20% Down Stated Income Lending in California!!!!

Comments(2) By •May 11th, 2009

FINALLY!!!

Yes, it’s true!  Stated income lending is currently available through me, in the state of California, once again.  I knew it was just a matter of time before we would see investors return to the market, and THAT TIME IS NOW!

This is NOT the old “Fog a Mirror, get a loan”, stated income.  This is more of a “Common Sense” type of lending, that we really NEED to get our real estate market moving again.  Why do we need it?  Because many of our home buyers are self employed.  Self Employed people use accepted tax strategies to lower their tax liability.   That whole segment of buyers has been unable to qualify for thier mortgage, and have been sitting on the sidelines until now.

Here is how it works.  Self employed people must have 3 years in the line of work.  The income that is declared must be reasonable.  What is reasonable? That means if you make $20K a month, you better have more that $5K in your bank, and a better than 700 credit score.

For a salaried person, we MUST verify that you are employed.  The income used is 90% of the high income as indicated on Salary.com.  This proves “reasonablness”. 

Of course there are more guidelines, and each loan is looked at pretty closely (aren’t they all?!?!)

For details, or to run your scenario by a nationally known loan originator, shoot me an email, or give me a call, and we will get your deal closed.

 

All the best- Mike

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    Comments

    By Bob Robeson on June 1st, 2009 at 7:50 pm

    I have been self employed for some time and our taxes do not allow us to qualify for a fha or convetinal load. So we are seeking a stated income loan.

    We have verifiable income of over 9K a month and our only dept is our currant home of $725 a month.

    We have the 20% down.

    Can yoiu help?

    Bob
    760-936-7509

    LaRainne 360-798-9665

    By Mike Miller on June 2nd, 2009 at 9:38 pm

    Yes, I think I can help, please call me at 925-831-6069 so I can tell you the terms!

     

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    The Danville Mortage Blog is your premier source for information on Danville real estate, home loans in Danville, general mortgage knowledge, real estate market updates and Danville community information. On top of all this, you will find leading Danville real estate agents showcased, making your selection of a real estate agent easier.

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    Prospect Mortgage Equal Housing Lender

    Bank of Commerce Mortgage is an equal housing lender. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Credit and collateral are subject to approval. Terms and conditions apply. HUD Approved FHA Lender. NMLS ID #1839. Lending available in California Dept. of Real Estate Broker #01218426. The opinions expressed herein are not necessarily those of Bank of Commerce Mortgage or its affiliates.