Selfemployed and need a mortgage

What some folks are calling stated income is NOT stated income.. 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..." This is the law, and it's why your running into problems since all conforming lenders interpret this law exactly the same.. tax returns, pay stubs, w2's. However private lenders (Hard Money Lenders) interpret this rule differently.. they are still required to verify you can afford the payment, but they might rely on 12 or 24 months bank statements, or copies of your work contracts, or any other supporting source they feel keeps them within the boundaries of the law. These HML"s will require larger down payments, higher fee's and costs, and higher interest rates. But make no mistake.. the stated income loan does not exist anymore.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

You may be able to find a lender through your local mortgage broker as they have access to more programs and lenders.

Compensating factors when looking at stated income would be 1) high credit score 720+ 2) liquid assets to support "stated income" 3) 20% down payment. Would still need to review your tax returns.Ted ArkGolden Mortgage Corptel: 908-722-9217

Be careful, generally you're going to have to prove/document your income based on 1-2 years of tax returns. If you're having trouble it could be that you don't show enough income after expenses to qualify for the amount you want to borrow, or it could mean you have too much other debt reducing your borrowing ability. Some lenders have a little more flexibility than others but generally all have to follow the same guidelines - so unless someone you already talked to missed an option it is unlikely that a different lender will be able to find an alternative for you - other than having you pay off some debt or waiting until you file your 2014 taxes early next year and take another look. Good luck!