Are there any stated income loans with 60% ltv or 80% ltv out there?

The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans. Section 1411 reads: ''(4) INCOME VERIFICATION.--A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets. For all your conforming loans (FHA, VA, USDA, Conventional), they will want to see tax returns, W2's, pay stubs, etc.. If you are self employed, but don't show enough income to qualify, then you cannot use any type of conforming loan.. Now, there is a non-conforming loan product which will look at your most recent 12 -24 months bank statements and based on your deposits, they can use that as proof of income.. But guidelines under this program vary from lender to lender. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

I might be able to help you if you show sufficient income to cover your current debt load. Give me a call and let's discuss your file. Thanks, Richard Woodward 214.945.1066