(Greenville,SC)-Is ANYONE still doing stated income loans? Need mortgage loan with low reported income, help?

Posted on May 2, 2014 in Stated Income Loans

Question by : Should I let the bank foreclose on my house (a little long F.Y.I.)?
I’ve been unemployed for almost 7mo now and haven’t been paying my mortgage for this time either. I have gotten a notice for the bank to auction my house on Feb.8th 2010. I have no job prospects at this time so it’s not that I’ll be able to get current on my mortgage any time soon. Also, viagra dosage case I haven’t been able to pay my credit card payments and those have all run up one card is about 1800 and the other is about 5000 that I owe. Since it’s less than a month now before my house goes to auction, should I even bother trying to save it? These are the conclusions I’ve come to as to help of some of you folks answer my question.
I don’t particularly care for my house, the community or area anymore(it’s a nice, new development, but the surrounding area is not. Often times there is graffiti, empty shopping carts, broken locks on the pool gates and parties in the parks when I’m sure the ppl throwing them have not reserved the areas with the HOA which also leads me to believe that they don’t live here either. So the combination of all this has not let the stress of foreclosure hit too hard. My original mortgage for a 1650sqft., 10x25ft back yard 2 car garage 3bd 2.5bath house is $ 1,517 plus 112/mo HOA fee. I bought my house for $ 195,000 and I believe is only worth maybe $ 120,000 now. Typing this seems I’ve already answered my own question….If I called the bank on monday to see if I could do anything/if I could….to save my house (give me another month or two to find a job) should I? Also, I was going to take a traveling job which paid me about 1000 more a month than I was originally making would they even have refinanced me? Please help me to decide, I just don’t know what to do anymore.

Best answer:

Answer by sassy25
Your first priority is to get a job. Without an income you have no hopes of saving your home.

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Question by Angela: Credit qualifications for home loan?
Hi, advice I am looking into a USDA home loan. I already qualify based on the county I want to purchase my home in and also by my income. I am a little worried about my credit score, seek though. my credit score is a 638. I only have one credit card, rx which I have only had for 3 months, but it has never been late. Does anyone know if this is going to disqualify me? Thanks for all of your help!

In the previous question you are referring to, it is not me who has a lot of debt, it was me asking on behalf of someone else. I just find it easier to ask directly instead of say “my friend wants to know”, etc. I am 21 and have just gotten my first credit card 1 month ago. Nothing else is on my credit report.

Best answer:

Answer by ..what.a.mess..
I am currently in the process of getting a USDA direct loan. I think as long as you don’t have anything negetive on your credit then you should be okay. Even people with bad things on their credit can get a loan through USDA. They are more worried about your income. Everything is based off of your income. The loan amount, your monthly payment, and even if you get a subsidized loan or not which will then effect your interest rate. So I would just make sure you are including all of your income. That will help you get approved for more money. I’m not sure about your area, but I live in Virginia and I have already been waiting about 4 months just to get my application pulled for processing and it stil hasn’t been pulled. It should be processed within the next couple of months but it is really hard to sit and wait! So you better get your application in ASAP if you haven’t already. They only have so much money for the year and once they run out they have to wait until the following year until they get their new budget to pull more applications. It really is a great program for people who could not otherwise get a home, esp. someone like me.. a single mom.

Here is a link that might help you with some additional information:
http://www.rurdev.usda.gov/va/programs/SFH/RD%20HomeBuyer%20Handbook%20FY08.pdf
It is under the Virginia website but I’m sure alot of the information is the same. It really helped me with stuff I did not understand. Good luck!

EDIT:
I looked at some of your other questions and it looks like you may have alot of debt. That will definately effect your chances with this loan. I’m pretty sure you will not be able to get the loan if you have around $ 10,000 in debt as you stated in one of your previous questions. Having that much debt is definately considered “bad credit” because it will be reflected on your credit report. Your question made it seem as though u have never had any credit before this latest credit card. But you can still apply.. all they can do is say no. You need to be honest with yourself or you will just be wasting your time.

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Question by DrumRXX: microsoft works mortgage spreadsheet or free online mortgage tool?
I would like to find a program (online or for Microsoft works spreadsheet) that I could use to enter the amount of each payment that I make on my loan which would show me the remaining principle, approved total payoff amount remaining, no rx and length of time until the mortgage is paid off, store so that I could track the progress of the loan and how larger payments affect the balance of the loan. Does anyone know where I might be able to get such a thing? is there anything out there that is free of charge? Thanks in advance.

Best answer:

Answer by stan c
It would be easier to just call your mortgage co and have them send you a break down between interest/principal. There should be no charge. If you have a 30 year mortgage, you pay about 70% in interest on the first 15 years. That’s how most banks and mortgage cos. make their money. There is also no grace period on any type of mortgage. When you go past your due date, you pay add’l interest every day until paid. It’s called per-diem.

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Question by mich: (Greenville, viagra approved SC)-Is ANYONE still doing stated income loans? Need mortgage loan with low reported income, help?
My husband is self-employed (musician). We live in Greenville, SC. We are trying to get a loan for a house, but his adjusted gross income is $ 11,000 for 2008 and $ 15,000 for 2007. He brings in a lot of money ($ 70,000 before taxes last year), but also has a lot of deductions, so we ended up with those figures on our taxes (no cheating either!). He has excellent credit, and we have $ 20,000 for a down payment. Right now we pay $ 879 per month rent for our apartment, so we could certainly afford a mortgage payment on a house around or under $ 150,000.
We just went to the bank, and there’s no luck there.
Do we have ANY options for getting a mortgage loan? Any advice is greatly appreciated!

Best answer:

Answer by starrfyrre
Stated Income Loans are part of the reason the housing market is in the condition it is now in. As far as I know, no one does them anymore.

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3 Comments

  1. the problem is there are NO stated income loans at this time and I do not even know of 1 bank statement program either.
    Sorry as they will only give him credit for $ 1,083 monthly income and the home must qualify for a $ 314.17 monthly payment with taxes and insurances included no matter what the down payment is. These are the new rules. 2 years ago that program was available

  2. We are currently in the same situation. We just incorporated in January so getting a loan is nearly impossible. Now, we did find one place (through a broker) that was still willing to do the stated income loan and we do qualify but we’re pondering whether we want to pay the uber-high interest rate. They want 20% down (which we have), they want us to have credit score of 730 and higher (which we have), and they also want several months of assets in the bank after the down payment and closing costs (this is where mom and dad may come in handy, lol). After all this, the rate was 8.625% for fixed rate and 7.something for an ARM. Double the rate we’d get if we were regularly employed. DH is a gov’t contractor, so we have a contract that states he will definitely have an income, but because we have no history, it doesn’t matter. Try calling several mortgage brokers – I’m calling more today to see if anyone else out there offers the Stated Income loan and if they have better rates than the first one we found. Good luck!

  3. There are NO stated income loans available- nor are their bank statement loans anymore. I have a friend in construction who shows very little income after writing off his expenses- he has a 780 middle credit score & cannot get financed because of the income issue.