is anyone doing stated loans in az?

Not a simple question to answer.. but in general, President Obama outlawed stated income loans in 2010. Those lenders that advertise "Stated Income" are a bit deceptive.. For any type of conforming loan, you will need tax returns, pay stubs, w2's and bank statements.. for private money, hard money, portfolio loans, they can use what ever they choose, but they will need to verify your income.. for some hard money lenders, they will look at 2 or 3 monthly bank statements, and per the text of the law, they have complied.. the problem is that private money is expensive.. As far as the "minimum".. there's no such thing.. lenders look at ratio's... if you make $500K per year and your debt is $450K per year, you wont qualify... if your income is $40K per year, and your debt is $10K, then you can purchase something.. every scenario is different and the only way one would know for sure would be to look at your complete profile.. if you feel you have unique situation, then don't leave your housing fate in the hands of an internet blog post.. pick up the phone and call a local mortgage broker.. .. 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

Stated income, no documentation, and low documentation loans were one of the first loans to go away with the market crash... They had been around for a long time, but then became highly abused by potential homeowners as a tool to buy homes they really shouldn't. It is unfortunate, as there were, and continue to be great clients (typically small business owners) who really need this product. Technically, a lender could still offer it today, but the current rules, which are getting even tighter in January, make it so that no lender has any desire, or tolerance for the risk. Basically this means you'll never find it. Proving income with tax returns - Contact a local mortgage broker in your area, supply them with your last two federal tax returns, and they can tell you, based on those returns, what your qualifying income would be. Good Luck. - Joe (651) 552-3681. www.JoeMetzler.com

If you are employed, your W2 income will be used. If you are self employed, the income on the last line of page one of your last 2 year's 1040s will be used.