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Where can i get a stated income loan, I am not seeing many programs for them

I am self employed but have great consistent income and am having a very hard time seeing where I can get some help for financing. Would appreciate being shown in the right direction
By danielaxo1167128 from KY May 6th 2014
Reply

The new mortgage regulations make it illegal to do stated income loans for primary residence transactions. Stated income loans are now only available for non owner occupied properties and typically requires 30-40% down with much higher than market interest rates.If you have great consistent income it should be reflected on your tax returns which can be used to qualify you for a traditional mortgage.

May 6th 2014
by

The new financial reform bill known as Dodd-Frank has made stated loans illegal for purchasing a primary residential residence. Showing profitability on tax returns for at least 1 year is the only way to qualify these days. The only other option is to obtain a loan from a hard money lender which you'll receive rates likely in the double digits. They won't look at your income or credit, equity only so you'll need 30-35% down payment or equity.

May 6th 2014

You will want to take your tax returns to a lender experienced in self-employed - your Realtor can help you with this. Your lender will likely be able to use more income than you show on the bottom line of your taxes - many non-cash expenses can be added back in to your income for qualification purposes.

May 6th 2014

I offer stated loans on loan amounts above 417K nationwide. This program is offered on primary and secondary homes. Additionally, I offer bank statement loans on loan amounts above 200K. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

May 7th 2014

As Mike Silkworth indicated you need to provide your tax returns to a lender experienced with the self-employed - we can help you with this. As your lender we should be able to use more income than you show on the bottom line of your taxes - many non-cash expenses can be added back to your income for Mortgage Approval purposes.

May 7th 2014

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