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Are there any no doc loans or stated income loans available?

Are there any no doc loans or stated income loans available? I have a 775 credit score and assets. by neednodocloan from Cayce, South Carolina. Feb 16th 2011 Reply


Corey Seitz (Corey_Seitz)
#37 ranked lender in Colorado - 24 contributions

I have had many borrowers come in my office looking for no doc or stated loans which are virtually non existent due to new laws that require lenders to make a reasonable determination if a borrower has the ability to repay the loan. I have placed many loans for borrowers in this situation by using trust income,SS income,dividend income, etc. If you have significant financial assets there are also some lenders that allow you to use a percentage of your stock or bond portfolio to count as income. Unfortunately I do not work in SC so my best advice would be to find a local broker (banks are going to be a dead end) that has access to a lot of different lenders and see what they can do for you. If you find a broker that work with CMG they have a great program for high net worth individuals that will go up to 75% LTV on a purchase or a refinance. Good luck on your search.

Feb 16th 2011
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 2,430 contributions

From a realistic standpoint, there a NO "traditional" stated income, no doc, or lite doc loans available. These programs were the first to go away in 2007 with the mortgage market meltdown. Since then, state and government laws and lending rules have virtually made them impossible in the traditional market. They are actually illegal in some states! With that said, there are a VERY small number of private parties, and a small number of banks/investors who are again offering these type of loans. Prepare for a high down payment, higher rates, and adjustable rate terms. Also understand that you'll need to generally be a well qualified customer - assuming you can find one at all...

Apr 17th 2011
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Rich Constantine (rconstantine)
#322 ranked lender in California - 79 contributions

What State are you in?

Feb 16th 2011
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Todd Glassman (Todd Glassman)
#2 ranked lender in South Carolina - 50 contributions

There is some private money available out but you will need at least 30% to 40% down payment or equity in the home if you own it already and the rates are much higher.

Feb 16th 2011
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Melissa Mason (mmason)
#10 ranked lender in Connecticut - 20 contributions

There are some programs available as long as you can put 35% down on a property the rates are not great but better than private money. Or if you are self-employed there are still programs availalbe for you but again you need to put down 25% or better.

Feb 16th 2011
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Andrew Jones (AndrewJones)
#32 ranked lender in Pennsylvania - 1 contribution

Yes there are stated income loans available for a purchase. We work witih a lender and do stated income loans quite often. They carry a slightly higher rate, and you have to be self-employed. Please feel free to contact me with any questions

Feb 16th 2011
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Matt Baker NMLS#190779 (matt@approvemefha.com)
#36 ranked lender in Arizona - 75 contributions

I have one lender for properties in CA that will look at stated income

Feb 16th 2011
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Alexander K (alex@ogimb.com)
#323 ranked lender in California - 56 contributions

There are some wholesale lenders in southern california who offer whats called VOE loans. They do verification of employment only. Thats the closest thing to state income loans these days. But you shouldn't submit if the client really doesn't have a job. Only for someone who actually has the job but you know the borrower can afford the payments and they make sufficient income.

Feb 16th 2011
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()
#0 ranked lender in

There are still no doc and stated income loans available. Please contact me for the specific information at 1-877-472-9887 or avichaidist@firstusahomeloans.com

Feb 16th 2011
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Dan Paladin (dan@loansbydan.com)
#281 ranked lender in California - 209 contributions

Yes...though they come with more stringent guidelines...feel free to contact me regarding your options...877-369-4319

Feb 16th 2011
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the property is in South Carolina

Feb 16th 2011
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Cameron Hoffman (cameronhoffman)
#41 ranked lender in Utah - 1 contribution

I am a private money broker who can help you find money if your property is an investment. Will need about 35% down payment.

Feb 17th 2011
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Joel Lobb (kentuckyloan)
#4 ranked lender in Kentucky - 187 contributions

Unless you are willing to go private money, you are out of luck.

Feb 17th 2011
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Rich Constantine (rconstantine)
#322 ranked lender in California - 79 contributions

I got CA only for those programs. You will have to find someone on here that claim they got what you need. Goodluck. RC

Feb 17th 2011
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Yup those are state specific & very niche. some smaller banks do them for the northeast, and CA has a few lenders who do them but ALL are 35 to 50% down or required equity to refinance. You can get a No doc loan if you have securities to pledge as collaterallized asset. try Loanshoppers.net. You can bet that those who have tight relationships with big brokerage houses are getting those loans w/p 4506 or the normal "Joe Buyer" hoops you have to run through with the herd.

Feb 20th 2011
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Yes - I have stated income loans for homes, condos, commercial and multifamily - apartment loans and now we have just introduced a new flip loan program. I am direct portfolio lender. We are experienced true direct lender with transparent and defined funding parameters with no liquidity or capital restraints. We fund loans nation wide. We work both retail and wholesale with the mortgage broker community. Borrowers call or email me with your scenarios. NMLS Brokers can work with us too on a wholesale basis. Call James 800-395-7892 ext. 802 or best email me your scenario to James.SecureFinancial (at) gmail.com We are quick and fast:When you email me state:Refi / PurchaseMid FicoStateLoan to ValueType of Property ie condo, sfr, commercial, mixed use, office. Lending To: Individuals / Corporations LLC's / IRA's / LLP's Family Trust** Max time of loan is 7 years (30 due in 7)

Nov 12th 2011
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Finance One is doing Stated income to 70% in several states and no doc to 50% in several states as well. Visit http://www.finance1online.com/stated-income-loans/ for more information. They also have a program for self employed that only looks at business gross receipts to qualify for a loan. This is good for borrowers who write everything off.

Sep 12th 2012
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Robert Hanson (rhanson)
#42 ranked lender in Maryland - 637 contributions

There are a few limited ones out there. I obviously don't know your exact situation, but I have quite a bit of luck getting my clients that have been told that they need stated income loans into full documentation loans by virtue of assets, etc. As a result the terms of the loan are much more favorable than they otherwise would be. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Mar 18th 2014
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We have several stated income / self employment loans. These are NOT HARD MONEY LOANS. Depending on the program the rates are all very reasonable. Still based on Loan To Value, FICO, etc. Some of our programs even allow short sales.http://www.seilerrealestate.com/stated-income-loans/415-595-9664

10 days ago
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Joe Shamie (Joe Shamie)
#1 ranked lender in New Jersey - 1,401 contributions

Those loan programs a thing of the past

Feb 16th 2011
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