Were you happy doing a stated mortgage? Run into any problems or have any advice?
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I just pay cash
icq 1904905 -
its no different, obviously your credit is worthy of a stated loan. Its no different from a full doc as far as amortization goes and so forthComment
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sweetOriginally posted by Veterans Day
its no different, obviously your credit is worthy of a stated loan. Its no different from a full doc as far as amortization goes and so forth
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I've bought 2 houses and gotten 2 houses refinanced with stated income loans...........no problems, the rate is just a 1/4 or so point higher.Comment
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<spam>come over here www.insidethebroker.com and I can tell you how to avoid that bullshit.Originally posted by Wilbo
I've bought 2 houses and gotten 2 houses refinanced with stated income loans...........no problems, the rate is just a 1/4 or so point higher.
</end spam>
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I looked into it and the interest rates were higher. Even after deducting everything but the dogs, I had more than enough on my last two tax year returns to get it with the better rate so I went that route instead.
Edited to add: My tax returns were enough because I bought a VERY inexpensive and small house. ;)Last edited by Peaches; 07-18-2004, 05:06 PM.Comment
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it's not for people who can show the necessities obviously. The broker gets hit for an .125-.250 so he tacks it on but theres ways around that easily. But if you can show income why bother.Originally posted by Peaches
I looked into it and the interest rates were higher. Even after deducting everything but the dogs, I had more than enough on my last two tax year returns to get it with the better rate so I went that route instead.Comment
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when we underwrite stated loans the rate is .25 higher, and sometimes you may run into an LTV difference if your mid fico is below like 550
thats about it really.HEY!!
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you guys are doing stated's at below 550?Originally posted by lil2rich4u2
when we underwrite stated loans the rate is .25 higher, and sometimes you may run into an LTV difference if your mid fico is below like 550
thats about it really. Subprime at its finest
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