Stated Doc Loans - Posted by Munya

import · February 24, 2003, 2:50pm

Posted by firstsource on July 21, 2003 at 12:15:43:

I have some lenders that will, just let me know what state you are needing a loan in. The list varies from month to month.
Charles

import · February 24, 2003, 2:50pm

Posted by Munya on February 24, 2003 at 15:50:20:

What exactly is a stated doc loan? What is the general LTV maximum one can get? How much higher is the interest rate on one of these loans than prime? Lastly, Does anyone know of any lenders in NY who offer stated doc loans?

import · February 25, 2003, 6:40pm

Re: Stated Doc Loans - Posted by Dave

Posted by Dave on February 25, 2003 at 19:40:25:

Hi Munya,
I know a lender in NY that lends on deals with high LTV. Email me if interested,

Dave

import · February 25, 2003, 11:59am

Re: Stated Doc Loans - Posted by Charles Clark

Posted by Charles Clark on February 25, 2003 at 12:59:50:

Hi Munya,
Why are you wanting a stated doc loan? Are you self employed? If you are not showing on your income tax the income that you are actually making, there are lenders that will allow use of 12-24 months bank statements as meeting the requirements for “full Documentation”.
Charles

import · February 25, 2003, 9:00am

Income Documentation - Posted by GMann

Posted by GMann on February 25, 2003 at 10:00:01:

Here are the types of income verf out there

Full income - uses the # from W2s or if self employes uses line 31 of Sched C + deprec. & deple. Rental income is multiplied by .75 (vacancy factor). I won’t go into Sched K or S or C corps unless you want me too.

Lite or Limited Doc. - Lender uses the average deposits of 6-24 months business and/or personal bank statements for the income amount. Sub-Prime lenders predominately use this income documentation.

Stated income - The borrower states the amount of income they have. The lender takes the word of the borrower for that #, however it must be reasonable for the profession. Assets may or may not be verified. Employment is verified but no income figure is discussed.

NINA (No Income No Asset)- Just like it says none of these are stated on the application or verified. Employment is verified but no income figure is discussed.

No Doc - Just like NINA, but no job is listed in the employment section.

import · February 24, 2003, 5:37pm

Re: Stated Doc Loans - Posted by Mike Pine

Posted by Mike Pine on February 24, 2003 at 18:37:20:

Munya,

I am in NY and would be glad to help you. email me michael_pine@yahoo.com

I have plenty of no-doc programs if you qualify.

Good luck,

Mike Pine
Michael_Pine@yahoo.com

import · February 24, 2003, 4:30pm

Re: Stated Doc Loans - Posted by Frank Chin

Posted by Frank Chin on February 24, 2003 at 17:30:56:

Hi Munya:

Lenders check verify if you are employed in the case of stated doc loans, but does not use the income for DTI caluclation. This is contrasted with NO DOC loans where the lender does not care if you’re employed or not. They do check your credit, and your credit score in both cases.

I spoke with mortgage brokers here in NYC, and I was told that the interest rates between the stated income and NO DOC is within 1/4%, and they recommend NO DOC because it is NO HASSLE, and the 1/4% is well worth it.

For the best rates the LTV is 60% for NO DOCs, and I think the pricing is the same for stated income. The rate goes up as the LTV goes up.

In NYC, Greenpoint, WAMU (Washington Mutual), and also Independence Banks does NO DOC, and as I recall , stated income. I done a few NO DOCS recently.

I was told by the Greenpoint bank attorney at the last closing that Greenpoint and WAMU gives you less hassle than Independence. He feels Independence is NOT TRUE NO DOC. He should know as he did closings for all three.

Frank Chin

import · July 21, 2003, 8:21am

Re: Stated Doc Loans - Posted by Jafon

Posted by Jafon on July 21, 2003 at 08:21:37:

Would you have a listing of lenders that will do just that - use bank statements as full documentation?