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Is anyone offering stated income loans anymore? Self employed.

by justin300 from Norristown, Pennsylvania. Jun 13th 2016 Reply


Yes, I have a lender that does. if you would like more info, please call me. 412-922-8272

Jun 13th 2016
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Leo Harvey (LHARVEY)
#2 ranked lender in Pennsylvania - 140 contributions

Sure, they are called non-QM loans and typically require good credit and 24 months of bank statements showing deposits. The past stated income programs are gone because of a guideline called ATR (ability to repay) which the govt instituted after the housing and financial debacle of 08-10. You will pay a higher note rate for the program but documentation requirements are less than conventional loans. Ie. no tax returns or W2's required. Shoot me an email at lharvey@TWmortgage.com if you want to learn more.

Jun 14th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Yes and No.. Stated income loans are illegal, but lenders use the tage line "Stated income laon's" when in fact, they are not actually stated income loans. Understand that the Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans. Section 1411 reads: ''(4) INCOME VERIFICATION.--A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." so anyone saying they can do it, is deceiving you.. Some hard money lenders interpret the rules differently and require relaxed documentation, but you have to prove you have enough income to satisfy the debt obligation.. (Ability to Repay rules (ATR)) These HML's will use your 12 to 24 months' bank statements to show you have enough funds coming in to service the new debt.. but these lenders typically have higher closing cost and fees as well as larger down payment requirements.. and most always have a balloon payment due in 2 to 5 years. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 14th 2016
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