Are stated income loans still available?

The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads: "'(4) INCOME VERIFICATION.-A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." Do you still think there are Stated Income Loans available? Well sort of.. When it comes to conforming lending, (FHA, VA, USDA, Conventional), they will ask for pay stubs, taxes, w2's etc if your looking to purchase.. there are exceptions to this rule but it primarily has to do with refinancing, not purchasing.. .. however hard money lenders will interpret these laws differently, or much less stringent.. So, if your looking for a HARD money loan, you can probably find someone who will accept 1 months bank statement as proof of income.. but you'll still need 30%-50% down, and expect to pay 10% or more.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

As William stated below there are some lenders out there who will but they are very expensive and most likely a max of 65% LTV, let me know if you need a contact in TX. Thanks Daniel Choudhury 214-499-0010 danielchoudhury@eaglehm.com.

Bottom line: yes, but only for very limited circumstances and usually at much higher rates and less favorable terms. Some jumbo (loan amount usually over $417,000) lenders have them, and there are some for doctors.

I concur with William. It is out there but very limited and NOT from conforming lenders and the terms are not to favorable. It's one of the reason they call it HARD money.

Only with private lenders.

We offer stated loans up to 80% Nationwide.Feel free to contact us at 800 315 8803

We offer stated loans - NOT much higher rates ( about 1% over full doc rates ) - NOT Hard Moneyin CA, CO, OR, WA, TX - owner occupied SFR to 4 unitsfrom 20% to 30% to $1M; up to $2MONLY a 5 year fixed ARMIt must make sense though - no waiters, college students, or barbers claiming $150Kit goes through 3 levels of Q/A and not quickly about 6 weeks to close.best regards,