Stated Income Loans

[Phil Sotelo]

Are there any stated income loans out there? I have a client that wants to buy a new home, he owns a business and several residential properties (free and clear). He does have a lot of write offs, so his income at the end of the year is low. He has about 45% down on a $350,000 purchase. I've looked for Owner Financed properties but haven't found a seller that would participate. I'm in California. Any suggestions?

[Steve Thomas]

You can talk to a more flexible lender about qualifying him on the pure income from his last 24 months bank statements.  There are lenders out there that will qualify his income based on that average.  Good luck!