Dp you do 20% down

no more stated income available. there are things from his return you can add back into income (depreciation/depletion) that might get you to a qualifying threshold.

I agree with the other lender there are no conventional stated loan programs out there but your client could do a hard money loan which would be about 40% down and 15% interest rate- very expensive. Second option is to get non-occupant co-borrower or co-signer to help him qualify. The best thing would be to have a banker review the last 2 years business & personal tax returns and make sure the debt to income ratio would work and he may not have to go stated. let me know if I can be of any service to you or your client!

Nobody offers this any longer, only commercial deals are done like this now. The only real program is called a HIGH NET WORTH program. Your client would have to have a high net worth in order to qualify for that stated program, but I have never had a client who had the net worth and needed to go stated. Sorry.

The below anser is not entirely true. A lot of self employed home owners automatically assume they need a stated income loan, but depending on his tax returns his debt to income ratio may allow a fully documented loan. I can submit them to an underwriter and see exactly what's available? I can be reached at 206-274-4048.

I dont need to submti the deal to UW. One look at his tax returns and I'll tell you if we can do the deal full doc or not. I have been doing this for over 10 years so TRUST me, there is no stated deals out there. So that statement is true. If you want me to take a look at the deal fax over the 2009 2008 tax returns to 866-906-7324. Call me to give me the heads up that they are coming over: 815-690-8000. If he has his 2010 taxes done I would need those instead of the 2008. So most recent 2 years of tax returns is what we need.

Hi. I have to agree with many pointe that have been made in the above replies.However, if the taxable income has increased in the past year, I am able to use that income figure versus having to average the 2 years. We also add back in depreciation/depletion AND some other business related expenses.This may allow your buyer to qualify where he/she may not elsewhere.Hope this helps. Please give this post a 'thumbs up" below if you think it was helpful. Patrick McCarthy, Stonegate Mortgage, 614-395-2393