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Question
Hello I live in the state of Arizona, I wanted to ask if there is anyone that can get me a stated loan or stated income loan for a mortage? I don't know if they even exist anymore, but I hear that there are some banks that are still doing this types of loan? Is this true? If so Can I get a recommendation of someone that can do this?
THXS-KM
Hi Karen,
Unfortunately at this point there are no nationally recognized banks that I know of that are doing stated income loans. Fannie Mae and Freddie Mac, where most banks sell their mortgages and which are now government owned, have discontinued those programs.
The only thing you might find is perhaps a local credit union in your town that still has looser lending criteria, or possibly a small local bank that does not sell its mortgage paper. If you do find a bank that is still willing to do a stated income loan more than likely they will require a substantial down payment and excellent credit ratings.
This has made it tough for many self employed business owners to find mortgage loans. The banks rely on the income they show on their tax returns, which usually takes the maximum write-offs allowed and may not reflect their actual cash flow.
Good luck in your quest! I wish I had better news to relay to you - we all hope that someday responsible stated income lending practices will come back.
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Diann Tonnesen
Expertise
I have over 25 years of experience in real estate in Las Vegas. I can answer almost any specific question about buying or selling homes, condos, high rise properties or land in the State of Nevada as well as general real estate questions that pertain to the industry as a whole. I can also answer questions related to financing on FHA and VA loans, conventional loans, interest only loans, stated income loans, and hard money lending. You can also go to my site at http://www.greatlasvegashomes.com which has lots of information on it as well.
Experience
With my husband I have been helping families call Las Vegas home for over 23 years and I still love it! We developed a strong niche in the Internet industry and had to start a team of agents to respond to the large volume of calls we were getting. Currently we have 18 full time agents, a sales manager, two leads managers and two transaction coordinators assisting us. Last year we helped over 280 families and investors find property in Las Vegas.
Organizations
Las Vegas Board of Realtors and the National Association of Realtors
Publications
PR Web, Las Vegas Review Journal, and interviewed for numerous magazines as well as a broadcast interview for television by CNN.
Education/Credentials
college journalism major
Awards and Honors
Top agent in the state of Nevada for sales multiple years when working for Century 21 and last year one of the top 10 agents in the country with Prudential.
Past/Present Clients
Just too many great clients to mention here, but I can certainly provide a long list of references on request. Or check out our web sites at:
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