How exactly do you do Stated Income as well??? Please provide alot of info!! Thanks!!
2006-08-31 05:13:10 · 10 answers · asked by cheryl4785 2 in Business & Finance ➔ Renting & Real Estate
YES, you can purchase a home with $0 down and stated income. There may be other options also which allow us to verify your income and provide better terms for your purchase.
1. Stated income - is you telling the lender how much earn from your work. The income has to make sense. A waitress at Denny's is not going to make $100,000 a year.
2. There are credit score requirements to qualify for stated income. This will vary depending on the program and terms. You can find stated income loans with credit scores starting in the low 600's
3. If you are a First Time Home Buyer (FTHB), you may qualify for below market rates reducing the income you need to qualify.
4. Down Payment Assistance Programs (DAPs) may be available to help you purchase a home in your city/county/state. Check their respective web sites for info under the Housing Dept.
~Danke Schoen
Feel free to contact me with any other questions
Nathan Ellis
MrDankeSchoen@yahoo.com
888-602-4622 ext 12
2006-08-31 06:24:32 · answer #1 · answered by mrdankeschoen 2 · 1⤊ 0⤋
State income is exactly that. You tell the bank what you earn and don't have to supply documentation to support it. You may still have to supply a paycheck or two to prove that you are at least working. You will pay a premium for this in the form of a higher interest rate (usually .25-.5% higher) but it is a good way to go for people who work on a commission and don't get a regular check.
Yes, you can do a stated income loan with $0 down.
I hope you found this information useful. Please visit my webiste if you have any other questions.
Jim Reske, Realtor
ERA Advantage Realty, Inc.
Port Charlotte, FL
http://www.flwaterhomes.com
2006-08-31 08:21:26 · answer #2 · answered by Realtor Jim 2 · 0⤊ 0⤋
A stated income loan is one that you do not provide documentation for your income. No W-2s, 1099, income tax records, etc. You can also seek a stated asset loan as well.
They are generally reserved for business owners and self employed people. They come with a higher interest rate and generally larger loan to value (LTV) ratios meaning the lender wants at least 20% down. Also requires higher credit scores and a spotless credit history for the most part.
That is not to say that you can't get a 0 down stated income loan but there is going to be some trade offs. Really high interest rate, PMI required and a few other stipulations. It doesn't hurt to ask your friendly mortgage broker to attempt. Credit checks from lenders within a 30 day period only count as one inquiry on your credit file.
2006-08-31 05:32:20 · answer #3 · answered by Sam B 4 · 1⤊ 0⤋
A stated income loan is what we in the industry call a "liar loan" because there is no documentation of the actual amount of income you make it is stated on the application and the debt to income ration is based on that. There are many different programs available under this type of program. They are based on numerous perimeters such as; credit score, credit depth, previous mortgage history, payment shock, etc... Most lenders will determine what is reasonable with salary.com. If you state your income within the high and low based on your occupation they will normally approve the deal. To go with no money down the minimum credit score I know of is 640. If you need further assistance you can contact me at (614) 985-3771 or email cbrown@structuredmortgageltd.com.
2006-08-31 06:46:36 · answer #4 · answered by c b 1 · 0⤊ 0⤋
Yes, you can buy a home with stated income with zero money down. I own a mortgage company and do this kind of loan all of the time. The lender will need a written verification of employment WITH OUT any income on it. Contact me if you would like more info.
2006-08-31 06:45:40 · answer #5 · answered by mortgage_info_4u 2 · 0⤊ 0⤋
Usually with a stated income, it's going to require a 20% down payment. I would call a mortgage company and find out if a stated income is your best route.
-Angela
http://www.ratraceclub.com
2006-08-31 06:10:15 · answer #6 · answered by Biancoa 4 · 0⤊ 0⤋
If one works for a pay check, that is your stated income. That can be verified through ones employer.
If self employed, a tax return may be required, maybe for 2-3 years.
2006-08-31 05:20:50 · answer #7 · answered by ed 7 · 0⤊ 0⤋
Place down what your salary is each year. There are ways for having $0 down to purchase a house but you must have A1 credit. Also if you put nothing down on the house your payments will be a lot more than if you did.
2006-08-31 05:23:37 · answer #8 · answered by GoldenChild 1 · 0⤊ 0⤋
Income = money you earn. So in other words, tell the bank how much money your employer is giving you.
The bank wants to see that your monthly payments are <40% of your income. It doesn't matter how much down payment it matters your ability to make monthly payments
2006-08-31 05:22:18 · answer #9 · answered by sara 1 · 0⤊ 0⤋
Right now, you can buy a home, $0 down!!
2006-08-31 05:34:24 · answer #10 · answered by alfonso 5 · 0⤊ 0⤋