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New Member
Posts: 7
Registered: ‎01-08-2009
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Looking for No Doc/Stated Income mortgage for OH

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.

EQ-651/TU-622/EX-616
Senior Contributor
Posts: 3,299
Registered: ‎04-22-2008
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Re: Looking for No Doc/Stated Income mortgage for OH

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. 
Super Contributor
Posts: 6,697
Registered: ‎07-03-2007
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Re: Looking for No Doc/Stated Income mortgage for OH

What is the reason for needing stated income?

 

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
New Member
Posts: 7
Registered: ‎01-08-2009
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Re: Looking for No Doc/Stated Income mortgage for OH

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.
EQ-651/TU-622/EX-616
Super Contributor
Posts: 6,697
Registered: ‎07-03-2007
0

Re: Looking for No Doc/Stated Income mortgage for OH

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.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
New Member
Posts: 7
Registered: ‎01-08-2009
0

Re: Looking for No Doc/Stated Income mortgage for OH

Basically I've written off from car payments, insurance to daily necessities.
EQ-651/TU-622/EX-616
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