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Is there a stated income loan to fit my need?

My bankruptcy was discharged 2 years ago..my credit score average is 680 betweem three ficos. I currently need a conventional loan to pay off a construction loan that I have already qualified for. I need a loan amount of $1.5 mil. The value is $2 mil (25% LTV). I am self employed and need to state my income. Is this possible? ...any suggestion or answers would be appreciated...thank you.. by rtc_850_402 from Butte County, California. Apr 27th 2012 Reply


Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 228 contributions

You're actually talking more about a portfolio loan product. My best suggestion is to refer you back to the place that qualified you for the construction loan; if you truly need stated income, I'm surprised you even got qualified for the construction loan in the first place. Construction loans of that size and scope are often offered by these portfolio lenders (usually some kind of local/community bank or savings & loan company), so this lender would be in the best position to offer you permanent financing...plus it is in their best interest to help you with the permanent financing in some way so you don't default on the construction loan with them. Best of luck!

Apr 27th 2012
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Alex Omer (Alexo@laderahomeloan.com)
#618 ranked lender in California - 2 contributions

The only think i can think of would be a hard money loan...

Apr 27th 2012
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Bert Carpenter (BertCarpenter)
#2 ranked lender in Arizona - 1,823 contributions

I'm really surprised that you have received loan approval for a construction loan without a permanent (or take out) loan approval in place, BK or not. I am not aware of any lenders that would be willing to do a jumbo loan with a score of less than 720, unless you had at least 30% equity, but I don't lend in CA. My advice would be to first find out who your construction lender recommends, and if that doesn't work, contact a local Mortgage Banker/Broker. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 27th 2012
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Finance One can do this loan Stated Income.Go to http://www.finance1online.com/stated-income-loans/ for more information. Rates are very good and they can go to 70% in several states. If you are self employed there is also a program for business owners to qualify of business gross receipts and no personal financials. Very good program!

Sep 12th 2012
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed. o No prepayment penalty.o Up to 70% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact:LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Jan 15th 2013
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LENDERLINE is offering Stated Income Verified Assets (SIVA) loans at up to 80% loan-to-value in California only. Guidelines are as follows: o Purchase, rate and term refinance, and cash-out refinance allowed.o Single family residences, PUDs, condominiums, and 2-4 units allowed.o Primary residence, second homes or investment properties allowed.o U.S. citizens, permanent residents, and foreign nationals allowed.o No prepayment penalty.o Up to 80% LTV maximum. LTV is based on occupancy and loan amount.o Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.o 700 minimum credit score for U.S. citizens and permanent residents.o No credit scores are required for foreign nationals.o No rental late payments during past 12 months.o No mortgage late payments during past 24 months.o No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.o No unpaid judgments, liens, or collections.o Income stated on loan application must be reasonable for the position of employment.o No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.o Self-employed or W2 allowed.o No industry exclusions.o Debt-to-income ratios cannot exceed 45%.o Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.o 100% of the down payment may be gifted for primary residence.o 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrower's own funds.o The SIVA loan program is available in every County in the State of California. For more information contact: LENDERLINE5000 Birch Street, Suite 3000Newport Beach, CA 92660Toll-Free: (888) 661-7888Website: www.lenderline.com

Apr 18th 2013
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Lenderline is a broker company not a lender. They kept me in escrow for 90 days +. They made so many contingencies that the seller got tired of fixing things in pieces. Then they made me do re - appraisal/re inspection, ect. I ended up loose my money, as well as the deal. Then lenderline wants to wave all contingencies to make it work... worst business deal in 42 years of my life. Never do business with lenderline or Agent Mike Bacher. It was a nightmare as they ran my credit till it was so low it took months to rebuild and make a positive purchase with great results thru Travis Credit Union. by Demilo Hodge

Sep 10th 2014
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