retirement income and I am 90% sure that you will need to document the passive income.
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November 23 2007
yeah Tom
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November 23 2007
If I was him..pay in cash!
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November 23 2007
If this guy can't get a loan there is definitely a bad credit crunch.

I am 80.3435% sure some Lender's will let you state retirement income. This was a debated topic two years ago and some decided it was OK. I think. Call a UW and ask.
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November 23 2007
Mark

I'm in Orange County. It's hard to tell Given the Recent changes in the Lending industry after all the meltdown.

I would think given the brief description that you gave that certainly one lender out there would be able to do this as long as the assets are verifiable. Side note- with all those assets if necessary would he be willing to come in with more down?

It appears that there Might be hope but today Most of the institutions are closed. If you care to do so, go to my profile and contact me to go over your scenario. I can research what lenders are available today or continue on Monday.

Regardless, good luck with your situation.
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November 23 2007
I ran a lady thru DU not too long ago who was living off a 700k investment portfolio.

She has a 765 fico, and provided documents proving the size of her holdings..

Yes, she was given DU approval and they waived income docs.

So, with this direct and indisputable evidence, why cant this guy prove his 1.5mil and get the same treatment with with juicy 813 fico ???

Its a no brainer.

Salem.

I surely appreciate the extra effort to somehow find an 'angle' to make an opposing point of view here, but with his 1.5mil in assets, your argument is moot.
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November 23 2007
My point is this....

It is not a SISA Program as you continuosly call it. Because of the credit profiles you are receiving doc waivers. Which I believe we will loose because they are being abused. Not unlike how the Fast and easy program was abused at Countrywide, which by the way was a doc waiver program by Freddie Mac that Countrywide had negotiated. No supprise that Freddie is reporting losses seing that most of that Fast and Easy stuff was sold to Freddie.

If these folks actually generate the dividends that you are using to qualify thats great! If they don't and you are overstating the income. If you are not overstating the income their would be no need for a stated program.

These programs were not rolled out for people that do not qualify.

With those assets either your borrower or the borrower this thread was started with could use a plegged asset program to obtain financing.
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November 23 2007
Salem

I hope we do not lose SIVA or SISA conforming.

I appreciate you feedback Salem.

Thankyou
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November 24 2007
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Can't state retire income? Its insane. Documented assets in a retirement account should count for at least 7% income, even if your not withdrawing it now. This is an example of why the credit market is in trouble. Loaning money with salary income but no assets but not to someone with great credit score, great track record and tons of assets. When things go bad the person with the assets will survive, the guy who just lost his job and is living paycheck to paycheck is toast.
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November 28 2007
If your assets are earning income you should be able to document the income and not need to state what the income is. I don't write the guidelines I'm just explaining what they are to the best of my knowledge.
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November 28 2007
Profile picture for NJInvestor
What if your not drawing income from a retirement account because you don't need the cash, so its invested in a blue chip and small cap funds with any dividends reinvested? Funds wuth ten year average returns of 10%+?
How much can you claim as income? 6%, 7%?
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December 09 2007
To the best of my knowledge you have to document dividend income you cannot state it.
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December 09 2007
Profile picture for ELender
Most of the underwriting engines are asset based and even with insufficient income if there are significant comp factors we are still seeing loans approve. Even now, loans are getting done every day with extremely high DTI.
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December 10 2007
NJ Investor
It's "passive income", and is looked at differently, by assinine lenders out to get you.
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December 10 2007
look at a reverse mortgage jumbo it will not give him 90% but he would not need to repay
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December 10 2007
We still have loans available to your borrower.
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December 10 2007
Good Evening Mr. Barrett,

Flagstar Bank is a great lender for buyers such as yours. They do a Stated Income/Verified Asset program up to 95% LTV. With scores that high, they allow retirement income of any source to be stated up to 2,000./month. If your client gets Social Security and a pension, each amount can be stated up to 2,000/month.

Also, with scores that high, the loan findings sometimes come back with the only required documentation for income is a verbal verification of employment. If your client does anything at all for work, even something just part time, a verbal verification of that will be it because they're concentrating more on the high score and high asset amount.

Flagstar Bank accepts submissions from approved mortgage brokers. If you locate on in your area, i'm sure this lender would be perfect for your client.
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December 16 2007
 
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