 OMG! Some apartment complexes are refusing to rent to people with tattoos and piercings? |
Just heard about it on CNN. In San Antonio, TX.
what the???
Is this sick and perverted?
I have tats thank you very much and I own my loft free and clear so I dont ... |
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 Can you really buy real estate with no money down or other people's money? |
| Figuring out if a bank will finance me to buy a second home for investment purposes. I know of a rental for sale. I don't have a lot of liquid assets and not a lot of equity in my current home.... |
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 Who can fund my disabled sister for assisted living housing? |
| Somebody please help. My older sister has a severe neurological disorder. She has to move into an assisted living facility because she cannot live alone. She has been living at UNT in a dorm while ... |
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 Power Pole On My Property? |
| I bought a house 2 years ago. At the time I didn't even notice that there is a power pole in the backyard. Is this something I can collect rent for? I have a friend who negotiates with ... |
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 Where can I get a home loan with terrible credit? |
| I am in Georgia and I am looking to buy my first home. I have really bad credit, and no money to put down. Is there any place out there that can help me?... |
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 Is it illegal for people to destroy the home that is going to be foreclosed? |
I read about people ruining their homes before they are evicted because it is being foreclosed on. Isn't that illegal?
A co-worker told me that she was looking for a home to buy with ... |
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 Problems with our rented house? |
| My boyfriend and I moved into a rented house in January. From the start we had problems with it. They kept putting off the moving in date because things weren't finished etc and then when we did ... |
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 How long does it take to get lies straightened out? |
| So I bought property thinking it had 2 1/2 acres and the house built in 1964. Only to find out day after closing that there is 1/2 acrea missing and house was built in 57. I go to my agent for help ... |
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 I own a house ($2500 mortgage). My girlfriend is moving in. How much, if any, should she pay in rent? |
| She currently pays $800 a month for her apartment. My home is 3bed/2bath and we would be sharing a room. Do girlfriends pay anything? Fair market rent? Discount for love? This is a relationship ... |
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 Are we stupid!????!!!? |
Me and my boyf are buying a house, we have a mortgage set up and about a 50% deposit. I have been obssesively looking at flats in my area and there has always been one that I love.
Before ... |
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 Real estate question???please help? |
| is 7500.00 alot for closing fees for a condo woth about 145,000.00.the mortgage guy explained where each fee comes from but i kinda forgot,im getting the mortage from a federal credit union.should i ... |
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 I rent a house on a month to month basis, without a lease. Am I responsible for maintaining and repairing? |
| The 10-year-old washer stopped working on Monday. I called the landlady about the matter and she told me I am responsible for getting it fixed. I was a little stunned since the washer isn't mine,... |
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 Can i afford an apartment? |
| Can i afford apartment on 8.00 dollars an hour ? full time i live in mn 2... |
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 Would you buy it????????? |
I am Christian...prefer other Christian opinions...
Hi,
How are you?
I need a little advice...
I am considering purchasing a fixer upper home in very good shape, only an ... |
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cheryl4785 | What is required for "Stated Income" for purchasing a home? Can you do Stated Income with $0 down? |
How exactly do you do Stated Income as well??? Please provide alot of info!! Thanks!! |
 |
 
mrdankeschoen
 |
YES, you can purchase a home with $0 down and stated income. There may be other options also which allow us to verify your income and provide better terms for your purchase.
1. Stated income - is you telling the lender how much earn from your work. The income has to make sense. A waitress at Denny's is not going to make $100,000 a year.
2. There are credit score requirements to qualify for stated income. This will vary depending on the program and terms. You can find stated income loans with credit scores starting in the low 600's
3. If you are a First Time Home Buyer (FTHB), you may qualify for below market rates reducing the income you need to qualify.
4. Down Payment Assistance Programs (DAPs) may be available to help you purchase a home in your city/county/state. Check their respective web sites for info under the Housing Dept.
~Danke Schoen
Feel free to contact me with any other questions
Nathan Ellis
MrDankeSchoen@yahoo.com
888-602-4622 ext 12 |
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Sam B
|
A stated income loan is one that you do not provide documentation for your income. No W-2s, 1099, income tax records, etc. You can also seek a stated asset loan as well.
They are generally reserved for business owners and self employed people. They come with a higher interest rate and generally larger loan to value (LTV) ratios meaning the lender wants at least 20% down. Also requires higher credit scores and a spotless credit history for the most part.
That is not to say that you can't get a 0 down stated income loan but there is going to be some trade offs. Really high interest rate, PMI required and a few other stipulations. It doesn't hurt to ask your friendly mortgage broker to attempt. Credit checks from lenders within a 30 day period only count as one inquiry on your credit file. |
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GoldenChild
 |
Place down what your salary is each year. There are ways for having $0 down to purchase a house but you must have A1 credit. Also if you put nothing down on the house your payments will be a lot more than if you did. |
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Realtor Jim
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State income is exactly that. You tell the bank what you earn and don't have to supply documentation to support it. You may still have to supply a paycheck or two to prove that you are at least working. You will pay a premium for this in the form of a higher interest rate (usually .25-.5% higher) but it is a good way to go for people who work on a commission and don't get a regular check.
Yes, you can do a stated income loan with $0 down.
I hope you found this information useful. Please visit my webiste if you have any other questions.
Jim Reske, Realtor
ERA Advantage Realty, Inc.
Port Charlotte, FL
http://www.flwaterhomes.com |
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ed
|
If one works for a pay check, that is your stated income. That can be verified through ones employer.
If self employed, a tax return may be required, maybe for 2-3 years. |
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mortgage_info_4u
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Yes, you can buy a home with stated income with zero money down. I own a mortgage company and do this kind of loan all of the time. The lender will need a written verification of employment WITH OUT any income on it. Contact me if you would like more info. |
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sara
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Income = money you earn. So in other words, tell the bank how much money your employer is giving you.
The bank wants to see that your monthly payments are <40% of your income. It doesn't matter how much down payment it matters your ability to make monthly payments |
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biancoa
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Usually with a stated income, it's going to require a 20% down payment. I would call a mortgage company and find out if a stated income is your best route.
-Angela
http://www.ratraceclub.com |
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c b
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A stated income loan is what we in the industry call a "liar loan" because there is no documentation of the actual amount of income you make it is stated on the application and the debt to income ration is based on that. There are many different programs available under this type of program. They are based on numerous perimeters such as; credit score, credit depth, previous mortgage history, payment shock, etc... Most lenders will determine what is reasonable with salary.com. If you state your income within the high and low based on your occupation they will normally approve the deal. To go with no money down the minimum credit score I know of is 640. If you need further assistance you can contact me at (614) 985-3771 or email cbrown@structuredmortgageltd.com. |
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