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stated income loan refinance

Looking for a stated income loan,very good credit score,at least 40% min equity in the home inst rate under 5% 



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June 09 2013 - Rancho Santa Margarita
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So much of the information here is mere speculation.  The low documentation and stated income loans did not cause all the foreclosures.   Most of the people that were/are in default actually qualified for their loans with verification of employment, assets, etc.   I am a rel estate broker of 27 years, and I see short sales with people who have been on their jobs or years and took out loans they could not afford.  Then there are those that just saw that their properties had lost so much value with the real estate collapse, that they consciously chose to stop making their payments to get out from under their big mortgages.  None of this has to do with low documentation or stated income loans.

The people who often need the low documentation loans are business owners, who have income but their tax returns may not substantiate their income.  These people often have high credit scores and money in the bank.  In the past, I sold many houses to this type of buyer...some were millionaires, but could not qualify under normal circumstances.  Today there are many who can afford to buy a home, but can't due to the new lending guidelines.  If you checked, I am sure that the percentage of mortgages that went into default from these types of buyers were much lower than the mortgages where the buyers actually were able to verify their income.  Before everyone gangs up and sends hate mail about these people not declaring all their income on the tax returns, I don't support people not reporting all their income, but it is what it is.
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19 hours ago
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November 06 2013
Yes, there is a excellent Stated Loan program for SFR Non-owner occupied real estate. No tax returns, no bank statements. 70% LTV. Purchase or cash-out refi. Rates as low as 6.99% with a 30 year amortization. Minimum loan amount $100,000. Credit down to 650. Similar program for multi-family and commercial. If you would like more information, please send an email to [spam content removed by Zillow moderator due to violation of Good Neighbor Policy]. Thanks
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November 02 2013
Profile picture for SteadyState
That's all we need more of - borrowers borrowing large sums of money without verifiable income   to  BET LONG ON RE (their home). I cannot believe any private organization could lend money under these terms. Organized crime did but then they had better collectors than tax payers have.
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July 30 2013
did you find any stated income lenders? Robert Fox
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July 30 2013
Profile picture for pako42
They are still around. Only niche lenders have them. A lot of loan officers/ and realtors will tell you they are gone but they are still available. Just because 90% of mortgage brokers don't have it does not mean it's gone entirely.  

 I think it would help if we clarified the details of the faulty loans which really caused the housing collapse. To do that, we have to talk specifically about those true no doc loans: (no job, no income, no assets, or stated assets and stated income programs).  Yes, those loan programs were irresponsible and trouble just begging for a foreclosure.

Also, those sneaky sub-prime full doc ARMs that jumped 5% after the 1st 2 years, 100% Option ARMs from WAMU, 580 credit scores and zero down loans, programs with high debt ratios in the 60s had a large negative effect as well. 
Stated Income - Verified assets has been around since the early 90s at 30 to 40% down, 720+ scores, + 6 months of assets. Once lenders allowed 100% starting in the Bush years for just about anyone, then dropped credit requirements down to 580, it became the wild west.

Let's watch CHASE carefully because they bought WAMU..and executives who worked closely with Mozillo from Countrywide went to another large lender to head their operations. I forgot who it is.
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July 05 2013
Hello rnorman99,

Stated income loans are back and available to those who qualify. There is a minimum credit requirement of 700. A minimum loan requirement of $150,000. And the rates start at 4.99%. I would be more than happy to review the guidelines with you and see if you qualify.
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June 11 2013
I can refer to a lender that does stated loans, as long as the loan amount is above $300K. Click on my profile to connect.
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June 11 2013
I hear these programs will be back in a few months. 

I disagree with the commentary that these loans caused foreclosures and the housing bubble.  Greed caused the housing bubble and people who signed on the dotted line for a mortgage who stopped making their payments caused foreclosures. 
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June 09 2013
The old No-Doc loans have gone the way of the phonograph and VHS recorder. They will be back someday, but not today. The no-doc loan, or what you call the stated income loan, was responsible for most of the foreclosures and lost homes in the past which caused the bank bubble implosion. They are gone for now, but will be back someday in the future I bet. Same thing happened to them in the late 80's and then they came back in the 90's.
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June 09 2013
 
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