Whats the name of that Lender who does stated loan? I need a lender who does VOE or stated loan.
matin
Springfield,VA

Hey does anyone have the contact information for those wholesale brokers? I have a customer that is a great candidate for the stated program, with great scores and is a business owner... with very good assets.

HI everyone,

YES there are a few Private Banks that are still doing Stated Income loans for SELF-Employed clients. Actually this flyer ABOVE was made from one of my BROKERS that brings majority of their Stated loans to me to submit, so whomever posted this flyer please continue to contact that BROKER. I also have access to the HOT STATED income VOE programs for A salaried Wage earner, NO Tax returns, NO w2, No Pay stubs, just a written VOE. This program goes up to 80% but cannot do in ALL states. I also have access to SUPER JUMBO programs 70% up to 5 MILLION, up to 10 properties, FHA down to a 500 FICO, more options at a 580,, and many more.

EMAIL me for more info: vonepsloans@aol.com

Thank you for your time.

There advantages of business cash advance compared to small business loans based on the leniency on personal credit scores of the small business owners when it comes to business cash advanced lending as opposed to small business loan lending.

If business cash advance lender will allow for his small business owner to have personal credit as low as 500 FICO. And you compare that to a traditional bank that originates traditional small business loans. You’ll look at a FICO score of 720 FICO. So business cash advance lenders are much more lenient, they understand that small business owners do leverage most of their credit cards and home equity lines of credit in order to grow their business and expand. So again business cash advance lenders are much much more lenient and look at the business with much broader of view than a traditional bank originating traditional small business loans. For more information visit our blog.

Charles Baratta

Shouldn't the nature of the applicants business have been or be an obvious factor to the lender? The lenders should be the ones responsible for taking the fall for lending money to someone in a profession that, obviously, cannot yield such income. Due to the misrepresentation of past borrowers and the "blind eye" (or stupidity) of the lenders, the legitimately self employed (Real Estate agents like me) can't buy homes. I own properties, have high credit scores and have made every payment on each stated loan I have but I couldn't move now if I wanted to (without liquidating assets/not my choice). Its a shame since I have every property for sale within my reach.

I think this could be great for the real estate market... but just like you said, as long as it isn't abused. Small business owners with great credit, and verifiable assets should not be pushed out of the market. With 30% down and solid fixed rate mortgages would lessen the chance of people defaulting on the home. Hopefully this is the beginning of lenders loosening up, but not going overboard. All about balance...

"Thats good news as long as the lenders verify the info."

@Ralph verify what exactly? if they verify the income, then it's not a stated loan.

No, stated income loans aren't bad... when they are used responsibly by people who actually have the income they claim. It's going to be interesting to see how this all unfolds.

I'm kind of on the fence when it comes to these types of loans. They can either be really good... or really bad. Guess it all depends on the person, but what i do hope is that people learned from the past and don't borrow irresponsibly just because they can now "get away with it" even though they know they are way out of their league.

Great information!! Looks like the lender is making their money the old fashioned way, Up Front in points :-) The example loan amounts should net the investor a few quick dollars. No doubt they are assuming a lot of risk themselves but...................

excellent post. i think it's funny that some people want to take away a tool from all because it has been abused by some. a little uncommon sense goes a long way. people have been beaten with hammers, yet we still need and use hammers. your waitress example is especially amusing to those of us who have been in the biz.

the first part about either being a shrewd biz owner OR qualified for financing is exactly on point. good accountants have ruined a lot of good borrowers over the years. it is good to hear that this product is making a comeback, and now that our industry has purged itself of some of its seedier elements, maybe the professionals who are left can make excellent use of this tool.

A slippery slope indeed. I still don't see the harm in requiring appropriate documentation to show income in deciding whether or not an applicant is worthy of a loan. Nice post, Justin. Keep 'em coming.

If people continue to ignore the truths involved in borrowing money, they will continue to borrow irresponsibly.

I personally don't borrow money at all anymore, and if someone put a gun to my head and told me I had to borrow money to get what I want, I would say, "fine, but no more than 15 years, and no more than 25% of my income goes towards payments."

Stating income is a slippery slope, and this time it's going to need to be made clear by the lender what's actually happening, or they'll be in for a bumpy ride in the future. It's just so annoying to hear that people don't learn from the last round of stupid we went through.

@Tyler,

Yes, that was one of the things that happened last time. It can't exactly happen under these circumstances - but it is a step in that direction.

@Miami,

There are now two lenders offering these - and time will tell if the first two died out or pulled back - or if it gains broader appeal. I don't really have an "educated" bet as to which of those two options will happen in the future...

@Randy,

Great point. Someone looked at this product and said "oh, that is just kind of like hard money..." -- and it is good to hear that I am honing my skills at writing catchy titles.

Justin

With 30% down, this is not so different than many other investment loans. Great news for responsible business owners.

When I read the title I was dreading seeing the return of the hopefully deceased NINJA loans of not so yesteryear! ...

This is great news for small business owners who may just be able to qualify for a mortgage. I believe the wholesale lender is taking a huge gamble with this one and I'm not really sure if more lenders would follow...

"Oh, and I hope someone figures out how to not let the waitress who makes $2.13 an hour qualify for a $500,000 house because she stated that she made enough to make the payments."

