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spyderr911
2 Posts |
 Posted - 04/06/2008 : 8:46:57 PM
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Can anyone do a fully stated income loan anymore (NINA). Here's the details:
I am supposed to close on the house in a week. I have been through all the steps in the process (appraisal, inspection, etc) with my mortgage broker. All of a sudden he calls me and says the new rules regarding stated income loans have changed (from Fannie Mae and Freddie Mac) and it effected my loan. Now he says I need 20% down for the stated income. I can't come up with the extra money. Can anyone help?
Here are the specifics:
House price: $220,000 (Orlando)
Appraised value: $240,000
Neighborhood: Stable (not declining)
Median Credit Score: 709
Money: I have 10% to put down ($22,000)
Loan: Stated income under my business
I can't do a regular conventional loan because I only qualify for $150,000 using my w-2s from employer. My business has been in operation for 2 years so loan broker said it was easier to do it under business name.
Are there any mortgage companies out there that still can do "stated income" loans with 10% down and good credit (just under 720)? 80/20? NINA? |
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smoothlid
429 Posts |
Posted - 04/06/2008 : 8:54:09 PM
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Ok, here goes.
Yes you may still be able to do this loan with us.
You must provide proof of your busines being in operation under your ownership for 2 years by providing a business license, & /or a CPA letter, & we must be able to verify the existence of your business.
You stated income must be deemed reasonable by standard practices usually in terms of salary.com, or the like.
My office is licensed in Florida, & we'd be happy to hear from you to see if we can get you an approval.
Assuming your deal checks out as you say, & your appraisal & title are done, we can close within a week.
contact me Monday at my office. |
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spyderr911
2 Posts |
Posted - 04/06/2008 : 9:01:31 PM
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Business is easily verifiable through sunbiz.org (site setup to check on business entities in Florida). I have had the business for 2 years as of February.
I will be contacting you on Monday. Thanks for the speedy reply.
If anyone else can help me out please comment below. I am looking for all the options available to me.
Thanks. |
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clearwaterny
347 Posts |
Posted - 04/06/2008 : 9:04:46 PM
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| Well typically going stated you would need piti reserves amongst other factors that have to fall into the guidelines but your deal seems very doable. The stated s/e situation would not be a problem. I would be glad to entertain and possibly secure a loan for your scenario. you can email me at jschan@envisionlending.com with your contact information and we can take it from there. Take Care. |
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smoothlid
429 Posts |
Posted - 04/06/2008 : 9:26:30 PM
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quote:
Originally posted by spyderr911
Business is easily verifiable through sunbiz.org (site setup to check on business entities in Florida). I have had the business for 2 years as of February.
I will be contacting you on Monday. Thanks for the speedy reply.
If anyone else can help me out please comment below. I am looking for all the options available to me.
Thanks.
I can run this thru our AUS Monday to see what my best pricing would be for you...I have a client meeting in the am, call me & if no answer, leave me a number to call you back & I will asap. I should be able to get you an answer & pre-approval in @ 1-2 hours. |
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