Stated Income Lenders??

Question

Anyone work with a reputable lender who specializes in stated income loans who has a reasonable fee structure? I live in Virginia. Thanks in advance for the reply!

Rick Taldykin · Answer

@Trey T. not all lenders charge points up front on every program. You want to look out for that as it could save you a lot in up front costs. Some lenders have a variety of programs to choose from. The only time you should be paying points up front to a lender is on a hard money/IO option.

Trey T. · Answer

Thanks for all of the valuable information to those who took the time to respond!! Much appreciated!1

Tim Johnson · Answer

Also you should put in your post if you are looking for a primary residence loan or investment property.

It may sound crazy but stated income is cheaper on investment property than primary right now.

Stephanie P. · Answer

The reasonableness of the fee depends on the vanillaness of the product.  I think that's a Chinese proverb:)

Most no income verification products are going to cost a few points (depending on the loan size), will have a fairly large underwriting fee from the lender and possibly a broker processing fee.  30 year fixed loans have a rate range from 5.5% to 7.99

Hope that helps.

Stephanie

Andrew Postell · Answer

@Trey T. if you know the product you need but just need it in a specific state try posting in that state forum.  Bigger Pockets has some great state forums and usually there are good locals that monitor those.  Also, try some local real estate meetup groups.  Meetup.com is a good resource for those but some post here on Bigger Pockets too.