Stated Investor loans

There are some variations of stated loans through several different lenders. It would be better to have a consultation with a mortgage professional who has access to these programs than for some to try explaining all of the guidelines and terms

Edited: 06/26/2010 at 05:52AM

Marshall Morris

· Orange, CA

10 posts
1 Award

Icon_minipost Sep 17 '08, 06:46 PM

Hard money is really only what is left for investors right now in this market. You are looking at 12% +, but no FICO requirements(usually) and quick closing.

Edited: 06/26/2010 at 05:56AM

Ben Carmona

· Wentzville/St. Louis, Missouri

359 posts
14 Influence
1 Award

Icon_minipost Sep 18 '08, 12:48 PM

Originally posted by Marshall Morris

Hard money is really only what is left for investors right now in this market. You are looking at 12% +, but no FICO requirements(usually) and quick closing.

That's not exactly correct. Most conventional financing options do not include stated income loans. However, there are some portfolio loans through local banks and commercial lenders.

Edited: 06/26/2010 at 05:57AM

Susan Lassiter-Lyons

Real Estate Investor · Denver, Colorado

92 posts
452 Influence

Icon_minipost Oct 09 '08, 02:41 AM

No conventional stated residential loans left for investors.

Portfolio lenders are an option but the property must cash flow. The portfolio lenders will look at your tax returns but underwrite the deal more like a commercial loan where the cash flow of the property really is the guide.

Edited: 06/26/2010 at 06:06AM

Dawn Vought

Real Estate Investor · Commack, New York

252 posts
457 Influence
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Icon_minipost Oct 12 '08, 08:47 AM

Susan - Where do you find portfolio lenders?

Brad - If you are investing in the Birmingham, AL area, I have a contact that is doing investment stated loans, 80% LTV for purchases or 80% of appraised value for refinances. Rate was 6.785% this past week with 2 (origination) points (not discount points).

Edited: 06/26/2010 at 06:07AM

Account Closed

23 posts
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Icon_minipost Oct 19 '08, 02:01 AM

What about an unsecured line of credit? It is similar to hard money in that the cost to get the money is not cheap. I currently have one program that is 12.5 points. But once you have it, you can re-use it over and over... and the rate it carries is typically prime + 1 to prime + 4. Once you have it there are no additional origination fees to pay to purchase your next property.

The program I mentioned above has a cost of 12.5 points ($7,500 up front for every $100K, plus 5 pts on the backend) to get the LOC, rate is prime to prime + 4, does not report to your credit report, up to $1MM, takes 30-45 days to get.

This is not for everyone. But for a savvy investor in need of additional funds, it is great money source.

Edited: 06/26/2010 at 06:10AM

Susan Lassiter-Lyons

Real Estate Investor · Denver, Colorado

92 posts
452 Influence

Icon_minipost Oct 22 '08, 05:16 AM

Originally posted by Dawn Vought

Susan - Where do you find portfolio lenders?

I like credit unions. They'll usually have to be in the same area as the subject property. Try http://www.creditunionaccess.com

Edited: 06/26/2010 at 06:11AM