Stated Income Mortgage loan?
 

Has anyone ever heard of a stated income mortgage loan?

Yes if you have good credit, you just state your income and they ream you on the rate.
There is a pretty frequent poster on here who does them but I am not sure he lets the two worlds touch that often.

Has anyone ever had a loan like this, since its hard to prove my income does anyone recommend this type of loan

It'a also called a "no doc" loan. I've bought 2 houses like that. If you have good credit they won't hit you too hard on the interest rate.

whats the min credit score for this type of loan

We also bought our last house "No Doc"
Edit -- Our rate was 6.9% - 30 years in the hole
You have to have good credit (thats a given)

If you don't have that, you can also put down 15-20% and they won't even look at you.

We had to do this with one house 10 years ago because than my credit wasn't there (I really didn't have any)
I put down 25% and was approved in 2 days. They don't care than

Banks ;-((

I don't know for sure, but I would think at least 600. Plus, like stated earlier, you probably have to have 10-20% down.

my scores are 680, 677 and 685, these are from all three companies.

tell me more. Why stated, i know it may seem like a fairly easy question but just answer it. Depending on the lender your middle score of 680 may get it done. These loans are for waitresses and people in that field. You can easily do a stated income or low doc but your story has to make sense. Rate is just about the same. The lender may hit the broker for an 1/8th or a .25 but the loan officer will most likely tack that on your side. SOOOO many factors, many people made their money early in porn here I made my money in mortgages in the last 2 years with the boom. hit me up I can point you in that direction and get your story straight that you must use to get approved. Its quite easy

209598065 dohhh:thumbsup

If you've been in business for at least 2 years, a copy of your last 2 years of IRS returns works fine. On the last house I bought, a no doc loan was 1.5% higher. Work that out over the lifetime of your loan and it costs quite a pretty penny to do it that way. :(

620 is usually the credit score where the mortgage companies are willing to offer you decent terms. 750+ will get their attention even faster. :)

is there a place to look up your credit score for free?

Bump

I'm going thru this right now. Stated income means you state what you earn... they don't check it.

No income / No Doc is when you've got good credit. My friend bought his house this way, then again his credit is 700+... fucker paid his bills on time all the time

http://www.eloan.com used to do it for free. Not sure if they still do.

http://www.myfico.com is around $13 and a few states have laws that require credit bureaus to give you 1 to 2 credit reports per year for free and at least one (can't remember off the top of my head) includes your score with it.

I've done a couple no doc mortgages myself....your scores are just fine:thumbsup

I would have gone the traditional way except my tax returns have alot of write offs, which makes it look like I don't make much money

In fact, a year ago those scores would get you 100% financing as well...did for me :)

It seems to vary from state to state, though...

Not true. I work in mortgages.

Stated = stated income, verified assets, verified employment

No Doc = no income, no assets, no employer


The rate gets bumped .25 for stated, and .50 for NO DOC.


We can do it regardless of your scores, but if your scores are not so good you might end up with a higher rate.

Dont have guidelines in front of me, but i think minimum score is 530 for stated.

More info needed? - 175171926

ive writtn no doc deals with scores as low as 590

so your mid is 680, not so bad at all.

With a low LTV and some other conditions, my rates start near 6.25 (with cash out) - 6.00 (no cash)

thanks for all the help..any more advice..also what are some good ways to raise my credit scores

LMAO 530 stated =12% subprime mortgage. Oh ya its gonna cost you 2 points upfront and closing costs including title insurance will be 5k LMFAO lil2rich4u2

530 stated does NOT mean 12% if theres no YSP in the rate, it can be as low as 9% or so? not sure off hand.

But if you have a 530 and you need a stated deal, why wouldnt a company charge a higher rate? think of the risk on that loan.



could be, ive seen companies od MUCH worst (7 points)

Generally when i write a loan it has 1 point in front (disclosed), none in the rate (allows me to give lower rate) and TOTAL fee's come to about 3% of the loan amount.

BTW we always roll the fee's into the loan, i think most companies will as well.

And your right, title insurance is a killer, lol

Its hard to explain ...

When i price a deal, i can put as many as 3pts in the rate (YSP). This means no points are disclosed, it looks like a 0pt deal, and still i get paid 3pts

the above method of pricing is where you run into high rates, basically your paying the points in your rate, and not your fee's.




I can also charge 0pt in the rate, and put 3pts in origination fee's .... doing this will give you a low rate, but high fee's



I can also charge 0pts in rate, 1pt in origination .... this is what i usually do. It leaves the rate as low as possible, fee's are super low, and the points are tax deductable.

This keeps the customer happy, makes me happy, make my company happy, and we all have a beer after the closing (on me usually, heh)

points on a 680 middle?? HAHA your kidding right. I dont know about you but in Chicago that aint gonna fly to quickly. As for charging 1 point upfront. You rates from your lenders must be suspect at best. Fuck we were makin 2 at less than 6% on a 30 Points are for people who fucked themselves in the past and must pay now. NOT for a 680 middle. I assume you are subprime that writes anyone.

ever hear a lender say "i can drop the rate i quoted you, but ill need to add a point on the loan!"

This can be 2 things ...

#1 he is doing a buydown which COSTS you a point in fee's, and buys you usually only .25 off the rate

#2 he is taking a point he had burried in the rate, and moving it to the fee's .... he is still making the same money, but when he takes that point off the rate it will drop the quoted rate and raise the fee's .... either way he is getting paid and laughing at you for faling for it.

your last post answered the subprime question. Try coming out here and dealing with an 800 trans-union who needs 200k cash out and ltv is 30% and your gonna talk points LOL (very loud). Not to bash or anything but your reputation preceeds you on this board and MY mortgage in your hands is not a pretty site from your actions and speech on here. Happy easter

heh i guess your in the biz, and doing clean paper? lol


your right, i do subprime only. Ive never worked in clean money, but from what i hear, its a completely different world all together.


hit me up - 175171926

Here put an end to this thread and take your happy house hunting ass in to Wells Fargo retail center and get the lowest rate,cut out the broker nonsense and Wells will credit you all their costs at closing. Wells being the #2 biggest retail lender next to Washington Mutual will get you squared away at far less of a cost than some broker. Been there done that on both sides of the fence. Double wides excluded:thumbsup :thumbsup

i work for Wells, lol

Stated income loans require usually 20% down, and carry a slightly higher % rate.

You can go stated usually on any loan: fixed, jumbo, 5-1, 10-1,or variable, or I only.