Isn't that what happened last time?

There advantages of business cash advance compared to small business loans based on the leniency on personal credit scores of the small business owners when it comes to business cash advanced lending as opposed to small business loan lending.

If business cash advance lender will allow for his small business owner to have personal credit as low as 500 FICO. And you compare that to a traditional bank that originates traditional small business loans. Youu00e2u0080u0099ll look at a FICO score of 720 FICO. So business cash advance lenders are much more lenient, they understand that small business owners do leverage most of their credit cards and home equity lines of credit in order to grow their business and expand. So again business cash advance lenders are much much more lenient and look at the business with much broader of view than a traditional bank originating traditional small business loans. For more information visit our blog.

Charles Baratta

This is very helpful information. At least they are trying to get it back. Business owners will success for that. :)

Shouldn't the nature of the applicants business have been or be an obvious factor to the lender? The lenders should be the ones responsible for taking the fall for lending money to someone in a profession that, obviously, cannot yield such income. Due to the misrepresentation of past borrowers and the "blind eye" (or stupidity) of the lenders, the legitimately self employed (Real Estate agents like me) can't buy homes. I own properties, have high credit scores and have made every payment on each stated loan I have but I couldn't move now if I wanted to (without liquidating assets/not my choice). Its a shame since I have every property for sale within my reach.

Yes..! you are right. I agree with you! As long as it is not abused, small business owners would have a chance to success.

I think this could be great for the real estate market... but just like you said, as long as it isn't abused. Small business owners with great credit, and verifiable assets should not be pushed out of the market. With 30% down and solid fixed rate mortgages would lessen the chance of people defaulting on the home. Hopefully this is the beginning of lenders loosening up, but not going overboard. All about balance...

"Thats good news as long as the lenders verify the info."

@Ralph verify what exactly? if they verify the income, then it's not a stated loan.

Thats good news as long as the lenders verify the info. I know as a Realtor its the only way that I ahve ever been able to purchase properties

No, stated income loans aren't bad... when they are used responsibly by people who actually have the income they claim. It's going to be interesting to see how this all unfolds.

I'm kind of on the fence when it comes to these types of loans. They can either be really good... or really bad. Guess it all depends on the person, but what i do hope is that people learned from the past and don't borrow irresponsibly just because they can now "get away with it" even though they know they are way out of their league.

That would be really news for people who really needs money to afford a home if the lone rate is better there would be much more interested in making the loan.

Great information!! Looks like the lender is making their money the old fashioned way, Up Front in points :-) The example loan amounts should net the investor a few quick dollars. No doubt they are assuming a lot of risk themselves but...................

excellent post. i think it's funny that some people want to take away a tool from all because it has been abused by some. a little uncommon sense goes a long way. people have been beaten with hammers, yet we still need and use hammers. your waitress example is especially amusing to those of us who have been in the biz.

the first part about either being a shrewd biz owner OR qualified for financing is exactly on point. good accountants have ruined a lot of good borrowers over the years. it is good to hear that this product is making a comeback, and now that our industry has purged itself of some of its seedier elements, maybe the professionals who are left can make excellent use of this tool.

Better loan rates are great news. Sounds like the best time in years to buy real estate!

%30 down. its good

A slippery slope indeed. I still don't see the harm in requiring appropriate documentation to show income in deciding whether or not an applicant is worthy of a loan. Nice post, Justin. Keep 'em coming.

If people continue to ignore the truths involved in borrowing money, they will continue to borrow irresponsibly.

I personally don't borrow money at all anymore, and if someone put a gun to my head and told me I had to borrow money to get what I want, I would say, "fine, but no more than 15 years, and no more than 25% of my income goes towards payments."

Stating income is a slippery slope, and this time it's going to need to be made clear by the lender what's actually happening, or they'll be in for a bumpy ride in the future. It's just so annoying to hear that people don't learn from the last round of stupid we went through.

Interesting that they are targeting above the conforming loan amounts. That must be the safe zone from congresses newly passed Financial Reform Bill.

@Tyler,

Yes, that was one of the things that happened last time. It can't exactly happen under these circumstances - but it is a step in that direction.

@Miami,

There are now two lenders offering these - and time will tell if the first two died out or pulled back - or if it gains broader appeal. I don't really have an "educated" bet as to which of those two options will happen in the future...

@Randy,

Great point. Someone looked at this product and said "oh, that is just kind of like hard money..." -- and it is good to hear that I am honing my skills at writing catchy titles.

Justin

This is good info, there were definitely stated income loans out there that worked. The worst were banks that would allow stated income loans for W2 employees. I even remember some banks allowing military to state their income. That was ridiculous! I am sure that we will see a few more of these loans come back to the market but it will take tome.

With 30% down, this is not so different than many other investment loans. Great news for responsible business owners.

When I read the title I was dreading seeing the return of the hopefully deceased NINJA loans of not so yesteryear! ...

This is great news for small business owners who may just be able to qualify for a mortgage. I believe the wholesale lender is taking a huge gamble with this one and I'm not really sure if more lenders would follow...

"Oh, and I hope someone figures out how to not let the waitress who makes $2.13 an hour qualify for a $500,000 house because she stated that she made enough to make the payments."

Isn't that what happened last time?