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What is the best rate I could get on a 30 year fixed with "stated" income?

I am self employed, and wish not to provide income statements. Please advise on what type of interest rate I would expect? by travis77706 from Aliso Viejo, California. Jul 16th 2015 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

"Stated" income loans have not been around for 5 years now.. 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..." The new law does allow exceptions to this Stated Income rule for HUD, VA, USDA and Rural Housing Service loans, however the exceptions usually refer to streamline refinancing of these loans.Lenders are now required to verify that you have income and the ability to repay. For conventional, FHA, VA, and USDA, this means tax returns, w2's and or 1099's and pay stubs. However for hard money, soft money, and portfolio loans where the mortgage is not insured, the lender can choose their own form of verification. We have lenders who will look at 24 months banks statements as proof of your income, But this is a "High Risk" loan product and if you go this route, you will be looking at much higher rates and increased loan costs. How much? You would have to apply to get an accurate quote.. 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

Jul 16th 2015
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