Mortgage Loans

[helplessinpa]

I am looking for a lender who still can do No Doc or Stated Income mortgage for a property in OH. I can do up to 30 - 35%. Please help.

[mickie08]

I could be wrong, but I dont think anyone is doing stated income anymore.  Your best bet may be a local bank or CU if you have an established history with one.  With that much down they may be able to help you.  I don't hink any of the big banks are even touching these loans anymore eben with large down payment.  It may help if you have a high FICO and low DTI, but low DTI when you are using stated income doesn mean much since the income is not verified. 

[DallasLoanGuy]

What is the reason for needing stated income?

[helplessinpa]

in 07 and 08 tax returns, i've deducted heavily on office items and rent, so adjusted gross income wasn't that much. i have verifiable income and bank statements though. no debt. only one car loan.

[DallasLoanGuy]

were these one time capital expenditures? not likely to re-occur? Like opened a new office, ect.

you may get some slack from u/w

how short are you on the income?

if you need to show $8000/month but claimed $1000/month then that is a stretch..... but I have seen u/w look at income with 'makes sense' eyes.

[helplessinpa]

Basically I've written off from car payments, insurance to daily necessities.