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LOANMAN
Joined: 15 Sep 2006
Posts: 2
Location: Cincinnati Ohio
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| Posted: Wed Sep 27, 2006 7:54 pm Post subject: Self Employment Seasoning for Stated Income or a No Doc Loan |
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Hello
I have a borrower looking for an OO purchase of a SFR. Borrower had worked for John Henry Homes for the past 2 yrs. As we all know builders are as busy as they were months ago, so our borrower was laid off end of June. Since that time he has been working doing contracting work. Borrower has a history of doing contracting work and would also do "Side" jobs while employeed with John Henry. Cannot get CPA letter , his father helps him with his taxes and is not an accountant
Borrower is looking for a STATED Or NO DOC loan product. Mid Score is 624, high score 641. Borrower also had a CHAPTER 7 discharge April 2005
Do you have or do you know of anyone who offers a no Self Employment Seasoning Stated Income Product. Property is in OHIO. Need as much ltv as possible. |
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chow
Joined: 22 Jan 2005
Posts: 2350
Location: Cornfield County, Indiana
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| Posted: Fri Sep 29, 2006 3:37 am Post subject: |
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Nice shootin' Tex!
unseasoned self employed with a BK 7 less than 24 months. No doc's and SISA usually take a tad bit more seasoning on a chapter 7. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Fri Sep 29, 2006 1:14 pm Post subject: |
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| I'll double check with sub-prime. I know they do each of those individually, but I'm not sure about together. |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Fri Sep 29, 2006 2:51 pm Post subject: |
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Nope.
Problem with the Stated is his lack of history with his job. Problem with the nodoc is the bk-7. |
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