Are stated income loans available again?

2 Replies

I am in northern CA. My barber runs a cash operation and we were chatting about real estate as I was getting cut. He moved to a rental near the shop but wants to buy. He said he has $40k down but can't prove income. He make $9-11k a month in cash, cutting hair. Knowing his price per cut, his hours and how busy he is that pencils out. Can any of you point me in the right direction if these types of loans are currently available.

$10k a month??  10k/4 weeks/... =about 3 haircuts an hour at what... $25 a haircut?  I haven't gotten one in over 20 years.  holy sh$! I was senior in highschool trying to look good for the ladies.  hmm, interestingly haven't had much luck with them since then.  Anyway, that was gross income no?  Sounds like a good scalable gig.  Just wanted to let you know someone read your post after 12 months lol.  Oh, *bump* on the types of loans you're seeking.  I'm sure you've already looked but I'll just throw this in:

no doc/stated income loans

I specified your area but I think they usually cover many states anyway.

edit: I haven't PAID for one in over 20 years I should have said. I'm well groomed as you can see.

@Joe Bertolino , if his issue is what is on his tax returns, please tell him to stop committing the federal offense of tax fraud and report his income to the IRS. Accurately. All of it.

I have a product that'll go off of just one year of tax returns for self employed folks in good credit scenarios. It's August, the 8th month. That puts him four months out. Not a big deal. I'm not a CPA, but I've helped more than one person "get right" with the IRS so they could purchase a home.

But to answer your question directly, yes there are stated income 30 year fixed loans at competitive interest rate pricing! You simply "state" your income when you file your tax returns, and do your part as an American Citizen that files honest tax returns and pays an honest tax bill -- just like everyone else. 

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