What banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’?

Posted on Oct 1, 2012 in Stated Income Loans

Question by thebrock1584: Eligible repairs under an FHA 203k loan?
Can someone direct me to a list of eligible repairs that an FHA 203k Mortgage loan covers. We want to but a fixer upper but need to know what repairs are covered. Thank you We live and want to buy in Oswego county NY if that makes a difference.

Best answer:

Answer by Terry Socia
All the repairs necessary to get it into livable condition if the repairs don’t drive the price up to over 96.5% of it’s value and sometimes it is 80% of it’s value. Check with the lender on this percentage

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Question by green: What banks/mortgage lenders still offer ‘no income verification loans’ (NIV) or ‘stated income loans’?
use to be know as ‘no doc loans’
–looking for a home mortgage loan
–I know that these types of loans require a higher down payment, sildenafil (like more than 20%) and come with higher interest rates,
–I’m self employed and would like to know if I can qualify for a mortgage without waiting 2 yrs for tax returns

Best answer:

Answer by golferwhoworks
conforming but only to a 75% loan on the sales price and with a 720 or higher score

Know better? Leave your own answer in the comments!

4avg.rating 24 votes.

One Comment

  1. Yikes, as a self-employed borrower you are naturally higher risk. If you’ve been self-employed less than 3 years, odds are you’re not making a profit and reporting losses to the IRS. Another strike.

    Any lender who would give you a loan is probably about to go out of business or is very shady. Your best bet is to pay cash and then take out a HELOC once you have enough history to show that you’re making a profit.