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bsrsharma.
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August 4, 2007 at 9:54 PM #70363August 4, 2007 at 9:54 PM #70440
HLS
ParticipantHi Gael, I’m HLS, I’m in the loan biz in Murrieta, can do loans anywhere in CA.
Qualifying is the trick today.
I’m sure that you understand that 100% finanacing is about the biggest risk a lender can take. Even with a good credit score, if you walk, you have litte invested, and THEY get a house.HOWEVER, much to the surprise of many, even after the past few days of Wall Street meltdown, it MAY still be possible.
Depending on about 10 other factors and what your employment situation is (Wage earner or self employed, how long, reserves etc) I’d be happy to discuss it with you.
I’m not going to blow smoke or tell you that it’s going to be easy, or cheap, but I will quote you PAR (wholesale) rates and what the fee would be if I can do it for you.
You can pick title & escrow company if you want.Even as of yesterday, Aug 03, below is what one program offers, it’s not exactly stated, but you might qualify with bank statements.
I can try and find 100% STATED for you over the next few days, At a 700 score, Stated 100% jumbo still might be possible. It may have to be a single loan, and you may not like the payment.Programs are coming and going daily. Also depends what term you are looking for.
5% down will make a huge difference, but a large reserve account might be the compensating factor to a lender.If that’s what you want and can afford it, I’ll get you the best rate that I can, and try and get you qualified.
100% LTV
$550,000 Loan Amount with 620+ Score
$750,000 Loan Amount with 660+ Score
Full Doc or Bank Statements
Self Employed & Wage Earner
620 Score (VOR Waived with 660+ Score)
No Reserves!
No MI!
50% DTI on Fixed Rate Products!
Seller Contributions Allowed up to 6%
Gift Funds Allowed!
No Payment Shock Requirements!QUALIFYING is the key. Need to know more about your situation.
Please email me at [email protected] with your contact info, including phone number, and I’ll be happy to give you a call. Thanks.
August 4, 2007 at 10:08 PM #70371Raybyrnes
ParticipantNavy Federal Credit Union recently advertised 100% up to 800K. Usually means that there are are other credit unions offering similiar products.
100% Financing—HomeBuyers Choice
Ideal for the first-time homebuyer:* 15-, 30-, or 40-year fixed rates
* No down payment required
* No PMI required
* Seller concessions up to 4% allowed
* Maximum loan-to-value of 101.50%
(includes a HomeBuyers Choice Funding Fee, which can be financed into the loan amount)
* Available for loans up to $850,000View payment example.
August 4, 2007 at 10:08 PM #70448ParticipantNavy Federal Credit Union recently advertised 100% up to 800K. Usually means that there are are other credit unions offering similiar products.
100% Financing—HomeBuyers Choice
Ideal for the first-time homebuyer:* 15-, 30-, or 40-year fixed rates
* No down payment required
* No PMI required
* Seller concessions up to 4% allowed
* Maximum loan-to-value of 101.50%
(includes a HomeBuyers Choice Funding Fee, which can be financed into the loan amount)
* Available for loans up to $850,000View payment example.
August 5, 2007 at 12:07 AM #70391lendingbubblecontinues
ParticipantNFCU would never go STATED
August 5, 2007 at 12:07 AM #70468ParticipantNFCU would never go STATED
August 5, 2007 at 1:50 AM #70393patientrenter
Participantgael, there are other blogs that handle requests for lending sources for specific situations. This blog is more of a discussion forum on home price trends. We tend to consider things like loan standards only in so far as they affect the general market, not one person.
Patient renter in OC
August 5, 2007 at 1:50 AM #70469Participantgael, there are other blogs that handle requests for lending sources for specific situations. This blog is more of a discussion forum on home price trends. We tend to consider things like loan standards only in so far as they affect the general market, not one person.
Patient renter in OC
August 5, 2007 at 7:12 AM #70397TheBreeze
ParticipantHLS,
Would you put a wage earner into a stated loan? If so, why?
