Posted by aaron on April 10, 2002 at 14:27:24:
No Income No Assets
Stated Income Loans? - Posted by Jody
Posted by Jody on April 07, 2002 at 16:51:11:
Hi…I was just wondering what kind of documents, if any, lenders require when doing a stated-income-loan for someone who is self employed? I know your income should be in line with what type of profession you’re in, but what kind of documents/background check do they actually do on your business? By the way, my credit scores are 747, 786, and 893. Thanks for your help.
Re: Stated Income Loans? - Posted by Mike G
Posted by Mike G on April 09, 2002 at 21:23:27:
There are a lot of options you can go.
With those credit scores you have a lot of programs available. Keep in mind the less documents you show the higher the rate (usually). If you can go stated there is no reason to do a NINA.
Email me and I can get you a rundown with rates and everything you need to be an educated consumer…
-mwg
Re: Stated Income Loans? - Posted by Jody
Posted by Jody on April 08, 2002 at 19:58:05:
Thanks to everyone who emailed me saying that they could do a stated-income loan for me. After researching them a little online, I was already under the impression that I would be able to qualify for one though. I was just hoping that somebody would be able to let me know that if I went this route, what financial paperwork from my business would be required. Depending on what it entailed would help me make a decision between a stated-income and a NINA loan.
Re: Stated Income Loans? - Posted by JoeS
Posted by JoeS on April 07, 2002 at 17:58:52:
You “should” be able to do a nina with those scores!
Re: Stated Income Loans? - Posted by Scot L
Posted by Scot L on April 08, 2002 at 22:53:56:
For a stated loan the majority would just need to know that you have been self employed for 2+ years, ie maybe a business license. Some just need to know that you have a verifiable job. If you do have good assets it is a plus because it will enable you to get better terms and larger amounts for financing. For shear speed and simplicity go NINA and no need to prove anything.
Scot L
CMC
Re: Stated Income Loans? - Posted by Mike G
Posted by Mike G on April 09, 2002 at 21:26:18:
Not all stated programs require a person to be self employed or have been self employed for 2 years. Also a NINA is faster and a lot more simple than a stated loan but you pay in a higher rate for that as it is a riskier loan to the lender. The best thing to do for a person to do is to have a solid mortgage broker work up thier deal and see what the best route is for their particular situation… There are a ton of stated + NINA programs out there and they all have different criteria.
-mwg
Re: Stated Income Loans? - Posted by Jody
Posted by Jody on April 09, 2002 at 10:42:01:
Hi…I don’t expect exact numbers or anything, but can you give me an idea or range of what kind of interest rate is possible for a NINA loan?
Re: Stated Income Loans? - Posted by Nate(DC)
Posted by Nate(DC) on April 09, 2002 at 14:00:44:
Actually, if you want exact numbers, at least from one lender, check the following site:
http://greenpoint.mortgagewebcenter.com/CheckRates/SearchCriteria.asp?PID=22
Input your assumptions and it’ll give you sample rates for both full doc and NINA loans.
NT
Re: Stated Income Loans? - Posted by B Dixon
Posted by B Dixon on April 10, 2002 at 09:49:44:
quick question for the experts: what is a NINA?