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jstewart12
Joined: 21 Aug 2009
Posts: 2
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| Posted: Fri Aug 21, 2009 5:29 pm Post subject: Stated Income Mortgage? |
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| Do they still offer these? I have a feeling it's my only shot at getting a mortgage. |
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EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
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| Posted: Sun Aug 23, 2009 12:41 am Post subject: |
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| Yes there are stated income loans. However, the guidelines are very strict and different from lender to lender. |
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jstewart12
Joined: 21 Aug 2009
Posts: 2
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| Posted: Tue Aug 25, 2009 4:45 pm Post subject: |
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Really.. I've called some of the major providers and one smaller, local provider and they stopped offering them.
Do you know anyone who still offers these?
Edit: I'm in the state of Maine, if that helps. |
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jimb12345
Joined: 24 Jun 2009
Posts: 55
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| Posted: Sun Aug 30, 2009 11:27 pm Post subject: |
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| i though they stopped this too. |
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EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
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| Posted: Sat Sep 05, 2009 12:31 am Post subject: |
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jstewart
Most if not all of the major lenders do not offer them. Only small regional or specialty lenders do. I work with one that will do Maine, but the rate will be high. There is another lender I prefer and their rates are low, but they do not lend in Maine. |
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Nicky
Joined: 07 Sep 2009
Posts: 1
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| Posted: Mon Sep 07, 2009 3:36 pm Post subject: |
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| There still around but difficult to qualify for. The guidelines have become particularly narrow. But if you have a good credit score and history(725+) and don't need a high LTV (>70%) it can be done |
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Josh Harmatz
Joined: 08 Sep 2009
Posts: 18
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| Posted: Fri Sep 18, 2009 9:34 pm Post subject: |
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| Very few Lenders will still do a stated loan but it is an option. |
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EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
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| Posted: Sat Dec 19, 2009 4:54 pm Post subject: |
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There are three sources for Stated Income Loans or Mortgages in New Jersey (NJ), New York (NY) and Connecticut (CT).
Dream Home Financing
Stated Income NJ
Stated Income New Jersey
Rates are low too. You will need at least a 30% down payment. |
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