I can only think of one reason to do that.August 5, 2007 at 7:12 AM #70473ParticipantHLS,
Would you put a wage earner into a stated loan? If so, why?
I can only think of one reason to do that.August 5, 2007 at 9:40 AM #70405ParticipantHi Breeze, you may only know of one, but there are dozens of legitimate reasons.
If someone comes to me and tells me that they are a wage earner and want to go stated, it raises a red flag.
By asking a few questions, I decide if I want to work with them or not.I never know if they are telling me the truth or not, but it is not my reponsibility to play detective to catch people lying. I have a conscience and morals. That’s not my function, any more than an employee at Best Buy should quiz the buyer of a $5,000 TV on extended credit about their income, or a car dealer telling someone that they cannot afford a car, if they get approved for financing. It’s up to the lender in every case. They are instructed what levels of risk to take.
I just need to put the application together for submission to the underwriter for lender decision. I am not the one that came up with the idea of Stated Wage Earner loans, the lender did. They are willing to take risks based on their criteria. That is what they do.
The obvious (which is what we all assume) is that if you get a paycheck and W-2, and don’t want to show it to the lender, you are lying about your income. It isn’t that simple.
I ALWAYS explain this to a wage earner who wants to go stated, so their better be other factors. I will not do a loan for someone with $3,000 income and $2,000 payments, and state $6,000, because I know that they can’t afford it, and I will tell them that. They can go elsewhere if they want to, and some probably have. I can’t stop them.
Most people just don’t understand underwriting guidelines.
A wage earner who is salary plus commission gets their tax deductions viewed differently. Their paycheck shows this.
Some get tips as a large portion of their income but cannot prove them.
Some rent out rooms in their house but cannot document the income.
Someone who takes a home office deduction and car expenses on their tax return has AGI that may not qualify.
MANY have other sources of income that cannot be documented for different reasons.
Some have WEALTHY families that support them.
Some have a spouse with a huge income but low credit score, so the loan is done with higher score person only.
Some people have switched jobs and have huge swings in income that lender won’t accept full doc.
Some have rental property and need to refi primary to payoff other mortgage.
Some need cash out to payoff other debt and lower overall payment.
Some people have cosigned for another loan that someone else pays for 100%, but the debt counts against them.
Sometimes it’s just EASIER and the rate could be exactly the same as full doc.
Legit overtime income may not be accepted by the UW.
Many lenders will not factor in a debt payment that is 10 months or less, but you may have 12 months left.
There are many other good reasons.I didn’t get people into their mess, I try to get them OUT.
Many people don’t know that you only get credit for 75% of gross rental income, and with several properties, the difference in actual income and what lender credits you can make the difference in full doc qualifying (or not) to a wage earner.MANY MANY people who went stated income were able to get loans and can easily afford their payments. It allowed many people to buy a house, who now have equity. Personally, I wouldn’t have lent them my money.
The actual % of defaults is tiny compared to what was funded, but it’s the defaults that are getting 100% of the publicity.Of course there are idiot mortgage people who created/fabricated incomes (and even jobs) so they could get a loan done, and there are devious borrowers who knew the system and how to abuse it, and there were some people who just simply couldn’t afford it.
Even with all the publicity, there are still plenty of rogues in the industry, trying to trick and cheat people one way or another.
Long answer to your simple question. Probably not the answer that you would get from most mortgage people, IF they told you the truth.
Out of curiousity, what’s your ONE reason ?
August 5, 2007 at 9:40 AM #70482ParticipantHi Breeze, you may only know of one, but there are dozens of legitimate reasons.
If someone comes to me and tells me that they are a wage earner and want to go stated, it raises a red flag.
