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Stated investor Florida mortgage

Florida 2nd home $375k loan amount 50LTV purchase.Self employed 710 credit score Need a stated investor...has lots of reserves $250k after purchaseAny suggestions? by jcain3_450_125 from Bethpage, New York. Dec 5th 2011 Reply


Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions

First question, is the issue that you do not show enough income to qualify? If you want to discuss further contact us. If we know the whole picture we might be able to get you to be able to qualify. There are things that can be done to lower your debt to income ratio. If this does not work we have another suggestion. Look forward to talking to you. Michelle & Benny 201-962-3555 or TeamAmbassador@BestMortgageOption.com

Dec 5th 2011
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

I don't know of any major investors still in the stated income game. You'll probably need a specialty investor or a hard money provider to help you. I've found some luck located some online through Google. Make sure to check references and ask if they're approved by the BBB. Good Luck!

Dec 5th 2011
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

Private money doesn't care about income. But you do need a significant down payment

Dec 5th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

No such thing as a "stated Income loan" anymore... the government has made it illegal. Conventional / Fannie / Freddie / FHA / VA / USDA, all require tax returns, pay stubs, and / or w2's, 1099's. Hard money is different. The law says you have verify you have a steady source of income.. Hard money lenders can use the same documentation as above, however the difference is ratios don't matter. Just so long as they can see you have regular steady income, they have complied with the law. Hard money loans will usually only do investor loans, not owner occupied or 2nd homes. The rates are higher, and so are the costs, however, it is a loan product that might work for your scenario. WilliamAcres.com

Dec 5th 2011
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Rudi Hofmann (CaPortfolioLoans)
#282 ranked lender in California - 380 contributions

Why do you think you need a stated income loan? In the past, most ethical self-employed borrowers with optimized tax returns, showing minimal income, went stated income. Not because their income could not be proven. It was time-consuming, difficult a tedious to prove. Most loan originators did not want to go through the trouble, when going stated was so much easier. This wasn't a "liars" loan, it was a "lazy" loan at a higher price.Find a mortgage professional that wants to help self-employed borrowers with tax returns that were optimized. All lenders require and process the borrower's last two years IRS Transcripts. This put the end to stated income loans. ... Good luck. ... Happy funding, Rudi

Dec 10th 2011
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