Looking for stated income CA investor loan !!! Help!!

scriabinop23 · Joined: 10 Sep 2008 Posts: 1

My dilemma is one that wouldn't have been 2 years ago.

I am in the process of attempting to buy foreclosures right now, and have a problem where my cashflows are fine, credit is high (730 me, 780 wife), but my income is all investment based, my wife's is self employed (and income looks worse than cashflow is due to deductions on IRS return), and I had a massive one time business venture loss last yr to make my tax return look less attractive... Incoming money is around $9k/month and outgoing mortgage + HELOC +property tax obligations are around half that.

Now I have assets, but that is of little value to vendors who I am talking to lately... Seems like stated income doesn't work nowadays unless you are self employed and file no or very little deductions. Additionally, it looks like most bank lenders are modeling any HELOC balances as 1% of total available credit monthly (ie $2500/month if I have $250k available). In reality I have a $146k balance due I mostly used to finance rental property #1 and my actual obligation is interest only = $547/month.

The lenders' risk parameters are designed to model my obligations much higher than reality, and model my income much lower than reality.

Anyone can get me an investor loan in California for a *good* rate? Send me emails at scriabinop23@gmail.com