By asking a few questions, I decide if I want to work with them or not.I never know if they are telling me the truth or not, but it is not my reponsibility to play detective to catch people lying. I have a conscience and morals. That’s not my function, any more than an employee at Best Buy should quiz the buyer of a $5,000 TV on extended credit about their income, or a car dealer telling someone that they cannot afford a car, if they get approved for financing. It’s up to the lender in every case. They are instructed what levels of risk to take.
I just need to put the application together for submission to the underwriter for lender decision. I am not the one that came up with the idea of Stated Wage Earner loans, the lender did. They are willing to take risks based on their criteria. That is what they do.
The obvious (which is what we all assume) is that if you get a paycheck and W-2, and don’t want to show it to the lender, you are lying about your income. It isn’t that simple.
I ALWAYS explain this to a wage earner who wants to go stated, so their better be other factors. I will not do a loan for someone with $3,000 income and $2,000 payments, and state $6,000, because I know that they can’t afford it, and I will tell them that. They can go elsewhere if they want to, and some probably have. I can’t stop them.
Most people just don’t understand underwriting guidelines.
A wage earner who is salary plus commission gets their tax deductions viewed differently. Their paycheck shows this.
Some get tips as a large portion of their income but cannot prove them.
Some rent out rooms in their house but cannot document the income.
Someone who takes a home office deduction and car expenses on their tax return has AGI that may not qualify.
MANY have other sources of income that cannot be documented for different reasons.
Some have WEALTHY families that support them.
Some have a spouse with a huge income but low credit score, so the loan is done with higher score person only.
Some people have switched jobs and have huge swings in income that lender won’t accept full doc.
Some have rental property and need to refi primary to payoff other mortgage.
Some need cash out to payoff other debt and lower overall payment.
Some people have cosigned for another loan that someone else pays for 100%, but the debt counts against them.
Sometimes it’s just EASIER and the rate could be exactly the same as full doc.
Legit overtime income may not be accepted by the UW.
Many lenders will not factor in a debt payment that is 10 months or less, but you may have 12 months left.
There are many other good reasons.I didn’t get people into their mess, I try to get them OUT.
Many people don’t know that you only get credit for 75% of gross rental income, and with several properties, the difference in actual income and what lender credits you can make the difference in full doc qualifying (or not) to a wage earner.MANY MANY people who went stated income were able to get loans and can easily afford their payments. It allowed many people to buy a house, who now have equity. Personally, I wouldn’t have lent them my money.
The actual % of defaults is tiny compared to what was funded, but it’s the defaults that are getting 100% of the publicity.Of course there are idiot mortgage people who created/fabricated incomes (and even jobs) so they could get a loan done, and there are devious borrowers who knew the system and how to abuse it, and there were some people who just simply couldn’t afford it.
Even with all the publicity, there are still plenty of rogues in the industry, trying to trick and cheat people one way or another.
Long answer to your simple question. Probably not the answer that you would get from most mortgage people, IF they told you the truth.
Out of curiousity, what’s your ONE reason ?
August 5, 2007 at 10:09 AM #70417bsrsharma
ParticipantI can think of a reason. Income from “underground”/”informal” economy. Eric Schlosser has estimated this to be about 10% of GDP. That would be more than a Trillion $. See
“Reefer Madness: Sex, Drugs, and Cheap Labor in the American Black Market” by Eric Schlosser
August 5, 2007 at 10:09 AM #70494ParticipantI can think of a reason. Income from “underground”/”informal” economy. Eric Schlosser has estimated this to be about 10% of GDP. That would be more than a Trillion $. See
“Reefer Madness: Sex, Drugs, and Cheap Labor in the American Black Market” by Eric Schlosser
August 5, 2007 at 11:03 AM #70431ParticipantMy one reason? Well, they don’t call ’em liar loans for nothing. 😉 In any event, hopefully all of this stated income, no doc, 100% crud will go away here over the next few months and only those that can truly afford a home will be able to buy one. My guess is that the “stated” loans were used more by speculators to get into spec homes than it was by families looking to get into a home they couldn’t afford. It will be no great loss to society if these types of loans are banished forever.
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