Can a self employed person putting $200K+ down obtain a stated income mortgate in 2011?
What is the criteria now as far as Stated Income/No Income loans on residential property? I'm self employed and have been pretty much my whole adult life. To make matters worse, I'll be moving across the country to take care of my parents and will have to move them in with me.That said, a self employed individual who is moving across the country to start over with no clients doesn't make a very attractive candidate to a loan officer. To make matters worse I was off work for 7 months last year after an accident so I'm guessing my FICO looks like I haven't even paid attention. I assume however that if I were to put $250K down on a house, I could probably borrow something. The new house will be in Idaho and I'd appreciate any feedback you can offer. by JCarson from Coeur D Alene, Idaho. Mar 26th 2011
Thanks for the information. I'm very familiar with creative financing options such as contracts for deeds, etc. I just thought there would most likely be a break point where a lender would still want to take the option. Putting down 50%+ is no problem. You'd think at 30-50% LTV the lender just wouldn't be too worried about a foreclosure situation. As one of my lawyers likes to say, "Pray for the problem." :)
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